8 years ago, the world was introduced to the first cryptocurrency – Bitcoin. It was invented by an unknown programmer who went by the name – Satoshi Nakamoto. Thanks to the use of modern algorithms and block chain technology, cryptocurrencies are able to be converted at lightning speeds for consumer goods.
Problem is if it’s lost or stolen, users will not be able to recover the funds. This makes cryptocurrency almost similar to cash. To ensure protection of your cryptocurrency, it’s highly advisable to store it in a cold storage or paper wallet.
But wait a minute…are there other major cryptocurrencies in the world? Why yes, there are. Here are the top 5 most valuable cryptocurrencies after Bitcoin according to price and market cap.
a.Ethereum
b.Ripple
c.Litecoin
d.Dash
e.NEM
Here is a description of the above cryptocurrencies.
Current price per coin: $1,130.90
Market cap – $109,531,778,294
Like others, Ethereum is a decentralized platform designed to run smart contracts. Launched in 2015 as an open software platform that is based on block chain technology, it allows developers to build and deploy decentralized applications. It is distributed via a public block chain network just like Bitcoin but unlike Bitcoin where miners are rewarded with cryptocurrencies, in Ethereum miners work to earn Ether. This is a type of crypto token designed to fuel the network and is used to settle transaction fees and services on the Ethereum network.
Current price – $2.52
Market cap – $97,503,715,840
This refers to a distributed financial technology that allows users to send real time payments globally across networks. It works similar to other cryptocurrencies like Bitcoin and Litecoin. The platform works with banks and allows the sending of money thus fueling the growing economy. The vision of Ripple is to enable the internet of value. It was released in 2012 and since then, its structure does not require any mining. This has reduced computing power usage as well as minimizing network latency. Ripple has the following belief “distribute value is a powerful way to incentivize certain behaviors.”
Current price – $256.48
Market Cap – $14,021,750,530
This is a peer to peer cryptocurrency that allows users to make instant payments to other users around the world. As an open source software project that was released under the MIT/X11 license, it can be efficiently mined with consumer grade hardware. It was developed by Charles Lee, a former Google Engineer.
The currency is based on block chain technology making it fully centralized without any central authorities. Mathematics has been used to secure the network as well as empower people allowing them to control their finances.
Courtesy : woarrio trading
Part 2 will be available soon.