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This is the second part of a series that will cover all the first 50 Cryptocurrencies and will provide an introduction on what the currency does, because it is important and on some important highlights. The goal of the Top 50 series is to provide the reader with a basic understanding of every coin that simplifies a thorough technical understanding in just a few easy-to-understand points. The coin classification changes from day to day and may not always reflect the order in this article.
6 of 50 – EOS (EOS)
EOS is a blockchain designed to address many of the challenges of scale and architecture that Ethereum and other DApp platforms are facing. While it remains to be seen if EOS's design will successfully handle these challenges, it is structured in a unique way.
The main features of EOS are:
No transaction fees. Instead, users are betting different tokens instead of paying a commission for each action.
- Proof of delegated delegation. EOS uses a system of 21 producers of selected blocks. These manufacturers have a significantly greater authority than miners in traditional PoW networks.
- The network presents a constitution and block producers can vote to act on violations of these rules.
- Absolutely increased transaction capacity and greater computational capacity thanks to the use of only 21 block manufacturers in a DPOS system. Computational gains are more important in terms of scaling an efficient DApp network.
- Users must create paid EOS accounts to use the network
EOS has raised billions in a one-year ICO and used part of that capital to act as VC, investing in the EOS ecosystem.
7 of 50 – Litecoin (LTC)
Litecoin is one of the oldest cryptocurrencies and is often the silver of Bitcoin gold.
Litecoin has always acted as an experimental version of Bitcoin that has taken a slightly different approach. Litecoin has a greater transaction capacity, faster blocking times and uses a different hash function (Scrypt). It also has low transaction costs.
Litecoin is also integrating Lightning Network as a scaling solution. Lightning Network is a second-level solution initially developed on Bitcoin which greatly increases the transactional capacity by adjusting transactions outside the main chain and then recording the final result on the main chain.
The development of Litecoin has been widely supervised by the Litecoin foundation and is not decentralized to the same extent as Bitcoin.
8 of 50 – Tether (USDT)
Tether is not a true cryptocurrency. It's a digital dollar. The Tether is issued by a private company on the Omni level of the Bitcoin network.
The objective of Tether is that a USDT is always equal to a US dollar, in terms of value, and acts as a stablecoin for the cryptocurrency trade. Ideally it allows traders to shift digital assets into a stable form of capital to move between the stock exchanges and support trading.
Tether has been surrounded by controversy from many points of view, including claims that it was used to artificially inflate cryptocurrency prices and that the company does not hold an equivalent amount of US dollars to return each USDT token as claimed.
9 of 50 – Bitcoin SV (BSV)
Bitcoin SV is a fork of the Bitcoin Cash chain that occurred towards the end of 2018. Support for the fork was mainly driven by Craig Wright, someone who claimed to be Satoshi Nakamoto sometimes (this has never been demonstrated). This coin is referred to as "the vision of Satoshi".
The fork was very controversial and occurred for political reasons and not for technical differences. The only big difference between BSV and BCH is that BSV has an even larger 128 MB block, which is largely useless because BCH rarely uses 1 MB of its blocking capacity.
It is very likely that all the BSV extraction is controlled by a very limited number of people.
10 of 50- TRON (TRX)
TRON is a blockchain platform created by a company based in Singapore led by Justin Sun. The goal of TRON is to create a blockchain platform designed to manage digital storage, distribution, consumption and management of contents. The content could refer to videos, blogs or music. The goal is to disintermediate the intermediary of the online content economy, ie platforms like Netflix, Youtube and other large content hosting platforms.
TRON offers intelligent contracting capabilities, token creation and has a DApp number. Offers ICO functions.
The goal of TRON is technically ambitious and it would not be possible without storage solutions to handle digital files because blockchains are extremely limited. TRON was criticized for plagiarizing the text from the IPFS system – developed by Filecoin (FILE) – in the details of its archiving white paper.
TRON has suffered from other criticisms focused on the way he handled press releases and other ways he has tried to lead the hype.
