You’re probably wondering what is a Cryptocurrency also called cryptos or cryptocoins. Well let me explain a little about this. A cryptocurrency is a virtual currency where there are no intermediaries and is based on a virtual economy based 100% on trust. There are pros and cons about this and let’s talk about the pros and cons below.
Cryptos- Cryptocurrencies are simply virtual currency or digital currency. From the moment that exist in a fully digital state, no notes, coins or approval by the part of any central authority, safety is paramount. For that reason, a cryptocurrency usually is in an encryption algorithm whose function is like giving a serial number to each currency to prevent counterfeiting, facilitate monitoring and providing information to the user as date sent, hence, etc.
For example, most of the Cryptocurrencies have a website that records each of the transactions and accounts that are related to the strength encryption, hence the name. This network or network aims and task of facilitating financial transactions port port (peer-to-peer) with little government regulation, insofar as they are not issued by any central bank or government-backed assets. This website is usually called Blockchain
As concerns about possible money laundering and other criminal activities were proposed, governments face the imposition gradually working on these Cryptocoins in certain regulations to ensure the protection of users and prevent illegal activities.
I will explain and teach a little more about the Top 5 Cryptocurrencies of the Market
Bitcoin was and is the first virtual currency successfully. It is considered the first Cryptocoin – Cryptocurrency to go to the primary current Bitcoin was created in 2009 thanks to its inventor Satoshi Nakamoto (pseudonym). It is believed to be only between 21 and 22 million Bitcoins. You can get an idea here. Bitcoin is identified by complex algorithms used to manage data suggestion in this cryptocurrency, as the scale of deflation in that bitcoins are released, which will end around two thousand hundred one and forty at the time a total of twenty one million bitcoins have been released into circulation.
The value of Bitcoin has historically been very volatile, but seems to have established and started a trend, very slow increase more sustainable. For example from 2008 to 2012 it reached a maximum of 50 60 USD per BTC but in 2014 the price flew to 1000 USD. The potential loss or BTC percentage nobody knows
There are many theories about Bitcoin, you can also find information on the Bitcoin Blog.
Ethereum is a platform that enables any programmer to create and publish next-generation distributed applications. It offers a Turing complete programming language that follows the methodology that facilitates the creation of contracts. These contracts are called Smart Contracts and you can add variables, options, etc.
Ethereum use Ether, the same underlying used to execute contracts of the decentralized cryptocurrency. In this regard, Ethereum is not like most existing Cryptocurrencies out there, since it is not only a network to reflect the transactions of monetary value, but a network for supply contracts based on Ethereum . These contracts open source can be used to safely run a wide variety of services, which include: voting systems, financial exchanges, crowdfunding platforms, intellectual property and autonomous decentralized organizations.
The platform was initially described at the beginning of 2014 by Vitalik Buterin and was published in early 2015. It is also part of the platform group “next generation” (or “Bitcoin 2.0”)
The initial purpose of ethereum project is to “decentralize the web” by introducing four components as part of the roadmap of your Web 3.0: publishing static content, dynamic messages, reliable transactions and integrated user interface and functional . These components are designed to replace some aspects of the Web experience that we take for granted now, but doing it in a completely decentralized and anonymous.
The basic unit used as internal currency is the ether, which is divided into smaller units finney calls, Szabo, shannon, Babbage, Lovelace and wei. Each unit is equal to one thousand times the next lower unit, so therefore finney 1000 is 1 ether, 1000 Szabo is a finney …
Ethereum for the network to function, Ether that everyone understands, is the conbustible the entire network will be used ethereum. These Ethers make can run the Smart-Contracts (intelligent contracts). From here we can start to sense that ethereum is not whether a proposed currency, or your Ether are as, if not it will be the energy that will move across the network.
The purpose of the Project ethereum is to “decentralize the web” by entering 4 components as shown in the Roadmap:
Publication Static content (static content publishing)
Dynamic messages (dynamic messages)
Trustless transactions (transactions confidence)
An integrated user-interface (user interface integrated)
The idea of this post is to have everything organized in successive threads I intend to open to discuss each of the major issues ethereum. This will be the general discussion thread and other threads of information and progress.
I like to think or compare Cryptocurrencies as the following comparison, we can say that Bitcoin is like the “Gold”, ethereum currently ranked 2nd place as most important Cryptocurrency could say it’s like the “Oil” and in this case litecoin we can compare “Silver”. This is only a comparison and a way to buy Cryptocurrencies not mean it is 100% true or relative. Now litecoin (LTC) is a cryptocurrency supported by the P2P network, and a draft open source software released under the MIT license and virtually identical Inspired in its technical aspect to Bitcoin.
One of the main differences between Bitcoin and litecoin is that litecoin uses Scrypt function in their algorithm work test: a sequential function hard memory first conceived by Colin Percival, facilitating mining, as it requires no sophisticated equipment like in the case of Bitcoin. Each litecoin 100,000,000 is fractionated into smaller units, defined by eight decimal places.
You can find more litecoin formation of one of the most important forums Reddit.
4) Dash – Dashcoin
Dash is not a common currency, is not an ordinary cryptocurrency as Dash was formerly known as Darkcoin and / or xcoin. This cryptocurrency is based on an open source port to port (peer-to-peer) that uses a system called Darksend add privacy to transactions. It was renamed to “Darkcoin” a “Dash” on 25 March 2015, an acronym for “digital cash”.
One of the characteristics of the dash is a decentralized government, which is an autonomous decentralized. The main function of emergency and privacy user transaction is another feature that is provided by a service called Darksend, is a decentralized coin service provided by the network mix. Dash uses an approach called Chained hash algorithm for testing X11 work. Instead of using the SHA- 256 (of the known Secure Hash Algorithm family) or Scrypt using 11 rounds of different hash functions.
The main reason for X11, was to double the ripening of the mining economy, which was originally important Evan Duffield. Since 2016, Dash is one of the best 5 – Cryptocurrencies – most popular Cryptos.
5) Doge – Dogecoin
The dogecoin was created by the programmer and former IBM engineer Billy Markus, a native of Portland, Oregon, who originally tried to tinker with an existing cryptocurrency called “Bells,” based on the Animal Crossing Nintendo, hoping to reach a base users wider than investors who created Bitcoin, and something that was not involved with the controversial history behind Bitcoin (specifically, their association with the black market Silk Road). At the same time, his friend Jackson Palmer, a worker in the marketing department of Adobe Systems in Sydney, Australia, and the person who originally conceived the idea of dogecoin, was animated on Twitter by a student of Front Range Community College to make the idea actually, she prompting Palmer to contact Markus.
After obtaining several mentions on Twitter, he registered the domain dogecoin.com Palmer, who showed Markus, and quickly began the partnership between Markus and Palmer, who threw the coin shortly after Markus had just development portfolio dogecoin. On December 17, 2013, less than two weeks since the launch of the currency, 6% of the total amount of 100 billion DOGE had already been mined, and on December 19, the value of dogecoin had risen more than 300% from 0.00026 to $ 0.00099 $ at a time when Bitcoin and many Cryptocurrencies were reeling from China’s decision to prohibit their banks with operations Bitcoin Chinese yuan. On December 22 the dogecoin experienced his first crash falling 80% because large groups of miners saw an opportunity to exploit the small computational power required at the time undermine the currency.
On December 24, 2013, there was the first major theft Dogecoins, in which millions of coins were stolen in an attack on Dogewallet. A cracker gained access to the file system of the portfolio and changed your page to send / receive all coins to be sent to a static address.
Markus based on dogecoin in another currency already in existence, litecoin, which also uses the scrypt technology into its algorithm proof-of-work, which means that miners can not take advantage of specialized mining Bitcoins equipment to undermine faster. The network will produce 100 billion dogecoin dogecoins.
Despite the original purpose of dogecoin as proof of concept and a joke about the Internet meme of the same name, this virtual currency has reached such popularity that today has thousands of communities dedicated to him and many exchange houses that make this coin will match more established as the litecoin or Bitcoin. The popularity and value of the currency are growing rapidly; as of January 7, 2014, the base price was approximately 4600 DOGES 1 US dollar. On December 24 the Central Bank of India warned users of dogecoin and other virtual currencies of the risks associated with them.