The various Mainstream Cryptocurrencies on the market make everyone confused. There are countless types of cryptocurrencies on the market. By 2021, there are already close to 2,000 types of cryptocurrencies!
Unfortunately, some cryptocurrencies lost their value shortly after their issuance. This article selects several mainstream cryptocurrencies that are well-known so far to give you a general introduction.
8 Mainstream cryptocurrencies
The founder of cryptocurrency/virtual currency, Mr. Satoshi Nakamoto, who is still unknown, published the Bitcoin white paper in November 2008. Bitcoin was officially launched in January 2009, becoming the world’s first And the most successful cryptocurrency with the highest popularity and market value.
To avoid inflation, Bitcoin uses a private key as a digital signature. The upper limit of the agreement is 21 million Bitcoins.
Ether (ether) is a virtual cryptocurrency derived from Ethereum technology and is currently the second-highest cryptocurrency after Bitcoin in market value.
From 2013 to 2014, the program designer Vitalik. After being inspired by Bitcoin, Vitalik Buterin proposed the concept of Ethereum. He wrote the “Ethereum White Paper” in 2013, which mentioned that Ethereum allows developers to create decentralized, open, and secure applications. Ethereum is based on the blockchain, which is similar to Bitcoin, but the technology used is completely different. The biggest feature is the public blockchain platform with an open-source smart contract (smart contract) function. Smart contracts are stored in the blockchain. The above procedures can be executed after both parties reach the contract terms.
Ether is a medium for paying fees when running programs on the Ethereum platform, which is very different from BitCoin’s positioning as a daily currency. Also, the circulation of Ether is unlimited. Ether is also mainstream cryptocurrencies.
TEDA is a virtual currency that is kept in a foreign exchange reserve account and supported by legal tender. Unlike all other cryptocurrencies, the value of USDT and U.S. dollars is pegged, 1USDT=1 U.S. dollar and users can use USDT and USD for 1:1 exchange at any time.
Tether strictly abides by the 1:1 reserve guarantee, that is, for every USDT token issued, its bank account will have a 1 USD fund guarantee. Users can check funds on the Tether platform to ensure transparency. There are several advantages to using USDT instead of U.S. dollars: saving the handling fee of remittances to major cryptocurrency exchanges; saving time for deposits into exchanges, etc.
XRP is a cryptocurrency developed to facilitate bank transfers across borders, but without mining, it was all created by Rubio. It is currently the fourth largest virtual currency in the world, and it features the ability to quickly transfer dozens of different currencies around the world.
Many financial institutions generally believe that the Ripple trading system is safer and has lower handling fees. It was originally positioned as a supplement to Bitcoin, not a competitor.
Ripple coins are issued by the Ripple company and are the base currency based on the Ripple network, which can circulate in the entire Ripple network with an upper limit of 100 billion. Ripple is mainly exchanged between credit cards, banks, PayPal, and other institutions. The transaction time is very short and the handling fee is very low. Since February 2018, countries have successively started to use the Ripple blockchain for cross-border transfers and payments.
Litecoin is also one of the mainstream cryptocurrencies. Based on the Bitcoin (Bitcoin) protocol, it has a history of 8 years since its inception in 2011, only 2 years later than Bitcoin, after experiencing the huge cryptocurrency bubble in 2018 Still tenaciously survived.
Litecoin currently maintains a close relationship with Bitcoin at the technical level, such as Segregated Witness and Lightning Network. The community has the terms Bitcoin Gold and Lite Silver. Litecoin does not require extremely high computing power, and it can be mined using ordinary computers.
One of the characteristics of Litecoin is “fast”. Founder Charlie Lee has stated many times that Litecoin transactions only take about two minutes, which is much faster than the average 300 minutes of Bitcoin. Also, Litecoin is expected to supply 84 million The total amount is nearly four times lower than Bitcoin’s 21 million. Litecoin is considered more suitable for payment, and Bitcoin is suitable for value preservation.
The Polkadot project was established in 2015 and is the native token of the Polkadot platform. It is mainly used to manage the platform, operate the network, create a blockchain by gluing DOT, and pay for information transmission.
Polkadot is a collection of blockchains composed of multiple blockchains and heterogeneous. The main purpose of Polkadot is to connect separate blockchains. Through Polkadot, different blockchains can communicate and transfer data, breaking the status quo of blockchain information islands.
In August 2017, Bitcoin underwent a “hard fork”, and the so-called “Bitcoin Cash” was born as a new version of Bitcoin. “Bitcoin Cash modified the Bitcoin code to support large blocks (increasing the block size to 8M), but discarded Segregated Witness, which would reduce mining revenue. bitcoin cash is an emerging mainstream cryptocurrency.
Bitcoin has always been criticized for not being fast enough in transaction speed. Therefore, the emergence of Bitcoin Cash is to improve transaction processing speed. Many users who hold Bitcoin Cash claim that the transaction speed is much faster than normal Bitcoin.
Chainlink is a project launched by SmartContract, a financial technology company in San Francisco in June 2017. It is the first decentralized oracle in the blockchain system. ChainLink can be regarded as the leading project in the oracle concept. Provide verifiable real data for smart contracts.
LINK is an ERC20 standardized token based on the Ethereum blockchain. It is used to pay Chainlink node operators to retrieve data from off-chain data, format the data into a blockchain-readable format, off-chain computing, and ensure normal operation time. Chainlink tokens are part of the running nodes to prevent bad participants.