When the world of crypto was introduced, bitcoin started it all. But as the crypto world grew, many other cryptocurrencies were introduced with various features to dominate Bitcoin. This way they are so many cryptocurrencies that a beginner might be just as confused we were. So we are listing some of the most common cryptocurrencies for you. Let’s take a look.
Bitcoin was the first ever cryptocurrency which started it all. It still is the mist dominate cryptocurrency in the market. However, many other cryptocurrencies have started to come on the equal level as bitcoin.
Ethereum was developed so that it lets the developers to build different distributed technologies and app that wouldn’t work with Bitcoin. It is a turning-complete programmable currency.
Ripple is different from them all. It doesn’t use Blockchain in order to reach network-wide transactions. Instead, it uses an iterative process which is faster than Bitcoin but it is more prone to hacker attacks.
Bitcoin has also existed for a couple of months and it is already in the top five cryptocurrencies in terms of market capability. It’s actually a fork of bitcoin that is supported by the biggest bitcoin mining company. It is also a manufacturer of ASICs Bitcoin mining chips.
This works differently than the other cryptocurrencies, it actually uses the proof of importance rather the proof of work algorithm like the rest do. This requires the users to already have purchased some amount of coins before in order to able to get new ones. In der to determine how important a particular user is to overall NEW network, it encourages users to spend their funds and track the transactions.
Litecoin has actually become one of the most know cryptocurrencies. It differs from others as it was created with an intention to be the digital silver instead of digital gold like bitcoin. It also can generate blocks four times faster than bitcoin and have four times the maximum number of coins.
IQTA has removed dedicated miners from the process. This cryptocurrency technology is called “Tangle” and it requires the sender in a transaction to do a Proof of Work that approves two transactions.
NEO was developed in China and it’s similar to Ethereum, having most of the same features and goals. It’s a smart contract network that allows for all kinds of financial contracts and third-party distributed app to be developed on top of it. It has better potential as it has some advantages due to improved relations with Chinese local businesses and regulators.
With private transactions capabilities and one of the most active communities, which is due to its open and privacy-focused ideal are the main features of Monero cryptocurrency
Dash is a two-tier network. The first tier is miners that secure the network and record transactions. The second consists of “masternodes.” Masternodes relay transactions and enable InstantSend and PrivateSend type of transaction. The first tier is faster than the bitcoin and which is why Dash became a common cryptocurrency