There are currently more than 1000+ different cryptocurrency available on the market. The number of these cryptocurrenies and blockchains has also spiked in the last two years and we are still seeing more and more cryptocurrencies/blockchains entering the market. The following is my top 5 picks that show great promise in the year 2018.
CAUTION: INVEST AT YOUR RISK
Litecoin was actually created by a former Google employee by the name of Charlie Lee back in 2011. The coin is based on the SCRIPT algorithm which makes it easier for miners to access the system. The cryptocurrency has been said to mimic the prices of bitcoin, so what makes litecoin better than Bitcoin? Litecoin can produce blocks for it blockchain much faster than Bitcoin, it only takes about 2.5 minutes for litecoin which only takes 10 minutes for Bitcoin.
Ethereum is quite different from the other currencies like Bitcoin. Released only in 2015 by Vitalik Buterin a programmer from Russia/Canada. So what is exactly Ethereum, Ethereum is an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications. Ethereum works on something called smart contracts. Smart Contracts is just a phrase used to tell a computer code that can facilitate the exchange of money, content, property, shares, or anything of value. Ethereum has also created its own programming language called Solidarity which you can create a tradeable digital token that can be used as a currency or anything else. If you would like to know more about the inner workings of Ehereum have a read of their white paper HERE.
The cryptocurrency Monero is an open source free to use without restrictions, built on the CryptoNote protocol which was originally launched by pseudonymous author Nicolas van Saberhagen in October 2013. Monero focuses on privacy, security, untraceability, scalability and decentralised digital currency. In a sense, you become your own bank, which you can control your own funds and that nobody can trace your transfer. Currently, there is about 15.5 million XMR in circulation, and, unlike bitcoin and Litecoin, Monero doesn’t have a fixed coin supply. The huge hype around this is mainly due to its anonymity of the transactions and has become a recently a favourite for hackers.
This is probably one my favourite blockchains and the one I could see do great things. Ripple isn’t just a cryptocurrency it is also the system on which any currency including bitcoin can be exchanged. It helps to connect banks, payment providers, digital asset exchanges and corporates via a tool called RippleNet to provide one frictionless experience to send money globally. Ripple has licensed its blockchain technology to over 100 banks. Such as Amercian Express, UBS and Westpac. Founder of TechCrunch Michael Arrington has also announced that a new $100 million hedge fund will be valued in Ripple’s XRP. The XRP circulating supply is currently about 38.7 billion out of a maximum supply of 100 billion… which is A LOT more than the rest of the other cryptos.
Cardano is a fairly new player in the market, the project began in 2015. Cardano is a cryptographic currency designed and developed by IOHK in conjunction with the University of Edinburgh, the University of Athens and the University of Connecticut. The Cardano blockchain contains the crypto-coin called Ada. Cardano is currently in the top 10 cryptos in terms of the market cap. Cardano is very similar to the bitcoin, although that Cardano is based on science philosophy and built by leading academics and engineers through peer-reviewed research. One of the most significant difference is that Bitcoin is a proof of work type cryptocurrency, while Cardano makes use of a proof of stake approach to reach consensus.
About 26 billion out of a maximum 45 billion coins are currently in circulation.
Read the Cardano white paper HERE.
Created out of frustration of high fees and slow processing time a fork(A copy of the original bitcoin) of bitcoin was created and named Bitcoin Cash. The benefit of the bitcoin cash is that its peer to peer and it decentralized currency and does not need a central bank. Even the block sizes have increased to 8MB and are said to undergoing more research to allow future increases. Who knows what might this hold. Quoting from there GitHub repository the bitcoin cash is just “experimental” and it still hasn’t been fully adopted by the users. In mid-November, Bitcoin Cash briefly topped Ethereum’s market cap to become the second-most valuable crypto. Its circulating supply is currently at 16.8 million, out of a maximum supply of 21 million.