What are the decentralized cryptocurrencies
Digital cryptocurrency is a kind of currency that is not issued by legal tender institutions and controlled by the central bank. It is based on the open source code of a group of equations calculated by computers all over the world, and is generated by a large number of calculation processing of computer graphics card and CPU. It uses the design of cryptography to ensure the security of all aspects of currency circulation
development materials:
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definition of digital currency:
digital currency is abbreviated as digiccy, which is the abbreviation of "digital currency" in English and the alternative currency in the form of electronic currency. Both digital gold coin and cryptocurrency belong to digiccy< br />
bitcoin (BTC)
issue date: 2009
market value: US $163 billion
advantage: as the first cryptocurrency issued, bitcoin is the world's largest and most popular blockchain network and the most experienced cryptocurrency that can resist hacker attacks
disadvantage: the increasing demand brings great pressure to bitcoin network, which makes the transaction cost high. The system can only process about seven transactions per second, but its power consumption is amazing. This is mainly e to its workload proof mechanism and consensus principle, which makes mining become a labor-intensive activity
eth
release date: 2015
market value: US $70 billion
advantage: its built-in programming language allows developers to write their own smart contract computer programs running on the blockchain. So far, most of the first token sales are based on Ethereum's smart contracts
Disadvantages: Ethereum also uses the consistency protocol of workload proof, so it is relatively slow and consumes a lot of power. Many early smart contracts are vulnerable to hacker attacks, and the development of smart contract security is still immatureXRP
issue time: 2012
market value: US $32 billion
advantage: XRP claims that its XRP cryptocurrency can become the "bridge currency" of major financial institutions, and can settle cross-border payments more quickly and at lower cost. Ruibo uses a new consistency protocol, which can achieve faster transactions, faster than t-coin and Ethereum
disadvantages: as a private company, Ruibo has important control over the system, some people think that XRP is not decentralized enough, which is in contrast to bitcoin, which anyone can mine
bitcoin cash (BCH)
issue time: 2017
market value: US $19 billion
advantage: this kind of currency is a "hard fork" of bitcoin, and its founder has adjusted compared with bitcoin, so that it can handle a larger transaction volume
disadvantage: critics say bitcoin cash is too centralized - a few miners create most of the money
lightcoin (LTC)
time of issue: 2011
market value: US $10 billion
advantage: lightcoin is a kind of "alternative currency" - almost a clone of bitcoin, but there are still several differences. Lightcoin processes transactions four times faster than bitcoin, and the mining process remains open to amateurs - very different from bitcoin, because bitcoin's professional miners use expensive hardware
disadvantages: although it is faster than bitcoin, lightcoin is still too slow and consumes a lot of power. These factors make it unable to become an ideal payment method, and there is another disadvantage: it is not very famous
recommend an article: brief introction of the top 100 currencies in the market value ranking of digital currency. This article summarizes the brief introction of the top 100 currencies in the market value ranking (according to the market value ranking of coinmarket cap on July 30, 2018), hoping to be helpful to friends who have just entered the currency circle