While the essential features of all digital currencies remain the same, their efficiency and user-friendliness are dependent on their respective blockchain strength. A survey conducted by Block Capital reveals that 30% of the young population (18-34 years) would rather invest in Bitcoin than in stocks or government bonds. Let's compare three of the most popular cryptocurrency on the following parameters:
1.Transaction Volume per Second
The number of transactions per second gives you an idea about the size of the blockchain a cryptocurrency owns. Since cryptocurrency is a very recent phenomenon, there is no point comparing it with conventional money transaction platforms like VISA which is capable of handling >56K trans/sec.
In contrast, Bitcoin offers 3-7 trans/sec, LiteCoin is capable of 56 trans/sec, and DigiByte can process some 560 trans/sec.
2.Block time
The average time a cryptocurrency network takes to produce a unit of digital currency. Bitcoin takes 10 minutes to do that, while LiteCoin is capable of generating a new coin every 2.5 minutes. Beating them all, DigiByte has a block time of just 15 seconds.
3.Average Transaction fee
With cryptocurrency enabling cross-border transactions, they also incur some payment charges during the transaction. Bitcoin usually charges $27, and the amount for LiteCoin is $0.30. The best one can go for is DigiByte that has pleasantly low transaction fee < $0.001.
4.Difficulty Average Delay
Another important feature to look for is average difficulty delay. Bitcoin and Litecoin perform for two weeks and three weeks (respectively) to deal with delays. DigiByte, on the other hand, handles such delays in real time
Number of mining Algorithm
During each generation of a block/unit of cryptocurrency, the network creates a hash, a number that is generated from a string of text. The idea here is to create a unique hash for unique transactions, and technically it’s next to impossible that two different strings of text can have the same hash value.
A cryptocurrency that has suitable algorithm to evaluate a finite-sized hash out of data of arbitrary size will offer higher security since hash algorithms are used to authenticate a transaction, just like a digital signature. Bitcoin has one mining algorithm, just like Liticoin which also has 1 mining algorithm. However, DigiByte works with five mining algorithms and so is a better choice than the rest.Maximum Supply of Cryptocurrency
As digital currency is a decentralized monetary system, new currency can be generated by the nodes of the P2P network. Therefore, unlike centralized economy where central Banks issue currency to match the demand-price situations of the market, cryptocurrency is issued through the algorithm.
That is also in line with protecting user privacy as every currency generated by a malicious user without adhering to the rules will ultimately get rejected by the algorithm and will be deemed worthless. At the moment, the maximum supply, i.e..a controlled supply of the following cryptocurrencies are:
Bitcoin 21 million
Litecoin 84 million
Digibyte 21 billion
- Cost of the cryptocurrency
Finally, you want a secure money transaction system, and so you need to know how much exactly are you paying for a given digital coin. The exact amount varies from time to time based on market situations and other factors. As of today,
1 Bitcoin=15239.99 US Dollar
1 LiteCoin= 256.44 US Dollar
1 DigiCoin= 0.11 US Dollar
You can check the real-time value for a cryptocurrency online through sites like Coin Ranking andCoin Market Cap.
Official links for more details,
Website: https://platio.io/
OnePager: https://platio.io/static/docks/platio-onepager.pdf
Facebook: https://www.facebook.com/platio.io/
Twitter: https://twitter.com/Platioecosystem
Telegram: https://twitter.com/Platioecosystem
Thank you for reading my blog.
Published by cryptoabc
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