It is 2018 and there is no hassling over the banks for transactions. Nevertheless, the introduction of cryptocurrencies has made the transactions very easier. 2017 proved to be a hard for the blockchain technology. These cryptocurrencies are legal in some places, while illegal in others. Countries like India have prevented the transaction through cryptocurrencies.
Before adopting any digital token into the cryptocurrency community, there are several factors which are considered. There are several cryptocurrency investors that consider the bitcoin as an essential store for value, and Ripple’s XRP for the transactions in a fast and easy way. While other investors rely on the other cryptocurrencies like dogecoin, Pokemon referred to as Pokecoin or Bitcoin Gold.
The CoinMarketCap keeps a track on the 1500tokens and then puts them in the ranks accordingly based on their market capitalization.
Mentioned below are some of the prominent cryptocurrencies for the year 2018
Top Cryptocurrency: Bitcoin BTC
Bitcoin BTC is one of the first and the most cryptocurrency to emerge in 2008, the year of financial crisis. A group of programmers or individuals came together under the pseudonym of Satoshi Nakamoto and found the bitcoin. It gained massive popularity in 2017. The popularity of Bitcoin is in the rise but it keeps fluctuating and has problems like slow speeds, transaction fees and the volatility.
The token limit of Bitcoin BTC is 21 million. Currently, there are 16.8 million units in the circulation of Bitcoin BTC. The market capital of Bitcoin is extremely high with the rising $191 billion.
Apart from Bitcoin, it is one of the important tokens in the crypto community. This is considered to be an arch-rival of Bitcoin. Ethereum was initially found as “world computer” with the super network. It was developed for the decentralized development of applications which wouldn’t be involved of the third part applications such as Apple or Google.
The apps developed by Ethereum are circulated so that the cryptocurrency miners can easily earn Ether to get the network. The co-founder of Ethereum is Joseph Lubin. He argued that bitcoin maybe working on the blockchain technology but Ethereum has full potential of “a more programmable memory”.
Ripple XRP was introduced in the end of 2017, and soared to heights securing third position in the 2018. It is an efficient Bitcoin competitor but it is the centralized network for transactions. This is mostly used by the banks for the transfer of money just like SWIFT.
The money transferred from Ripple is efficiently converted to XRP and on being received it converts itself again to XRP. Ripple is a faster and more reliable cryptocurrency as compared to that of bitcoin.
Bitcoin Cash BCH
The disagreements among the group of BTC adopters due to technical limitations caused the formation of fork in blockchain. This in turn resulted in the formation of a new cryptocurrency altogether, known as Bitcoin Cash BCH. The group of miners forked the token by changing into a new software. Since then, bitcoin cash BCH has been able to make up a prominent position in the market.
More from Cryptocurrency News: Everything about Bitcoin
This is yet another popular form of transferring and receiving the digital money with the use of the digital token ADA. The network of Cardamon works similarly to that of Ether towards the decentralized apps of the blockchain. The co-founder of Ethereum Charles Hopkinson found this in 2015. It is also known as “Ethereum of Japan” because 95% of the tokens of its initial coin offerings (ICOs) are from Japan. A group of international scientists and academics manages the Cardano network who are expert in the blockchain technology.
Stellar grew about 29400% in 2017 itself. It is similar to that of Ripple. This allows fast and easy transfer of money. Nevertheless, it is an outsource open network.
This is an evolving platform that allows smart contracts of the blockchain. IT has the similar functions to that of Ethereum. The founder of NEO, Noam Levenson said, “Neo’s objective, while ultimately utilising many of the same technologies as Ethereum, is to be the platform for a new smart economy.”
Litecoin allows faster transaction. It is the silver to the gold of bitcoin. An important peer to peer cryptocurrency, Litecoin is considered as one of the biggest in the market after Bitcoin BCH.
EO S also works like Ethereum for the decentralized apps. It allows an efficient number of transactions on per second limit. It can allow 50000 transaction per second.
It is popular across the blockchain technology as XEM token. XEM functions upon Eigentrust ++ algorithm. It claims to “push the blockchain performance”.