Since the development and launch of the first decentralized digital currency platform in 2009, more than over 1500 different cryptocurrencies have been developed. This increase in the number of cryptocurrencies has made people ask questions like which cryptocurrencies are more popular?
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In this article, we will discuss the three most popular cryptocurrency platforms in the world. They are:
Bitcoin
Bitcoin is the first decentralized digital asset platform that was created. Since its release in 2009, it has proven not only to be the most popular but also the largest based on the total market capital value. Also, it is the most expensive to purchase, with each token been valued at $10,710 as at February 17, 2018.
Bitcoin introduced the first blockchain distributed ledger that was specifically designed to record all transactions and rids users of the need for a central authority to process or validate transactions. Its aim is to provide users with a platform where they can make transactions across borders with without the need of any intermediary.
The platform has a maximum coin (BTC) supply of about 21 million. Out of this number, about 16.5 million have been mined and are currently in circulation. It uses mining to ensure that coins are in circulation.
Pros:
- Its decentralized system gives users a lot of freedom
- High portability
- It is a secure network.
Cons:
- Price volatility
- Users could lose keys
Ethereum
Ethereum is also a decentralized platform that was created in July 2015 by web programmer Vitalik Buterin. Ethereum was designed to enable users to create and deploy smart contracts. One major function of smart contracts is that they allow the creation of crypto assets or tokens that run on the Ethereum network.
Ethereum tokens are used for various functions like the purchasing of cloud storage space. These tokens are stored in digital wallets compatible with the Ethereum blockchain. Ethereum's digital currency, Ether serves as a gas in which smart contracts are performed.
Currently, there is about 98 million Ether that has been mined and is in circulation. The supply of Ether in circulation inflates at about 18 million per year. Ether was created to run on the Ethereum network, it is also used to compensate participant nodes and can also be transferred from one user to another.
Pros:
- Multiple platforms are built on it
- It runs smart contracts
- It is safe
Cons:
- There is too much Ether in circulation.
Litecoin
This is a decentralized peer to peer platform that was created in 2011 by Charles Lee. Litecoin was designed specifically to ensure that everyday payments made are successful. It offers fast transaction and block-time.
Litecoin is the first digital asset platform to adopt the "Segregated Witness" technology that addresses security and scaling issues. Also, it adopts the use of Lightning technology which ensures that all transactions carried out are processed as fast as possible.
There are about 53 million LTC presently in circulation with a maximum supply of 84 million. Each LTC is valued at $209.40.
Pros:
- It is a fast and secure network
- Transaction fees are low compared to other cryptocurrencies
- It has a team of innovative and dedicated developers.
Cons:
- It is a simple modified version of Bitcoin.
In this article, we have tried to list out the three most popular cryptocurrencies, their main features, pros and cons.