Cryptocurrencies are digital or virtual resources that are encrypted using cryptography. Encryption is the application of encryption technology to protect and verify transactions in a registry. Digital resources are designed to function as a means of decentralized exchange.
Cryptocurrencies are decentralized compared to centralized legal currencies operating according to the rules of central banks. In contrast, governments are looking for ways on how digital currencies can be regulated. For example, South Korea has recently banned the anonymous trade of cryptocurrencies that force traders to register with their real identities, while cryptocurrency exchanges perform KYC and AML procedures as required by law. Decentralization, on the other hand, is achieved through the blockchain which is a public transaction database that functions as a distributed peer-to-peer ledger.
From the birth of blockchain technology that led the birth of cryptocurrencies starting from Bitcoin (BTC) in 2009. There are over 1,600 cryptos some of which function as valuable tokens but not as coins to say. This article will explore 2 major cryptocurrencies after Bitcoin (BTC) and Ethereum (ETH).
Ripple refers to both the digital currency (XRP) and the remittance network. Beyond that, it is a real-time gross settlement network (RTGS) otherwise known as the Ripple Transaction Protocol (RTXP). The open source Internet protocol allows the exchange of currencies using the ledger cryptocurrency called XRP. According to its website, it is the fastest scalable digital asset that leads to the world's first real-time payment processing network. Ripple Labs. Inc. is not a crypt but a company that develops solutions that can be used by banks and other payment processing institutions to achieve cross-border on-demand payments. At the time of writing, XRP is trading at $ 0.322. Ripple is the third largest crypt by market capitalization
Bitcoin Cash (BCH)
August 2017, saw the creation of a new digital resource called Bitcoin Cash after a hard fork on Bitcoin Core (BTC). This came after a long debate on the scalability of Bitcoin. Bitcoin Cash has recently increased the size of the block, which has resulted in faster transaction increases. The network is also preparing for another update to be available from November 15, 2018.
Bitcoin ABC, Bitcoin Cash's developer team is working hard to ensure that all parts of the network have a great deal of experience. From developers, miners and miners; all are considered as new updates have been launched. Bitcoin Cash is also working to increase mass adoption and hopes that the asset can be used in everyday life.
At the time of writing this article, Bitcoin Cash is trading at $ 523. It is the fourth largest cryptocurrency by market capitalization.
In conclusion, the cryptocurrencies are the unicorn of the 21st century. They have transformed the way data is stored, the financial sector of operations (smaller adoptions) and have raised an entire industry with a market capitalization of over $ 200 billion in less than a decade. The digital resources revolution can not be exhausted in less than 600 words. It's almost like the birth of the Internet all over again but this time the products are different.