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This is the third 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 all the important salient points. 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.
11 of 50 – Cardano (ADA)
Cardano is a blockchain platform initially conceptualized by the co-founder of Ethereum Charles Hoskinson. Cardano has been developed to meet the emerging needs of subsequent blockchain platforms (scalability, interoperability, sustainability).
One of Cardano's main qualities is that the entire platform is built on the basis of scientific research subjected to peer review.
Cardano is ultimately a proof-of-stake blockchain and one that has smart contracts and the ability to track more assets. In addressing the need for scalability, Cardano is not limited to observing transaction speeds, but also responds to the need to manage the amount of data stored in the network and connectivity and network communication.
Another goal of Cardano is to produce an interoperable multi-asset chain. One way in which Cardano is doing this is through the implementation of side chains, which are additional blockchains connected to the main chain.
Finally, Cardano is trying to bridge the gap between the world of legacy operations and new decentralized initiatives. It does this by identifying the right ways to attach metadata to the transaction (transaction identifiers), assign transactions to certain parts, and manage compliance. The challenge of all this is that they can both compromise users and benefit them.
12 of 50 – IOTA (MIOTA)
IOTA is one of the best known projects for the use of a direct acyclic graph (DAG). This is a system similar to a blockchain, except that transactions can be confirmed in any order so that there is no longer a linear progression of a block after the other.
The goal of IOTA is to enhance the Internet of Things applications through the benefits of blockchain. IOTA is primarily a network for machine-machine interactions, as a huge number of devices communicate and buy and sell resources through the IOTA network.
The IOTA network does not provide transaction fees. Instead, each transaction must confirm two other transactions in order to be processed.
The IOTA has suffered criticism on several occasions for its technology. This was mainly focused on its self-developed hashing function. Curling and the use of a coordinator node in the network to manage it.
13 of 50 – Monero (XMR)
Monero is one of the main currencies focused on privacy on the market. When someone displays the Monero blockchain, he is not able to determine where a particular transaction comes from or the value of the transaction. Monero realizes this by creating a "dance floor" in which many different addresses are potential recipients and senders of each transaction. For example, if you check for a specific address, your address will sometimes be listed as a potential sender of a transaction while not having any role in that transaction.
Monero has also fought strongly against the ASIC miners to promote mining decentralization and as such Monero is one of the few cryptocurrencies that can be effectively exploited with a GPU.
Monero is a true private currency and is not traceable at all levels.
14 of 50 – Binance Coin (BNB)
The binance currency is a cryptocurrency issued by the Binance cryptocurrency exchange. It offers exchange users some advantages and allows users to benefit from the growth of the Binance exchange platform.
Coin Binance allows users to pay reduced trading fees when they pay for BNB trades. Binance also uses a portion of its profits to buy back BNB each quarter, reducing the offer and increasing the value of the currency.
BNB is also set to be the cryptocurrency that will be used in Binance's upcoming decentralized exchange.
15 of 50 – Dash (DASH)
DASH is an attempt to create real digital money, which means it can be used effectively for daily payments. It presents transaction speed and extremely low costs on every transaction.
DASH is actively governed by a decentralized autonomous organization (DAO). This takes the form of various masternodes that have cast votes on the DASH blockchain to make decisions for the protocol and to validate the transactions. DASH still uses the miners to manage the network, but the masternodes receive a large number of coins (45 percent) from mining while being able to vote.
DASH offers instant sending and private sending for transactions. Dash has experienced significant adoption in Venezuela due to hyperinflation in the country. The reduced transaction fees make it feasible for daily purchases.
