Bitcoin began operating in January 2009 and is the first decentralized cryptocurrency, with the second cryptocurrency, Namecoin, not emerging until more than two years later in April 2011. Today, there are hundreds of cryptocurrencies with market value that are being traded, and thousands of cryptocurrencies that have existed at some point. The common element of these different cryptocurrency systems is the public ledger (‘blockchain’) that is shared between network participants and the use of native tokens as a way to incentivise participants for running the network in the absence of a central authority.
Secure Identities verified by the blockchain
Notary services prove that a document existed at a specified date or time
Automatically trade your property via blockchain
Create protocols that automatically enforce a contract
Evolving Cryptocurrency Market
However, there are significant differences between some cryptocurrencies with regards to the level of innovation displayed
The majority of cryptocurrencies are largely clones of bitcoin or other cryptocurrencies and simply feature different parameter values (e.g., different block time, currency supply, and issuance scheme). These cryptocurrencies show little to no innovation and are often referred to as ‘altcoins’. Examples include Dogecoin and Ethereum Classic.