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Bitcoin’s value has soared this year, even over an ounce of gold. There are also new cryptocurrencies in the market, which is even more surprising and brings the value of crypto coins to more than a hundred billion. On the other hand, the longer-term outlook for cryptocurrency is a bit blurry. There are disputes over a lack of progress among core developers that make it less attractive as a long-term investment and as a payment system.
Bitcoin
Bitcoin is still the most popular cryptocurrency that started it all. It is currently the largest market cap at around $ 41 billion and has been around for 8 years. Bitcoin is widespread around the world and so far there is no easy way to exploit weaknesses in the method that makes it work. Both as a payment system and as a stored value, Bitcoin enables users to easily receive and send Bitcoins. The concept of the blockchain is the basis on which Bitcoin is based. It is necessary to understand the blockchain concept to get a feel for what cryptocurrencies are all about.
In simple terms, blockchain is a database distribution that stores every network transaction as a block of data called a “block”. Every user has blockchain copies. So when Alice sends 1 Bitcoin to Mark, every person on the network knows.
Litecoin
Litecoin is an alternative to Bitcoin and seeks to solve many of the problems that keep Bitcoin in check. It’s not quite as resilient as Ethereum as its value comes mainly from its solid users acceptance. It’s worth noting that Charlie Lee, ex-Googler, runs Litecoin. He also practices transparency in what he does with Litecoin and is quite active on Twitter.
Litecoin was Bitcoin’s second fiddle for a long time, but things started to change in early 2017. Initially, Litecoin was acquired by Coinbase along with Ethereum and Bitcoin. Next, Litecoin fixed the Bitcoin problem by adopting technology from Segregated Witness. This gave him the opportunity to cut transaction fees and do more. The deciding factor, however, was when Charlie Lee decided to focus solely on Litecoin and even left Coinbase, where he was the Engineering Director, only for Litecoin. Because of this, the price of Litecoin has increased in the last few months, with the biggest factor being the fact that it could be a real alternative to Bitcoin.
ether
Vitalik Buterin, superstar programmer, came up with Ethereum, which can do everything Bitcoin can. However, its primary purpose is to be a platform for building decentralized applications. The differences between the two lie in the blockchains. Basically, Bitcoin’s blockchain records a type of contract that indicates whether funds have been moved from one digital address to another address. However, there is a significant expansion with Ethereum as it has a more advanced language script and a more complex, broader scope of application.
Projects began to sprout on Ethereum as developers began to notice its better features. Some even raised millions of dollars through token crowd sales and this is a continuing trend to this day. The fact that wonderful things can be built on the Ethereum platform makes it almost like the internet itself. This led to an skyrocketing price. So if you were to buy a hundred dollars worth of Ethereum earlier this year, it wouldn’t be valued at nearly $ 3,000.
currency
Monero aims to solve the problem of anonymous transactions. Even if this currency was perceived as a money laundering method, Monero wants to change that. Basically, the difference between Monero and Bitcoin is that Bitcoin offers a transparent blockchain where every transaction is public and recorded. With Bitcoin, everyone can see how and where the money has been moved. However, there is a somewhat imperfect anonymity with Bitcoin. In contrast, Monero has an opaque rather than a transparent transaction method. Nobody believes in this method, but since some people love privacy for some reason, Monero is here to stay.
Zcash
Similar to Monero, Zcash also aims to solve Bitcoin’s problems. The difference is that Monero is not completely transparent, it is only partially public in the blockchain style. Zcash also wants to solve the problem of anonymous transactions. After all, not everyone loves showing off how much money they actually spent on Star Wars memorabilia. The bottom line, therefore, is that this type of cryptocoin really has an audience and demand, although it’s hard to point out which privacy-focused cryptocurrency will ultimately be at the top of the pile.
Bancor
Bancor, also known as “Smart Token”, is the standard of the new generation of cryptocurrencies that can hold more than one token in reserve. Basically, Bancor is trying to make the trading, management and creation of tokens easier by increasing their liquidity and allowing them to have an automated market price. At the moment, Bancor has a product in the front end that includes a wallet and the creation of a smart token. There are also features in the community such as statistics, profiles, and discussions. In short, Bancor’s protocol enables the discovery of a built-in price as well as a liquidity mechanism for intelligent contractual tokens through an innovative reserve mechanism. Smart Contract allows you to instantly liquidate or buy any of the tokens within Bancor’s reserve. With Bancor you can easily create new cryptocoins. Who wouldn’t want that now?
EOS
Another competitor to Ethereum, EOS promises to solve Ethereum’s scaling problem by providing a set of tools that are more robust for running and building apps on the platform.
Tezos
As an alternative to Ethereum, Tezos can be easily upgraded by mutual agreement. This new blockchain is decentralized in the sense that it manages itself through the establishment of a digital real commonwealth. It facilitates the mathematical technique known as formal verification and has security-enhancing features of the most financially weighted, sensitive smart contract. Definitely a great investment in the months to come.
judgment
It’s incredibly difficult to predict which Bitcoin will be the next superstar on the list. However, user adoption has always been an important success factor when it comes to cryptocurrencies. Both Ethereum and Bitcoin have this, and even if there’s been plenty of support from early adopters of every cryptocurrency on the list, some have yet to prove their resilience. Nonetheless, these are the ones to invest in and watch out for over the coming months.
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Source by Jennifer Cosculluela