Tue. Jun 18th, 2019

Strong and trusted AltCoins

Here are some of my favorite Altcoins which have earned their place in rankings. They are strong because they are listed on all exchanges and are very liquid. Trusted because they have met on the promises and their use is common.

Ethereum (ETH) – It’s the Silver if Bitcoin is Gold

Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality. It supports a modified version of Nakamoto consensus via transaction-based state transitions.


Ether is a cryptocurrency whose blockchain is generated by the Ethereum platform. Ether can be transferred between accounts and used to compensate participant mining nodes for computations performed.

Ethereum provides a decentralized virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. The virtual machine’s instruction set, in contrast to others like Bitcoin Script, is thought to be Turing-complete. “Gas”, an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.


Ethereum was proposed in late 2013 by Vitalik Buterin, a cryptocurrency researcher and programmer. Development was funded by an online crowdsale that took place between July and August 2014.


The system went live on 30 July 2015, with 72 million coins “premined”. This accounts for about 70 percent of the total circulating supply in 2018.
In 2016, as a result of the exploitation of a flaw in The DAO project’s smart contract software, and subsequent theft of $50 million worth of Ether

Ethereum was split into two separate blockchains – the new separate version became Ethereum (ETH) with the theft reversed, and the original continued as Ethereum Classic (ETC).


The value of the Ethereum currency grew over 13,000 percent in 2017, to over $1400.[8] By September 2018, it had fallen back to $200.

Wikipedia

Ripple (XRP) – Utility Coin

Ripple was conceived by Jed McCaleb and built by Arthur Britto and David Schwartz who then approached Ryan Fugger who had debuted debuted in 2005 as a financial service to provide secure payment options to members of an online community via a global network. Fugger had developed a system called OpenCoin which would transform into Ripple.

The company also created its own form of digital currency referred to as XRP in a manner similar to bitcoin, using the currency to allow financial institutions to transfer money with negligible fees and wait-time.

Ripple Labs continued as the primary contributors of code to the consensus verification system behind Ripple, which can “integrate with banks’ existing networks.” 

Since 2013, the protocol has been adopted by an increasing number of financial institutions to “[offer] an alternative remittance option” to consumers.

By December 2014 Ripple Labs began working with global payments service Earthport, combining Ripple’s software with Earthport’s payment services system. The partnership marked the first network usage of the Ripple protocol.

On December 29, 2017, XRP briefly became the second largest cryptocurrency, with a market capitalization of US$73 billion.

wikipedia

Litecoin (LTC) – Plenty of support it’s the Copper for Coins

Litecoin was released via an open-source client on GitHub on October 7, 2011 by Charlie Lee, a Google employee and former Engineering Director at Coinbase. The Litecoin network went live on October 13, 2011. It was a fork of the Bitcoin Core client, differing primarily by having a decreased block generation time (2.5 minutes), increased maximum number of coins, different hashing algorithm (scrypt, instead of SHA-256), and a slightly modified GUI.
During the month of November 2013, the aggregate value of Litecoin experienced massive growth which included a 100% leap within 24 hours.
Litecoin reached a $1 billion market capitalization in November 2013.[7]
In May 2017, Litecoin became the first of the top 5 (by market cap) cryptocurrencies to adopt Segregated Witness. Later in May of the same year, the first Lightning Network transaction was completed through Litecoin, transferring 0.00000001 LTC from Zürich to San Francisco in under one second.

Litecoin is different in some ways from Bitcoin.
The Litecoin Network aims to process a block every 2.5 minutes, rather than Bitcoin’s 10 minutes. The developers claim that this allows Litecoin to have faster transaction confirmation.
Litecoin uses scrypt in its proof-of-work algorithm, a sequential memory-hard function requiring asymptotically more memory than an algorithm which is not memory-hard.
Due to Litecoin’s use of the scrypt algorithm, FPGA and ASIC devices made for mining Litecoin are more complicated to create and more expensive to produce than they are for Bitcoin, which uses SHA-256

wikipedia

Monero (XMR) – Can be mined in your browser, with CPU, etc, so very popular

In 2014 Bitcointalk forum user known as thankful_for_today forked the codebase of Bytecoin into the name BitMonero, which is a compound of Bit (as in Bitcoin) and Monero (literally meaning “coin” in Esperanto).[3] The release of BitMonero was very poorly received by the community that initially backed it. Plans to fix and improve Bytecoin with changes to block time, tail emission and block reward had all been ignored, and thankful_for_today simply disappeared from the development scene. A group of users led by Johnny Mnemonic decided that the community should take over the project, and five days later they did while also changing the name to Monero.


Due to its privacy features, Monero experienced rapid growth in market capitalization and transaction volume during the year 2016, faster and bigger than any other cryptocurrency that year. This growth was driven by its uptake in the darknet market, where people used it to buy stolen credit cards, guns, and drugs. Two major darknet markets were shut down in July 2017 by law enforcement. From the beginning, Monero has been used by people holding other cryptocurrencies like Bitcoin to break the link between transactions, with the other cryptocoins first converted to Monero, then after some delay converted back and sent to an address unrelated to those used before.

On January 10, 2017, the privacy of Monero transactions was further strengthened by the adoption of Bitcoin Core developer Gregory Maxwell’s algorithm Confidential Transactions, hiding the amounts being transacted, in combination with an improved version of Ring Signatures.


After many online payment platforms shut down access for white nationalists following the Unite the Right rally in 2017, some of them, including Christopher Cantwell and Andrew Auernheimer (“weev”), started using and promoting Monero.
The operators behind the May 2017 global ransomware incident WannaCry converted their proceeds into Monero.

In June, The Shadow Brokers, the group that leaked the code used in WannaCry, started accepting payments in Monero.

Malicious hackers have previously embedded Monero mining code into websites and apps seeking profit for themselves. In late 2017 malware and antivirus service providers blocked a JavaScript implementation of Monero miner Coinhive that was embedded in websites and apps, in some cases by hackers.

Coinhive generated the script as an alternative to advertisements; a website or app could embed it, and use website visitor’s CPU to mine the cryptocurrency while the visitor is consuming the content of the webpage, with the site or app owner getting a percentage of the mined coins.

Some websites and apps did this without informing visitors, and some hackers implemented it in way that drained visitors’ CPUs. As a result the script was blocked by companies offering ad blocking subscription lists, antivirus services, and antimalware services.


As of May 2018 Monero was led by 7 members, 49 developers and 3 researchers, with the unofficial figurehead of pseudonymous Luigi1111.

In the first half of 2018, Monero was used in 44% of cryptocurrency ransomware attacks.


In July 2018, the Change.org Foundation took advantage of Monero’s mining network by creating a screensaver that mines Monero to raise funds.

In November that same year, Bail Bloc released a mobile app that mines Monero to raise funds for low-income defendants who can’t otherwise cover their own cash bail.

wikipedia
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