As of May 2018, there are over 1,600 cryptocurrencies currently in operation. Each cryptocurrency offers its own methods of purchasing, authentication, and decentralization. Here are a quick overview of each of the seven leading cryptocurrencies.

 

Bitcoin

  • Came into existence in January 2009
  • The most popular cryptocurrency
  • Is decentralized; there is no central management or repository of data
  • Offers peer-to-peer transactions
  • Keeps its blockchain in a shared database
  • Gives the owner of a Bitcoin a “private key(s)” to decrypt their coin(s)
  • Is created when people verify Bitcoin transactions (this process is called “mining”)
  • Has a maximum number of coins to be mined
  • There will only ever be 21 million Bitcoins (as of June 2018, 17 million have been mined)
  • Is the most widely accepted cryptocurrency by private businesses, including Overstock.com, Subway, Expedia.com, Reddit, and Microsoft

 

Ethereum (ETH)

  • Went live in 2015
  • Forked into two separate blockchains (Ethereum and Ethereum Classic in 2016
  • All cryptocurrencies created with Ethereum require Ethereum’s currency “Ether” to verify their transactions
  • Serves as a crytocurrency and as a platform to host initial coin offerings, or ICOs
  • Has a programming language named Solidity that is used by developers to host their decentralized applications, or Dapps
  • Has no cap but only 18 million Ether can be mined each year

 

Litecoin (LTC)

  • Launched in 2011
  • Is the “silver” to Bitcoin’s “gold”
  • Has a cap of 84 million coins, 4 times the cap of Bitcoin
  • Has a fixed 2.5 minute transaction time, 4 times faster than Bitcoin
  • Can handle higher volumes of transactions due to quicker block creation

 

Ripple (XRP)

  • Was specifically designed for use by financial institutions for internal and external transactions
  • Unlike Bitcoin, is centralized
  • Is designed to be a method of payment transfer, not a currency
  • Ripple is not mined; all 100 billion XRP tokens are already in existence

 

Monero (XMR)

  • Launched in April 2014
  • Priorities privacy and decentralization
  • Utilized stealth address that obscures sender/s, recipient/s and transaction amounts
  • Users can choose to shire information using a view key making account transactions visible
  • Was adopted by now defunct darknet market AlphaBayd ue to its high level of privacy

 

Dogecoin

  • Introduced as a “joke currency” in December 2013 being based on a meme of a dog
  • In January 2018 it reached a $2 billion market cap
  • The Dogecoin Foundation calls for currency users to donate to several charitable causes
  • Has an infinite supply of coins

 

Dash (DASH)

  • Was created in January 2014
  • Promotes privacy (PrivateSend) and quick (InstaSend) transactions
  • Was originally named XCoin, then changed to Darkcoin, and rebranded to Dash in 2015
  • Has a cap of 18 million coins
  • Should reach the 18 million cap in the year 2300

 

Zcash (ZEC)

  • Introduced in October 2016
  • Previously named Zerocoin
  • Prioritizes privacy and security by shielding sender/s, recipient/s and transaction amounts
  • Has a cap of 21 million coins
  • Should reach the 21 million cap in the year 2032

 

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