If you’ve ever wondered what cryptocurrency is, you’ve come to the right place. Some are used for financial transactions, while others are purely for platform purposes. For example, MoneroXMR uses CryptoNote for its privacy. Others use the Scrypt and Lyra2RE protocols to process transactions. If you are interested in bitcoin trading, visit https://btc-loophole.io/ and utter guide to crypto trading.
These are all popular examples of cryptocurrencies. Some of these are still in their early stages and may be surpassed by others shortly. Here are some of the different types of cryptos and their creators.
Dogecoin (DOGE)
Many people are confused about the differences between Dogecoin and other cryptocurrencies. Dogecoin is a joke cryptocurrency. It took its name from a popular Internet meme in which a Shiba Inu dog talks in Comic Sans font. Because Dogecoin was created as a joke currency, it was cheap and easy to play with.
During the early days, coins were only worth a fraction of a cent. Many enthusiasts would gather on a website forum to discuss the new cryptocurrency, tipping people with Dogecoins for their amusing comments.
They created the idea of a cryptocurrency to solve this problem, but it has since become much more than that. Initially, it was designed to facilitate dangerous “free for all” capitalism. Different cryptocurrency creators, including Markus, developed it, but his contribution to Dogecoin’s rise has been crucial.
Today, over eight million people are using Dogecoin. As its popularity has increased, Markus has taken the time to clarify his involvement in the project.
Ethereum (ETH)
If you’re unfamiliar with Ether, they created this digital currency in 2010. It was the first successful cryptocurrency widely used to create new currencies. The Ethereum network has seen a lot of growth in the past year, thanks to several planned protocol upgrades.
One such upgrade involved changing the system’s incentive structures and the underlying functionality. A hard fork accomplished the upgrade. These changes could affect the price of Ether.
Many financial institutions have become interested in the technology, considering it as their central operating system. This technology could ultimately replace intermediaries and exchanges. JPMorgan Chase, for example, has built its version of Ethereum called Quorum. Like Toyota and Samsung, other companies are also exploring how Ethereum can streamline supply chains. The benefits of using Ether are numerous. It’s becoming a viable alternative to traditional banking.
Ripple (XRP)
XRP transfers take seconds instead of hours, and it has the potential to provide a more convenient and reliable system for international payments. Ripple’s team has emphasized that the XRP cryptocurrency can complete transactions in minutes instead of days or weeks. Additionally, people can use RippleNet to mint their digital currencies.
In 2004, Ryan Fugger founded RipplePay, a platform that enabled users to transfer funds between banks. Ripple was not yet a cryptocurrency, but it was mentioned in an email by Satoshi Nakamoto. In 2011, Jed McCaleb began developing the XRP cryptocurrency and gathered a team and investors. In 2012, he approached Fugger about using the RipplePay network. Fugger agreed to the move, and the company has grown over the years.
However, the SEC’s lawsuit against Ripple has created a problematic situation for investors in XRP. Although Ripple is positioning itself as a settlement layer for regulated companies, it is fighting the SEC over whether XRP is a security. Until the legal issues are resolved, it may not be able to onboard new customers. That means it could be difficult for XRP to remain relevant in the cryptocurrency space.
Polkadot (DOT)
Polkadot is a protocol designed for the blockchain ecosystem. This protocol aims to bring together public networks, oracles, and private channels. Its purpose is to facilitate the development of new technology on top of the existing blockchain ecosystem. The protocol is designed to enable interoperability, scalability, and security. Its unique design enables it to handle large amounts of transactions in parallel.
The creators of this coin have a long history in the crypto space. Gavin Wood, who founded Ethereum, left to pursue his ideas under the Polkadot banner. His dissatisfaction with the “crypto-maximalism” of the Ethereum community prompted him to create a completely different blockchain system compatible with multiple other blockchains. Wood’s project is not open-source but built on a decentralized system.
Final Words
The cryptos mentioned above are popular, and traders invest in these cryptos regularly.
