Information Technology and Ethics/Types of cryptocurrency

There are many types of cryptocurrencies. Since the launch of Bitcoin in 2009, many other cryptocurrencies, commonly referred to as "altcoins," have been developed.

1) Bitcoin(BTC): In the crypto industry, Bitcoin is without any questions in the lead. It was the first cryptocurrency, as well. 2009 saw the birth of Bitcoin, which was created by a single person (or potentially a group) using the identity of Satoshi Nakamoto. Compared to a cap of 21 million, there are probably more than 19 million Bitcoin tokens in use as of June 2022. Every day, over 1,000 new bitcoins are created, bringing the total number of bitcoins to a maximum level. A central bank or any other authority had no plans to control Bitcoin. Instead, it makes use of blockchain technology, a public record that is distributed and holds a digital record of each Bitcoin transaction. Peer-to-peer (P2P) verification, the fundamental cryptography and trust framework that Bitcoin built, is the basis for the majority of current cryptocurrencies. The immutability of the Bitcoin blockchain, which means it cannot be changed in any way, makes it an excellent choice for communicating between two or more people.[1]

2) Ethereum(ETH): A blockchain network is part of Ethereum. Ethereum, however, was built as a flexible blockchain, which means it wasn't made to support a particular currency but rather to let users of the network build, publish, trade, and deploy decentralized applications (dApps). The Ethereum platform's native currency, ether (ETH), was created for use as a means of exchange. To understand ETH more clearly, think of it as the fuel that the Ethereum blockchain runs on. Due to the fact that many ICOs depend on the Ethereum blockchain, Ethereum has been useful in the launch of many ICOs. The growing number of non-fungible tokens (NFTs) is also a result of the Ethereum network. The Ethereum network provides an open-sourced digital architecture so that developers may build and execute applications, or "smart contracts," applying many kinds of system-compatible coins. ETH, the Ethereum network's native cryptocurrency, is used to process payments done on the network by applying various applications developed there.[2]

3) Ripple(XRP): In 2012, the Ripple network and its digital currency, XRP, were introduced. Because it is owned by a single business and is not managed by an independent community, XRP differs from other cryptocurrencies. Also, it does not present itself as an option for standard currencies. Instead, XRP aims to function as a form of third-party currency for international trade between any type of unit of value, such as from cryptocurrencies like Bitcoin to the euro or other official currencies. The basic objective of Ripple is to build a network that allows the fastest and most single-word process for as many transactions as possible. Ripple is trying to draw in businesses interested in the technology, such as major banks, exchange services, and payment providers. With this in mind, it's clear that Ripple fights less with other cryptocurrencies like Bitcoin or Ethereum and more with popular financial infrastructure services like SWIFT.[3]

4) Litecoin(LTC): As one of the original altcoins (alternatives to bitcoin), Litecoin (LTC) is a cryptocurrency that was launched in 2011. Although LTC was developed to be better than BTC, particularly in terms of transaction speed, it is based on the original source code of Bitcoin and shares some features with BTC. Litecoin has changed in value over time, much like many cryptocurrencies (or even some securities and stocks), although being an originally well-liked acceptance into the crypto sector. The Bitcoin blockchain, which is the open-source, digital public ledger that most cryptocurrencies use, has been split to create Litecoin, an independent, peer-to-peer cryptocurrency. Litecoin was created to make it possible for anyone, anywhere in the world, to exchange money with quick, nearly cost-free payments.[4]

5) Dogecoin(DOGE): In 2013, Dogecoin, which is called "dohj-coin," was introduced as a method for simulating Bitcoin. It is known as the first prank cryptocurrency. The currency managed to attract interest from the public as well as some investment. Dogecoin's reputation as a safe cryptocurrency increased after Elon Musk expressed support for the cryptocurrency in a tweet in April 2019. Dogecoin is another cryptocurrency that functions on a blockchain network with a PoW method, much like Bitcoin and Ethereum. However, unlike Bitcoin, which has a maximum of 21 million coins, there is no limit to the number of currencies that can be produced.[5]

6) Solana(SOL): Solana(Sol) is the name of the native currency used by the unique blockchain system Solana. In the real world, one of the best-performing cryptocurrencies is called Sol. By 2021, it increased sharply from less than $5 to about 20 times its original value. Solana provides some of the best technologies for smart contracts, providing a variety of platform-based applications. The Degenerate Ape Academy, a well-known NFT that was introduced in 2021, was also designed by the Solana team.[6]



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