The cryptocurrency market is challenging to navigate, with a lot of technical jargon and complicated terms. To help you understand this exciting new market, here is a list of cryptocurrencies that rule today.
Bitcoin is a cryptocurrency that is recognized globally. It is known to be the first decentralized digital currency, as it does not have a single administrator or bank; it operates in a peer-to-peer network and has a direct transaction system. All transactions get verified by network nodes by using cryptography and are recorded in a blockchain (public distribution ledger). An unknown person or group invented Bitcoin and released it under Satoshi Nakamoto as open-source software in 2009.
Ethereum is a decentralized platform that runs innovative contract applications. They run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.
These apps operate on a custom-built blockchain, a solid and secure shared global infrastructure that controls value around and represents property ownership.
Ripple is an example of a real-time gross settlement system (RTGS), currency exchange and remittance network. Launched in 2012, it supports tokens representing cryptocurrency fiat currency, commodity or any other unit of value such as frequent mobile minutes and flier miles. Ripple is based on a shared, public database or ledger that allows for payments, exchanges and remittances to be processed immediately without intermediary banks.
Litecoin is a peer-to-peer cryptocurrency that offers fast transactions and low fees. It is among the top 5 largest cryptocurrencies by market cap, making it one of the strongest contenders for the title of best cryptocurrency. Litecoin was created by Charlie Lee in 2011 and uses an open source blockchain just like Bitcoin; because Litecoin uses an open source blockchain, anyone can build on top of it or otherwise use it as they see fit.
Cardano is an open-source, decentralized public blockchain and cryptocurrency project and is fully open-source. Cardano was developed by IOHK, a leading blockchain research and development company.
You can use it to send value between two parties without needing a trusted third party. Instead, it uses the Ouroboros Proof of Stake (PoS) algorithm as its consensus mechanism to ensure that every transaction made on its network cannot be altered or reversed outside of the protocol’s rules.
Stellar Lumens (XLM)
Stellar Lumens (XLM) is a cryptocurrency that has been around since 2014. The Stellar network is a decentralized platform that supports cross-asset transfers of value, including payments. This means you can use it to send and receive money and other assets like securities and commodities.
Stellar’s consensus protocol—which enables transactions to be validated quickly—is flexible enough to support native assets and tokens issued by third parties.
“One of the reasons cryptocurrency has seized the hearts, minds, and wallets of so many people is the innovative nature of its blockchain technology,” says SoFi experts.
So this is the list of top cryptocurrencies in 2019. There are currently over 1,500 different cryptocurrencies being traded globally. So it can be hard to track which ones are worth your time and investment. Hopefully, this article has helped you decide on which coin might be right for you!