Top 7 cryptocurrencies to know
We all have seen a boom in the prize of the bitcoin and it has sure made people who have invested in it millions. But despite this craze and hype still most people don’t know about different cryptocurrencies .The knowledge of these currencies are limited. Due to their high risk factor people tend to avoid it. But seeing its potential it surely needs some attention.
1.Bitcoin (BTC):- Most people confuse crypto-currencies with bitcoin or I should say this name has given the crypto its hype. With a live market cap of $1,134,439,287,962 USD. It has a circulating supply of 18,684,162 BTC coins and a max. supply of 21,000,000 BTC coins.
Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, Satoshi Nakamoto (anonymous) was know to be the founder of Bitcoin. It was launched soon after, in January 2009.is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them.
It is the very first crypto currency to be launched worldwide and thus enjoy the early movers advantage no crypto is near to same valuation in market value .
2. Ethereum (ETH):- With a live market cap of $284,195,527,186 USD. It has a circulating supply of 115,496,581 ETH coins and the max. supply is not available.
Ethereum was first described in a 2013 whitepaper by Vitalik Buterin. Buterin, along with other co-founders, officially launched the blockchain on July 30, 2015.
Ethereum has pioneered the concept of a blockchain smart contract platform. They were designed to reduce the need for trusted intermediates between contractors, thus reducing transaction costs while also increasing transaction reliability. Ethereum’s blockchain is able to host other cryptocurrencies, called “tokens,” of these make the top-100 cryptocurrencies by market capitalization, for example, USDT, LINK and BNB. and its total supply is not limited.
3. Binance Coin (BNB):- With a live market cap of $80,415,210,184 USD. It has a circulating supply of 153,432,897 BNB coins and a max. supply of 170,532,785 BNB coins.
BNB was launched through an initial coin offering in 2017, It was originally issued as an ERC-20 token running on the Ethereum network, but are now no longer hosted on Ethereum.
BNB can be used as a payment method, a utility token to pay for fees on the Binance exchange and for participation in token sales on the Binance launchpad. BNB also powers the Binance DEX (decentralized exchange).You cannot mine BNB as you would a proof-of-work cryptocurrency, Instead, there are validators that earn from securing the network by validating blocks.
4.RIPPLE (XRP):- With a live market cap of $59,609,836,615 USD. It has a circulating supply of 45,404,028,640 XRP coins and a max. supply of 100,000,000,000 XRP coins.
XRP is the currency that runs on a digital payment platform called RippleNet, which is on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and is not based on blockchain, but rather the previously mentioned distributed ledger database.
While the idea behind the Ripple payment platform was first voiced in 2004 by Ryan Fugger, it wasn’t until Jed McCaleb and Chris Larson took over the project in 2012 that Ripple began to be built.
XRP was created by Ripple to be a speedy, less costly and more scalable alternative to other digital assets.
5.Tether (USDT):- With a live market cap of $48,073,218,169 USD. It has a circulating supply of 48,075,190,515 USDT coins and the max. supply is not available.
USDT is a stable-coin (stable-value cryptocurrency) that mirrors the price of the U.S. dollar, issued by a Hong Kong-based company Tether.
USDT was launched in 2014 by Brock Pierce, Reeve Collins and Craig Sellars.
USDT’s unique feature is the fact that its value is guaranteed by Tether to remain pegged to the U.S. dollar. According to Tether, whenever it issues new USDT tokens, it allocates the same amount of USD to its reserves, thus ensuring that USDT is fully backed by cash and cash equivalents.
The famously high volatility of the crypto markets means that cryptocurrencies can rise or fall by 10–20% within a single day, making them unreliable as a store of value. USDT, on the other hand, is protected from fluctuations.
USDT does not have its own blockchain instead, it operates as a second-layer token on top of other cryptocurrencies’ blockchains: Bitcoin, Ethereum, EOS, Tron, Bitcoin Cash and OMG, and is secured by their respective hashing algorithms.
6. DOGECOIN (DOGE):- With a live market cap of $42,239,759,963 USD. It has a circulating supply of 129,237,971,710 DOGE coins and the max. supply is not available.
Dogecoin (DOGE) is based on the popular “doge” Internet meme and features a Shiba Inu on its logo. The open-source digital currency was created by Billy Markus from Portland, Oregon and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013. Dogecoin’s creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience, since it was based on a dog meme. Tesla CEO Elon Musk posted several tweets on social media that Dogecoin is his favorite coin. This has created so much hype in the market about the coin which was just made as a meme.
The altcoin has also a block time of 1 minute, and the total supply is uncapped, which means that there is no limit to the number of Dogecoin that can be mined.
Dogecoin has been used primarily as a tipping system on Reddit and Twitter to reward the creation or sharing of quality content.
A recent meme posted by elon musk “dog on the moon” created a havoc in the market by giving 115% increase in single day itself.
7. CARDONA (ADA):- With a live market cap of $40,245,074,919 USD. It has a circulating supply of 31,948,309,441 ADA coins and a max. supply of 45,000,000,000 ADA coins.
Cardano was founded by Charles Hoskinson, who was also one of the co-founders of the Ethereum network. He is the CEO of IOHK, the company that built Cardano’s blockchain.
The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals” — helping to create a society that is more secure, transparent and fair. Cardano is used by agricultural companies to track fresh produce from field to fork.
Cardano is one of the biggest blockchains to successfully use a proof-of-stake consensus mechanism, which is less energy intensive than the proof-of-work algorithm relied upon by Bitcoin.
