We’re back with another interesting scoop on cryptocurrency which came to me as a revelation and my world has not been the same since then.
If you’re as oblivious to this entire phenomenon as I was, then you’ve come to the right place. Because this time we’re telling you about the ‘big guns’ of this virtual industry.
When I started reading up on cryptocurrency, the word I usually came across was Bitcoin so more often than not, I started using the words cryptocurrency and Bitcoin interchangeably. Which, my folks, is wrong, and with this new revelation I came across many other blockchain protocols that have been doing the same task as Bitcoin. IT’S A WHOLE NEW WORLD.
But, since Bitcoin caught the economic world by storm, people started using them synonymously. Although, there’s nothing to worry about because we have listed all the companies below that make use of the same technology.
Bitcoin BTC So, it all started from here when an anonymous programmer or a group of individuals under the identity of Satoshi Nakamoto, emerged in wake of 2008 financial crisis. It caught fame rapidly because this was the first coin to make use of the blockchain technology.
Ethereum ETH Ethereum became the second most widely used cryptocurrency after Bitcoin and is often regarded as its competitor. But, unlike Bitcoin, Ethereum was created to serve a different purpose. It was developed as a ‘world computer’ so by using the same blockchain technology, it was used to design apps without the need for trusted third parties. How cool, amirite?!Thus, creating a decentralized, supercomputer for developing apps. The profits of those apps are shared by the people who were a part of the Ethereum network.
Ripple XRP Ripple emerged from nowhere by the end of 2017 and after giving Ethereum a hard run, it settled in the third place. Similar to the ones listed above; Ripple’s main purpose is to become a centralized transaction network used by banks which is faster and costs a lot less than the existing ones. XRP is Ripple’s token and claims to offer a faster and reliable alternative to other tokens.
Bitcoin cash BCH Back in 2017, when the bitcoin network had a discord on the new change that the network wanted to implement, it led to a blockchain to emerge with a different set of rules. Much like any other country breaking away from a country because of a difference in ideology. It did grow to secure the fourth position in the market but couldn’t push past its parent blockchain. Because after all, parents are parents.
Cardano ADA This is another breakaway story where Charles Hopkinson, the co-founder of Ethereum decided to create a new blockchain in 2015. It is managed by a group of scientists and academics who are specializing in the blockchain technology.
Stellar XLM This offshoot of Ripple was launched by the co-founder Jed McCaleb and former lawyer Jouce Kim, back in 2014. They run their network around the same premise as Ripple as well.
Litecoin LTC Litecoin is Bitcoin’s little brother as it too, uses the peer-to-peer cryptocurrency. However, the significant difference between the two is the faster transaction speed.
EOS EOS This blockchain platform was created to surpass Ethereum’s low number of transactions per second and eventually overthrow it. But for now, it holds a lesser market cap as compared to Ethereum.