1.Bitcoin
Bitcoin is the undeniable leader in the world of cryptocurrencies. It was the very first one to appear back in 2009 and was brought to life by an anonymous person or possibly a group known as Satoshi Nakamoto. As of June 2022, there are more than 19 million Bitcoin tokens in circulation, with a maximum limit of 21 million. Every day, almost a thousand new bitcoins are discovered, getting us closer to the absolute maximum.
One of the most remarkable things about Bitcoin is its independence from any governmental or central banking institution. Instead, it relies on blockchain technology, which is a publicly available and decentralized ledger that keeps a digital record of every single Bitcoin transaction. Bitcoin introduced the fundamental concepts of cryptography and peer-to-peer verification, which are the building blocks of the vast majority of cryptocurrencies we see today.
2. Ethereum (ETH)
Ethereum (ETH) is an alternative to Bitcoin that operates on a decentralized software platform. It allows for the development and execution of smart contracts and decentralized applications (dApps) without any interference from third parties. The main goal of Ethereum is to provide financial products that are accessible to everyone around the world, regardless of their background.
One of the significant advantages of Ethereum is its ability to provide financial services to people in countries without proper infrastructure or identification. This means individuals without access to traditional banking services can still benefit from services like bank accounts, loans, insurance, and more.
Ether (ETH) is the specific cryptocurrency used on the Ethereum platform. It is used as a form of payment for validators who contribute to the blockchain, as well as for off-chain transactions. As of August 25, 2023, Ether is valued at around $1,652 per ETH, with a market capitalization of nearly $199 billion.
3. Tether (USDT)
Tether (USDT) is a stablecoin, which is a type of cryptocurrency designed to maintain a stable market value by tying it to an external reference point, typically the U.S. dollar. This stability appeal to users who may be hesitant due to the volatility often associated with other digital currencies.
The value of Tether is directly linked to the U.S. dollar, as the developers claim to hold one U.S. dollar for each circulating USDT. This system allows for easier and faster transfers between cryptocurrencies and U.S. dollars, without the need for converting to standard currency.
Tether, launched in 2014, is a blockchain-enabled platform that facilitates the digital use of fiat currencies. It offers individuals the opportunity to transact in traditional currencies through a blockchain network, reducing the complexities and uncertainties commonly associated with digital currencies.
On July 22, 2023, Tether was the third-largest cryptocurrency, with a market capitalization of $83.8 billion and a value of $1.00 per token.
4. XRP
XRP is a digital token used on the XRP Ledger, a payment system created by Ripple in 2012. Unlike other cryptocurrencies, XRP doesn't rely on proof-of-work or proof-of-stake for consensus. Instead, client applications sign and send transactions to ledger servers, which then compare and determine if they can be added to the ledger.
Once the servers validate the transaction candidates, they are sent to validators, who further confirm the accuracy and update the ledger.
As of July 22, 2023, XRP had a market capitalization of approximately $39.3 billion and was being traded at around $0.74.
5. Binance Coin (BNB)
Binance Coin (BNB) is a utility cryptocurrency used for trading fees on the Binance Exchange. It is widely recognized as the third-largest cryptocurrency by market capitalization.
When users make transactions using BNB for trading fees, they enjoy a discount.
Binance Coin operates on its blockchain, which also powers Binance's decentralized exchange. Founded by Changpeng Zhao, Binance is one of the most popular exchanges globally in terms of trading volume.
Initially launched as an ERC-20 token on the Ethereum blockchain, Binance Coin later established its mainnet and utilizes a PoS consensus model.
On July 22, 2023, Binance Coin's market capitalization was around $37.3 billion, with the value of one BNB approximately $242.55.
6. USD Coin (USDC)
USD Coin (USDC) is another stablecoin that maintains its value by being backed by fiat currency reserves. This means that for every USD Coin in circulation, there is an equivalent amount of fiat currency held. The Centre Consortium, consisting of Circle and Coinbase, launched USDC in 2018. Being based in the U.S., Circle follows regulations, making USDC a regulated stablecoin.
As of July 22, 2023, USD Coin had a market capitalization of $30.8 billion and was priced at $0.9999 per coin.
7. Cardano (ADA)
Cardano (ADA) is a cryptocurrency that utilizes the "Ouroboros proof-of-stake" consensus mechanism. It was created by a team of engineers, mathematicians, and cryptography experts with a research-based approach. Cardano was co-founded by Charles Hoskinson, one of the initial members of Ethereum's founding team. After leaving Ethereum due to differing opinions, Hoskinson went on to help establish Cardano.
Cardano's blockchain has been developed through extensive experimentation and peer-reviewed research. The project's researchers have contributed over 120 papers on various aspects of blockchain technology. This research forms the foundation of Cardano's approach.
Cardano stands out among other proof-of-stake cryptocurrencies and is even considered an "Ethereum killer" due to its advanced capabilities. However, it is still in its early stages, particularly in terms of decentralized finance (DeFi) applications.
Cardano aims to become the world's financial operating system by offering DeFi solutions similar to Ethereum. It seeks to address issues such as chain interoperability, safeguarding against voter fraud, and facilitating legal contract tracing. As of July 22, 2023, Cardano ranked seventh in terms of market capitalization, with a value of $10.9 billion and an ADA token trading at approximately $0.31.
8. Solana (SOL)
Solana, founded in 2017, is a blockchain platform that supports decentralized applications (dApps). Known as the 'Ethereum killer', Solana outperforms Ethereum by processing more transactions per second and charging lower fees.
Solana and Ethereum both utilize smart contracts, which are vital for running advanced applications like decentralized finance (DeFi) and non-fungible tokens (NFTs).
The cryptocurrency operating on the Solana blockchain is called Solana (SOL). Since its launch, SOL's price has soared. As of July 22, 2023, Solana had a market capitalization of $8.4 billion and a valuation of approximately $21, making it the eighth-largest cryptocurrency by market cap.
9. Dogecoin (DOGE)
Dogecoin (DOGE), often referred to as the original "memecoin," caused a buzz in 2021 with its skyrocketing price. This coin, featuring the adorable Shiba Inu as its mascot, is accepted as a form of payment by several major companies.
Dogecoin was created in 2013 by software engineers Billy Markus and Jackson Palmer. Initially intended as a joke, it was a playful commentary on the speculative nature of the cryptocurrency market.
As of July 22, 2023, Dogecoin's market capitalization stood at $9.9 billion, with each DOGE valued at around $0.07. This positions Dogecoin as the ninth-largest cryptocurrency.
10. Tron (TRX)
TRX, also known as Tron, was launched by the TRON Foundation in 2017. The main goal behind its creation was to empower digital content creators by giving them full ownership rights through tokenization and decentralized applications (dApps). One significant move by TRON was the acquisition of BitTorrent in 2018, a well-known file-sharing program, which was seamlessly integrated into the TRON blockchain.
TRX, the native token of TRON, serves multiple purposes. It is used for on-chain transactions and can also be utilized as a payment method on exchanges. Another unique aspect of TRX is that anyone holding it can apply to become a Super Representative. These Super Representatives have the authority and responsibility to validate transactions and generate new blocks for the blockchain. TRON's consensus mechanism, called designated proof-of-stake (DPoS), is a modified version of Ethereum's proof-of-stake. In this mechanism, the network elects the Super Representatives through voting.
As of July 22, 2023, TRX had a value of $0.085 and a market cap of $7.64 billion.
11. Polygon (MATIC)
Polygon, also known as MATIC, initially started as a layer-2 solution to address the challenges of congestion and high traffic on the Ethereum network. However, recent advancements have transformed Polygon into a multi-chain system that enables seamless collaboration between different blockchains using Ethereum's virtual machine.
Polygon operates with three distinct layers: Ethereum, Heimdall, and Bor. Bor acts as a block-producing layer, compiling transactions into blocks and periodically creating a snapshot of the blockchain. Validators on the Bor layer, known as block producers, play a crucial role in this process. The Heimdall layer aggregates the blocks generated by the block producers, verifies their authenticity, and creates a Merkle tree. Finally, the Merkle root is published on the Ethereum mainnet.
Polygon offers a wide range of solutions for developers, including hosting smart contracts, dApps, and NFTs, making it a versatile platform for innovation.
On July 22, 2023, MATIC was trading at $0.76 and had a market cap of $7.09 billion.
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