As you may be well aware of, there are many cryptocurrencies in the market, they are all different and often serve a different purpose, but we’ll explain them.

cryptocurrency

Top 10 Cryptocurrencies of 2017

Cryptocurrencies are decentralized virtual and highly encrypted currencies held digitally online, they are safe, private, easy to use, quick, and highly valuable. You can use cryptocurrencies to make payments or transfer to anyone anywhere with extremely low fees. Fees are often determined by the amount of data involved in a transaction and not based on the amount itself, they also function as a deterrent, to discourage users with malicious intentions who want to make DoS attacks to the platform.

cryptocurrencies

  1. Bitcoin

Timestamping: POW
Hash Algorithm: SHA-256d
Max Supply: 21,000,000 BTC

Bitcoin is the first decentralized ledger currency. It is also the most valuable, popular, relevant cryptocurrency and it has the highest market capitalization. Some people claim it still has to address certain issues such as privacy and scalability, but not one can deny that it is by far the Mother of All Cryptocurrencies. Bitcoin was created to allow easier global transactions and increase financial inclusion, thousands of people and companies worldwide are already using and accepting Bitcoin.

bitcoin

  1. Ethereum

Timestamping: POW
Hash Algorithm: Dagger Hashimoto
Max Supply: No Max/As Needed

Ethereum is a unique cryptocurrency, very different to the others, so much that it wasn’t even designed to become a currency at all, but only as a form of payment within a platform. Ethereum was designed to decentralize the web by supporting Turing-complete smart contracts. So people ‘mining’ Ethereum use their processing power to help companies that need that extra power for their processes without the need for buying expensive servers subject to the risks of modernity: hacks, power outages, physical damage, etc.

ethereum

  1. Ripple

Timestamping: Consensus
Hash Algorithm: ECDSA
Max Supply: 100,000,000,000 XRP

Ripple was specially designed for peer to peer debit transfers. It is not based on the Bitcoin. This cryptocurrency network has made strong alliances with banks to allow cross-border payments in real time. The technology eliminates time delays and grants certainty of settlement, this lowers costs and increases revenues for banks and financial institutions.

ripple

  1. Litecoin

Timestamping: POW
Hash Algorithm: Scrypt
Max Supply: 84,000,000 LTC

Litecoin was the first cryptocurrency to use Scrypt, a different hash algorithm. This is a peer-to-peer cryptocurrency that allows instant and very low-cost payments. It’s open source and completely decentralized.

There are slight differences between Bitcoin and Litecoin, for instance, Litecoin has better storage efficiency and faster transaction confirmation times. This grants Litecoin a special and secure place in the cryptocurrency scene.

litecoin

  1. NEM

Timestamping: POI
Hash Algorithm: Sha3
Max Supply: No Max

NEM, apart from being a popular and highly valued cryptocurrency, it is a blockchain project that involves than only handling its native currency tokens. NEM is also a peer to peer platform that provides other interesting services like payments, asset making, messaging, and a naming system. This platform is mostly used and quite popular in Japan.

nem

  1. Dash

Timestamping: POW and POS
Hash Algorithm: CryptoNight
Max Supply: No Max

Dash is a bitcoin-based currency that features instant transactions, private transactions and a decentralized budgeting and governance. This cryptocurrency mutates automatically and anonymously with CryptoNote technology. This means that the network code is always updated with very low developer cost and almost 0% errors.

dash

  1. Ethereum Classic

Timestamping: POW
Hash Algorithm: Dagger Hashimoto
Max Supply: No Max/As Needed

The Ethereum was subject to an attack that forced Ethereum owners to move to a new system, this caused a schism in the community between those that agreed to move (Ethereum) and those that wanted to stick with the old one (Ethereum Classic) and since then, both cryptocurrencies, though similar, follow different path and directions.

ethereum classic

  1. Monero

Timestamping: POW
Hash Algorithm: CryptoNight
Max Supply: No Max

Monero is a cryptocurrency highly focused on Privacy that uses the CryptoNote protocol with some improvements for better decentralization and scalability. Monero’s cryptographic system enables funds transfers without them being publicly visible on the blockchain. All transactions will always remain private by default. Transactions made within Monero are untraceable, it’s literally impossible to link a certain transaction to a particular user.

monero

  1. Stellar Lumens

Timestamping: Not Specified
Hash Algorithm: Not Specified
Total Supply: 102,901,180,739 XLM (+1% every year)

The Lumen is the currency used in the Stellar platform, which is an open source protocol that allows people exchange money. Stellar servers run a software implementation of the protocol that connects through the internet to communicate with other Stellar servers, this creating a worldwide value exchange network.

This online network features a fixed inflation mechanism. This means that new lumens are added at a rate of 1% every year. Anyone who has lumens is able to vote on where funds coming from transaction fees should go.

stellar lumens

  1. Golem

Timestamping: POW
Hash Algorithm: Not Specified
Total Supply: 1,000,000,000 GNT (no Max)

Golem is the virtual currency used on the platform of the same name. Golem works pretty much like Ethereum, it is a decentralized, open source supercomputer accessible by anyone. It functions with the combined power of people’s computers worldwide. The Golem Network is a sharing economy of computing power, people can enter to make money by renting their computing power or selling software. The main difference with Ethereum is that Golem is not Turing-complete, it’s simpler and more secure.

golem

http://virtualrealitytimes.com/wp-content/uploads/2017/05/2016-09-14-1473882679-3868833-bitcoin-600x391.jpghttp://virtualrealitytimes.com/wp-content/uploads/2017/05/2016-09-14-1473882679-3868833-bitcoin-150x90.jpgPierre PitaCryptocurrencyAs you may be well aware of, there are many cryptocurrencies in the market, they are all different and often serve a different purpose, but we’ll explain them. Top 10 Cryptocurrencies of 2017 Cryptocurrencies are decentralized virtual and highly encrypted currencies held digitally online, they are safe, private, easy to use,...VR, Oculus Rift, and HTC Vive News