CRYPTOCURRENCY (DIGITAL MONEY) – THE NEXT BIG MONEY
“The future of money is digital currency.” quoted Bill gates
BITCOIN -Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.
Bitcoin is a cryptocurrency and worldwide payment system.It is the first decentralized digital currency, as the system works without a central bank or single administrator.
The network is peer-to-peer and transactions take place between users directly, without an intermediary.These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain.
Bitcoin is still the biggest cryptocurrency by far – with market value exceeding $250 billion.
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RIPPLE -Released in 2012, Ripple purports to enable “secure, instantly and nearly free global financial transactions of any size with no chargebacks.”
Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network by Ripple. Also called the Ripple Transaction Protocol (RTXP) or Ripple protocol,it is built upon a distributed open source Internet protocol, consensus ledger and native cryptocurrency called XRP (ripples).
It supports tokens representing fiat currency, cryptocurrency, commodity or any other unit of value such as frequent flier miles or mobile minutes.At its core, Ripple is based around a shared, public database or ledger,which uses a consensus process that allows for payments, exchanges and remittance in a distributed process.
Ripple, created by the founder of bitcoin exchange Mt Gox, surged 35,000 percent in the same period. That means $100 invested in Ripple in January 2017 would have grown to about $35,000 at the start of this year.
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ETHEREUM – Ethereum was proposed in late 2013 by Vitalik Buterin, a cryptocurrency researcher and programmer. Development was funded by an online crowdsale that took place between July and August 2014.The system went live on 30 July 2015, with 11.9 million coins “premined” for the crowdsale.This accounts for approximately 13 percent of the total circulating supply.
Ethereum is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum also provides a cryptocurrency token called “ether”, which can be transferred between accounts and used to compensate participant nodes for computations performed. “Gas”, an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.
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NEM – NEM is a peer-to-peer cryptocurrency and blockchain platform launched on March 31, 2015.Written in Java,[2] with a C++ version in the works, NEM has a stated goal of a wide distribution model and has introduced new features to blockchain technology such as its proof-of-importance (POI) algorithm, multisignature accounts, encrypted messaging, and an Eigentrust++ reputation system. The NEM blockchain software is used in a commercial blockchain called Mijin,which is being tested by financial institutions and private companies in Japan and internationally.
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BURSTCOIN – Burstcoin (also called Burst) is a digital cryptocurrency and payment system based on the blockchain technology. Burstcoin was introduced on the www.bitcointalk.org forum on 10 August 2014 as an Nxt-based currency. Burstcoins are mined using an algorithm called proof-of-capacity (PoC) in which miners use computer storage instead of the more common energy-expensive method proof-of-work (PoW) which involves permanent computational operations.
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SYSCOIN – Syscoin is a cryptocurrency that enables instant payments to anyone in the world, regardless of location. Like all alt-coins, Syscoin uses peer-to-peer technology to operate without any central authority.Released under the MIT license, Syscoin has grown to become a blockchain protocol, built off bitcoin’s but extending its capabilities, that offers complete solutions to a robust user base comprising individual developers and corporations.Blockchain Foundry, the company behind Syscoin, has since released Blockmarket, one of the first fully-working decentralized marketplaces and the first one built entirely on the blockchain, where syscoin, among other cryptocurrencies, is acceptable tender.Syscoin currently trades on multiple digital asset exchanges and has a market value of more than US$407 million.
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LITECOIN – Litecoin (LTC) is a peer-to-peer cryptocurrency and Open source software project released under the MIT/X11 license.Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority.The coin was inspired by, and in technical details is nearly identical to, Bitcoin (BTC).
