Cryptocurrency is a medium of exchange, created and stored electronically in the blockchain, using encryption techniques to control the creation of monetary units and to verify the transfer of funds. Bitcoin is the best-known example.
Cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography in order to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. Cryptocurrency are said to be classified as a subject of a subset of digital currencies and virtual currencies.
Cryptocurrencies are the product of another invention of Satoshi Nakamoto, the inventor of bitcoin, which was the first and still the most important cryptocurrency. In cryptocurrency, a bitcoin consists of a network of peers. Every peer has a record of the complete history of all transactions and thus of the balance of every account. This transaction is known almost immediately by the whole network. Cryptocurrency is said to be all about confirmation.
Cryptocurrencies legality varies substantially from country to country and is still undefined or changing in many of them. In time stamping, cryptocurrencies use various time stamping schemes to avoid the need for a trusted party to timestamp transactions added to the blockchain buyer. Cryptocurrency has been growing since its existence, the number of cryptocurrencies available over the internet as of January 2018 is over 1384 and still growing. Cryprocurrency can be created at any time. We have bitcion to be the first and it’s the largest blockchain network, followed by ethereum, ripple, bitcoincash, cardano and litecoin.
NOTABLE CRYPTOCURRENCIES
- BITCOIN;
Bitcoin was released in 2009 and founded by satoshi Nakamoto. Bitcoin is the first decentralized ledger currency Cryptocurrency with the most famous, popular, notable and highest market capitalization.
- LITECOIN;
Litecoin was released in 2011 and founded by Charles lee. Litecoin is the first cryptocurrency to use scrypt as a hashtag algotithm.
- NAMECOIN;
Namecoin was also released in 2011 and founded by Vincent durham. Namecoin acts as an alternative decentralized DNS.
- SWIFTCOIN;
Swiftcoin was released in 2011 and founded by D. Swiftcoin is the first digital coin with theoretical value based on the work required to produce electricity. It’s the First block chain to support currency creation by interest paid on debt.
- BYTECOIN;
Bytecoin was released in 2012. Bytecoin is the first cryptocurrency based on the crypto note algorithm, Focused on user privacy through unpassive and anonymous transactions.
- PEERCOIN;
Peercoin was also released in 2012 and founded by suuny king (pseudonym). It’s the first cryptocurrency to make use of povu and pos functions.
- DOGECOIN;
Dogecoin was released in 2013 and founded by Jackson Palmer and Billy Markus. Degecoin is based on an on internet meme.
- GRIDCOIN;
Another release in 2013 was gridcoin. It was founded by Rod Halford. Gridcoin is the first cryptocurrency linked to citizen science through the Berkeley open infrastructure for network computing.
- ETHEREUM;
Ethereum was released in 2015 and founded by vitalik. It supports Turing complete smart contracts.
- RIPPLE;
Ripple was released in 2013 and was founded by chris laisan and Jed Mccaleb. It was designed for peer to peer debt transfer. Not based on bitcoin.
- BITCOIN CASH;
Bitcoin cash was released in 2017 by hard fork from bitcoin. It increased block size from 1mb to 8mb.
- CARDANO;
Cardano is the latest 2018 release.
