Some of the most popular Cryptocurrencies around the world

Bitcoin. Bitcoin is the first cryptocurrency to be launched, it was launched in 2009 by Satoshi Nakamoto. It is the most popular virtual currency in the …

Bitcoin

Bitcoin is the first cryptocurrency to be launched, it waslaunched in 2009 by Satoshi Nakamoto. It is the most popular virtual currencyin the world because it has the highest market capitalization value, thehighest number of users across the globe and the highest amount of tradingvolume. Bitcoin price rose to an all-time high of $20,000 in December 2017.today’s price is over$10,000. Even though the price is not stable, the coin isstill remains the best performing cryptocurrency.

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Ethereum

Ethereum is just as popular as Bitcoin. It was created in2015 by Vitalik Buterin. Ethereum has a market capitalization of $25.13 billionand its current price is $236. Ethereum has atransaction speed of a few seconds against the 10 minutes or more of Bitcoin.

Bitcoin Cash

In 2016, the developer community of Bitcoin couldn’t come toan agreement regarding the changes required in Bitcoin’s code, so Bitcoin cashwas forked from Bitcoin and it currently ranks amongst the bestcryptocurrencies. Bitcoin Cash transactions are muchfaster than Bitcoin transactions because its block size was increased to 8MB ascompared to the 1MB of Bitcoin. Bitcoin cash price grew from about $500 in July2017 to about $4,000 in December 2017. This gave it a return of around 10,000%in less than 6 months.

Litecoin

Similar to Bitcoin, and launched in 2011, Litecoin is apeer-to-peer digital currency which has a large network across the world. it offers instant transactions,security, and its widespread adoption around the globe. Litecoin has a market cap of $4.9 billion, and itscurrent price is $99.38.

Ripple token

Ripple token was lunched by the co-founder of opencoin CEOChris Larsen and CTO Jed McCaleb. The cryptocurrency is becoming increasinglypopular because it offers a quick, seamless and borderless platform for fundtransfer. It was designed as a centralized transaction network to be used bybanks for money transfers.

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Ethereum Hits Major New Milestone, Now Boasts over 200000 ERC20 Tokens

The blockchain network hit this milestone months after Vitalik Buterin, co-founder of Ethereum, announced that Ethereum 2.0 would fix the platform’s …

Ethereum, the second largest cryptocurrency, has just surpassed 200,000 ERC20 smart contracts deployed on its mainnet as of August 5, 2019. At the time of writing this article, there are 204,303 ERC20 tokens on Ethereum’s network. The blockchain network hit this milestone months after Vitalik Buterin, co-founder of Ethereum, announced that Ethereum 2.0 would fix the platform’s inability to handle increasing transaction volumes.

Ethereum 2.0

Smart Contract Count Hit a New High

The ERC20 token standard utilizes the Ethereum platform’s smart contract capabilities to implement third-party tokens on the blockchain. ERC20 tokens don’t have their own dedicated blockchain, reducing the development overhead and technical complexity for smaller scale businesses and teams. These tokens can then be traded, bought or sold on any cryptocurrency exchange that lists them.

Tokens such as Binance Coin (BNB), Basic Attention Token (BAT), and Maker (MKR) are popular examples of ERC20 tokens that make use of the Ethereum blockchain. BNB has the highest market cap of any ERC20 token at $4.34 billion. ERC20 tokens exploded in popularity alongside Initial Coin Offerings (ICO) as an alternative fundraising method for many blockchain startups. Brave Browser’s BAT, for instance, raised $35 million by issuing a billion tokens on the Ethereum blockchain. Similarly, Binance was able to attract $15 million worth of investor capital in 2017.

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Ethereum’s Scalability Issues

In the past, Ethereum has been criticized for its lack of scalability. However, the Ethereum 2.0 release aims to fix these problems by moving to a proof of stake consensus mechanism instead of the current proof of work algorithm. The Ethereum blockchain can currently only support a maximum of 15 transactions per second.

Another problem faced by the Ethereum blockchain relates to the storage requirements for participants. In most blockchain networks, nodes store important data for each and every wallet owner, including transaction history, current state of balances, and contract data. With sharding, however, nodes only need to data for a defined address range instead of every single participant

Ethereum 2.0 will be rolled out in three phases. The proof-of-stake chain called the Beacon Chain will run parallel to Ethereum’s proof-of-work chain in phase 0, while sharding will be implemented in phase 1. eWASM, which is a rebuilt Ethereum virtual machine, will be introduced in phase 2. Ethereum is currently among the biggest blockchain-based platforms used to deploy smart contracts and DApps, with a market cap of over $25 billion.

Do you think Ethereum has cemented itself as the de facto smart contracts platform in the blockchain industry? Let us know your thoughts in the comments below.


Images courtesy of Shutterstock.

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CryptoChicks Spreads Blockchain Awareness in Pakistan and The Bahamas

… and the international hub for blockchain education in women, was founded by Natalia Ameline, the mother of Ethereum creator Vitalik Buterin.

CryptoChicks, the non-profit organization and the international hub for blockchain education in women, was founded by Natalia Ameline, the mother of Ethereum creator Vitalik Buterin. The organization was established in the year 2017 and is trying to develop blockchain awareness using the long term programs for women and youth in Pakistan and The Bahamas by raising an amount of $2 million.

In an interview with CoinDesk, Natalia Ameline informed that CryptoChicks has already run programs from Pakistan to Toronto. She has been working to educate with blockchain-related topics that include Bitcoins and smart contracts to around 608 students and young developers.

CryptoChicks is in partnership with Blockgeeks, an educational startup which is being headed in part by Ameline’s ex-husband, Dmitry Buterin. CryptoChicks has also been funded by established companies such as Microsoft, IBM, Royal Bank of Canada to conduct coding workshops.

The organization has received a donation of $350,000, which is used to fund the various blockchain-focused educational conferences. Now with $2 million grant, the organization will be able to transform such short term events into long term programs. Starting with a mentorship program funding for delegates from Pakistan and The Bahamas hackathon this month.

Ameline has also made clear that, “ it is an educational organization, not a political organization.” The co-founder of CryptoChicks Elena Sinelnikova states the mission of the company is to “provide women and youth with the maximum opportunity to make their own choices.” She has also added “One of our goals is to bring more women into space, […] That’s where girls disengage a bit and turn into different areas. That’s why we’re trying to get them involved early on.” The organization has also organized a hackathon in The Bahamas this August, and it has seen more than 100 students who signed up.

The co-organiser of the conference Felix Stubbs based in the Bahamas said, “There are a lot of talented young kids here in the Bahamas,” adding that the hackathon will “position them nicely to explore careers in the space.”

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Ethereum co-founder Gavin Wood highlights issues with ETH and Vitalik Buterin

Gavin Wood is the co-founder of Ethereum, former CTO of the Ethereum Foundation and the person behind Solidity, the programming language …

Gavin Wood is the co-founder of Ethereum, former CTO of the Ethereum Foundation and the person behind Solidity, the programming language responsible for the revolutionary smart contracts. However, despite this stellar history with the platform, he left Ethereum in 2016 to create Polkadot, what some might call a serious competitor to the yet-to-be-released Ethereum 2.0.

Wood visited China last month to promote Polkadot, which received substantial financial support from Chinese investors during its private token sale, through which it raised a massive $1.2 billion. Polkadot has thus received substantial development funding through the pre-sale of its DOT tokens, and the platform is slated to have its mainnet launch later this year.

An interview with Wood was published on Chinese website ‘The Orange Book’ yesterday to discuss Polkadot, and what it wishes to do differently than Ethereum.

The Ethereum Twitter community was quick to point out that the Google-Translated version of the article is critical of Vitalik Buterin, the founder of Ethereum, and even takes some “cheap shots”. It describes him as a young man who doesn’t know how to cover up, and who seems to be “embarrassed” when on stage. They then go on to compare him to Wood, who they state, can speak as many languages as Buterin, has great charisma when addressing a large audience, and has a wide range of interests and experiences such as Taekwondo, snowboarding and music.

During the interview, Gavin speaks about the many issues he has with Ethereum’s design and what he wishes to change through Polkadot. One issue he addresses is Ethereum’s governance. He believes it lacks the ability to improve the system through governance. This is also seen in its attitude towards hardforks, which in Gavin’s opinion, are not a good thing, but which Ethereum implements with rough social consensus outside the blockchain.

A major criticism he finds is the use of ETH as a necessary component to use the platform. Ethers do not need to be the medium of transaction on the platform, and this, he states, is where Buterin disagrees with him. Wood believes that this design makes developers and users of the Ethereum blockchain “slaves” to the ETH token.

Eric Conner, a Twitter user, disagrees with this sentiment. What Ethereum is doing is creating a “monetary premium on the underlying asset (ETH) in order to best secure the chain in the future and open up endless possibilities in doing so.”

About Post Author

Tulika Jain

Bibliophile, crazy cat lady and passionate about financial and economic journalism. I don’t trade in cryptocurrency but am fascinated by the market.

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Developer Lane Rettig Blasts Ethereum’s Proof-of-stake (PoS)

Ethereum developer, Lane Rettig has lashed out on Ethereum’s Proof of Stake (PoS). He took to his Twitter post to argue that the PoS is not …

Ethereum developer, Lane Rettig has lashed out on Ethereum’s Proof of Stake (PoS). He took to his Twitterpost to argue that the PoS is not permissionless, giving that one has to receive the stake (Ether) from another person.

The 36-year-old developer, who is working on eWASM, said that it might not have been a good idea to distribute 70 percent of Ether’s total supply to a particular group of project founders and community members, during the time of the genesis block.

Rettig’s is laying his comments in response to Ethereum co-founder Vitalik Buterin‘s recent statements on Twitter, which noted that he welcomes more skeptics as development continues for Ethereum 2.0.

Add me to the list of skeptics:

1. PoS isn’t truly permissionless and as a result maybe not collusion/cabal resistant

2. PoS security is circular

3. Sharding breaks one of Eth’s main technical merits, easy composability

4. No clear shared values, mission, principles, vision

— Lane Rettig (@lrettig) August 1, 2019

Ethereum 2.0, as stated, is said to be a significant system-wide upgrade that is aimed at improving the overall efficiency of the world’s largest smart contract platform.

The developer seems not to agree with Ethereum’s transition from a proof-of-work (PoW)-based consensus algorithm to proof-of-stake (PoS), noting that it is not “truly permissionless,” therefore, it is vulnerable to collusion/cabal resistance.

He also stated that PoS security is “circular,” adding that the sharding process “breaks one of Ethereum’s main technical merits – easy composability.”

Lane Rettig argues that the Ethereum’s current roadmap has “no clear shared values, mission, principles, [or] vision.” He thinks that the platform’s project management process is “too disorganized, chaotic, and lacks good leadership.”

The decision to hand such a percentage of outstanding Ether to a small group at genesis indicates that the small group knew better than anyone who might come along later, including the market, hesaid.

To this extent, Lane Rettig asked his followers on Twitter, if it was a better decision to allocate such a large amount of ETH to those who were involved in Ethereum’s early stages of development.

“I’m speaking in relative terms, not absolute. In any case, given the atrocious wealth distribution at present, I don’t think Ethereum is socially scalable enough to achieve another 100x,” he added.

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