What is Cryptocurrency? List of most Active Cryptocurrencies

Cryptocurrency: The Cryptocurrency is the virtual currency designed to works as a medium exchange. The Cryptocurrencies uses cryptography to secure the transactions and to control the creation of additional coins. The Cryptocurrencies are very difficult to counterfeit because of their security feature. Any central authority does not issue the cryptocurrency, and they are perfect for the illegal activities in the Deep web. Bitcoin was the first decentralized virtual cryptocurrency to capture the public imagination.

Cryptocurrency

Cryptocurrency

As of September 2015, there were nearly 14.6 million Bitcoins in circulation across the world with the total market value of $3.4billion. The success of Bitcoin has spawned the number of new Cryptocurrencies like PPCoin, Namecoin, Litecoin and much more. Unlike Governments controlling the value of a currency like USD through the process of printing fiat money, Government cannot regulate Cryptocurrencies, as they are fully decentralized.

History of Cryptocurrency

The Bitcoin was the first decentralized virtual cryptocurrency released by the pseudonymous developer named Satoshi Nakamoto. Bitcoin uses SHA-256, a set of cryptographic function designed by the U.S National Security Agency. Namecoin, the first altcoin was released to form a decentralized DNS to make the Internet censorship very difficult. In October 2011, Litecoin was published, and it became the first Cryptocurrency to use Scrypt as its hash function instead of SHA-256. It gives the ability to people to mine for Litecoins without the purchase of specific hardware like ASIC machines which are used to mine Bitcoins. The Litecoins started to receive media attention in 2013 by reaching a market cap of $1 billion. The success of Litecoin leads to the release of Ripplecoin in 2011, which was built on the same protocol as Bitcoin. Some other Cryptocurrencies also created and they also have been successful because of their technical innovation.

Cryptocurrency

Cryptocurrency

Benefits and Drawbacks of using Cryptocurrency

  • Cryptocurrencies make the transaction very easier between two parties. Their transfers will be facilitated through the use of public and the private keys for the purpose of security.
  • The transfers are done with the processing fees. Hence it will allow the users to avoid the charging of step fees by various banks and financial institutions.
  • As the Cryptocurrencies are virtual and do not have a central treasury, the cryptocurrency balance can be dried out by a computer crash if the backup copy of the holding does not exist.
  • The rate at which the cryptocurrency can be exchanged for another currency can fluctuate widely as the cryptocurrency prices are based on supply and demands.
  • The main central to the genius of Bitcoin Wallet is the Blockchain. Blockchain uses the online ledger to store the information of the bitcoin transactions. Many experts believe that Blockchain has its principal uses in technologies like online voting and crowdfunding.
  • Even though there are many thefts occurred in the cryptocurrency, some of the peoples believe that existence of cryptocurrency will preserve value, facilitates exchange and they are more transportable than the hard metals.

List of Active Cryptocurrencies on the Internet

There are several Cryptocurrencies are created from its starting period. But we listed some of the top and active cryptocurrencies available on the Internet.

Cryptocurrency

Cryptocurrency

Cryptocurrency
Name
ReleaseSymbolFounderHash
Algorithm
Time
Stamping
Auroracoin2014AURBaldur Odinsson
(pseudonym)
ScryptPOW
Bitcoin2009BTC, XBTSatoshi Nakamoto
(pseudonym)
SHA-256dPOW
BlackCoin2014BCRat4
(pseudonym)
ScryptPOS
Burstcoin2014BURSTBurstcoin CommunitySHA-256dProof of Capacity
Dash2014DASHEvan Duffield &
Kyle Hagan
X11POW & Proof of Service
Dogecoin2013DOGE, XDGJackson Palmer
& Billy Markus
ScryptPOW
DigitalNote2014XDNXDN-dev team, dNoteCryptoNightPOW
Emercoin2013EMCEvgenijM86 & Yitshak DorfmanSHA-256dPOW & POS
Ethereum2015ETHVitalik ButerinEthashPOW
Ethereum Classic2013ETCEthashPOW
Gridcoin2013GRCRob HälfordScryptDecentralized POS
IOTA2015IOT, MIOTA Curl
Litecoin2011LTCCharles LeeScrypt POW
MazaCoin2014MZCBTC Oyate InitiativeSHA-256d POW
Monero2014XMRMonero Core TeamCryptoNight POW
Namecoin2011NMCVincent DurhamSHA-256d POW
NEM2014XEMUtopianFuture
(pseudonym)
SHA-256dPOI
Nxt2014NXTBCNext
(pseudonym)
SHA-256dPOS
Omni2013MSCJ. R. WillettSHA-256d
Peercoin2012PPCSunny King
(pseudonym)
SHA-256dPOW & POS
PotCoin2014POTScryptPOW
Primecoin2013XPMSunny King
(pseudonym)
1CC/2CC/TWNPOW
Ripple2013XRPChris Larsen &
Jed McCaleb
ECDSAConsensus
SixEleven2015SILfflo
(pseudonym)
SHA-256dPOW
Synereo AMP2014AMPDor Konforty & Greg MeredithPOSPOS
Titcoin2014TITEdward Mansfield & Richard AllenSHA-256dPOW
Ubiq2017UBQJulian YapEthashPOW
Vertcoin2014VTCBushidoLyra2rev2POW
Zcash2016ZECZooko Wilcoxox EquihashPOW

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