At one time a bold idea, cryptology was developed during the Second World War when communications had to be protected from prying eyes. Now, cryptology has evolved to the point where cryptocurrencies like Bitcoin have become normal. Bitcoin, a type of digital currency based on blockchain technology, was introduced in 2009. Bitcoin is a hot commodity for a lot of people and now, it is creating a bold impact among speculators.
Zcash is a new blockchain and cryptocurrency which allows private transactions (and generally private data) in a public blockchain.
It was not an easy road for Bitcoin, but the best-known digital currency has proven critics wrong after becoming famous. Even huge companies such as Microsoft, Dell, and Bloomberg now accept it.
Bitcoin was invented by an unknown developer or group of software developers under the pseudonym of Satoshi Nakamoto. According to a report, the market capitalization of Bitcoin has already reached as high as $73.5 billion.
The game-changing cryptocurrency would not have made it this far without heavy promotion on the part of its primary backers. Yes, Bitcoin gained much love from organizations and people over the years. Barry Silbert, Marc Andreessen, David Rutter, Blythe Masters, and Adam Back are just some of the early investors in Bitcoin.
Blockchain is used in order for cryptocurrency and Bitcoin to work. Online ledgers of every transaction that have been processed are stored in Blockchain.
Game On for Competing Cryptocurrencies
The reign of Bitcoin has raised interest for other companies and startups, leading to the creation of numerous competing cryptocurrencies. With the development of the so-called Bitcoin Alternatives or Altcoins, the dominance of Bitcoin as the leading virtual currency may face stiff competition.
For years, Bitcoin has been at the top of the leaderboard, but these following cryptocurrencies are giving the top player a run for its money.
- Ethereum is a public and blockchain-based distributed computing platform that has a feature of smart contact scripting functionality.
- The platform provides a cryptocurrency token called “Ether”. It is one of the most well-known cryptocurrencies on the market. Ether has the ability to be transferred between accounts and used to reimburse participant nodes for computations performed.
- Launched on July 30, 2015, Vitalik Buterin became the CEO of Ethereum. The platform has a market capitalization of $4.46 billion, which comes second to Bitcoin.
- Litecoin is simply known as a peer-to-peer virtual currency. Its creation and transfer of coins are both an open source cryptographic protocol, which is not managed by any central authority.
- Even though it was referred to as ‘silver to Bitcoin’s gold’, Litecoin has quite a few advantages over other cryptocurrencies. It offers faster transaction confirmation and its block generation rate is also faster.
- Charlie Lee is the CEO of Litecoin, which was launched in the year 2011. As of August 16, 2017, the market capitalization of Litecoin is $2.25 billion.
- Launched in April 2014, the open-source cryptocurrency focuses on scalability, decentralization, and privacy. Monero has experienced fast growth when it comes to its market capitalization and the volume of its transactions, rising from from $5 million to $185 million.
- Also known as XCoin and Darkcoin, Dash is an open source peer-to-peer cryptocurrency. It has the same attributes as Bitcoin but also provides advanced capacities such as decentralized governance, and instant and private transactions.
- Evan Duffield developed Dash and launched it on January 18, 2014. Ryan Taylor has been named the Dash Core CEO. It was reported that the market capitalization of Dash exceeds to $1.4 billion.
- Zcash is the new kid on the block of cryptocurrencies. This digital currency offers privacy and selective transparency of transactions. Just like Bitcoin, Zcash has a secured a total supply of 21 million units.
- Zooko Wilcox is the CEO and Founder of Zcash. According to him, “Zcash is a new blockchain and cryptocurrency which allows private transactions (and generally private data) in a public blockchain. This allows businesses, consumers, and new apps to control who gets to see the details of their transactions, even while using a global, permission-less blockchain.”
- Zcash has 16 large investors, Branson Bollinger, Aaron Grieshaber, Brian Cartmell, Maple Ventures, Roger Ver, Vlad Zamfir, Barry Silbert, Digital Currency Group, Fenshubi, Charles Songhurst, Erik Voorhees, Shapeshift, Fred Ehrsam, David Lee Kuo Chuen, Li Xiaolai, and Sebastian Serrano.
- Ripple is a technology that has been developed as a virtual payment network for financial transactions and is also a well-known cryptocurrency. The technology permits a flawless transfer of cash in any method, whether it’s Yen, USD, bitcoin, or Litecoin.
- Jed McCaleb and Chris Larsen are the founders of Ripple, which was launched in 2012. Ripple was reported to have the third highest market capitalization in this sector with $11.94 billion.
- Ripple has many investors and Abstract Ventures, Accentures, Avant global, Blockhain Capital, and James Sowers are just some of them.
- The existence of Dogecoin first started as a social media joke made popular by Billy Markus. The meme coin grew in value for just a short period of time. It was then being traded on most major exchanges that deal in alternative coins.
- Introduced in December 8, 2013, Dogecoin became unexpectedly popular, gathering a market capitalization of over $289 million.
- The blockchain and peer-to-peer cryptocurrency platform was released to the public on March 31, 2015. NEM presents new features to the technology of blockchain such as encrypted messaging, multisignature accounts, POI algorithm, and the Eigentrust++ reputation system.
- Lon Wong leads the team alongside Jeff McDonald, the Vice President. It’s a cryptocurrency that people should watch out for in 2017 after gathering a market capitalization of $1.6 billion.
- This social news service manages a social networking and blogging website on top of a blockchain database called Steem. STEEMIT creates tradable tokens called Steem Dollars and STEEM.
- Dan Larimer and Ned Scott developed STEEMIT and launched the service in 2016. Now, it has a market capitalization of $416 million.
Most cryptocurrencies have succeeded with the help of Initial Coin Offering or ICO. A lot of startups use the newly famous transaction type to raise capital. Basically, ICO is a fundraising tool for companies wanting to own cryptocurrencies.
Cryptocurrency has made a bold impact, even with large companies. It was once an idea but soon as it reached the peak, it blossomed into a phenomenon. Virtual currency is undergoing continuous innovation, and no doubt it is here to stay.