The document provides summaries of several cryptocurrencies including Bitcoin, Litecoin, Ethereum, Ripple, Dash, Zcash, Monero, Bitcoin Cash, Neo, Cardano, and EOS. It describes key details about each cryptocurrency such as its origins, uses, and distinguishing technological features. Major points covered include that Bitcoin was the first cryptocurrency and digital cash, Ethereum enables smart contracts, Ripple facilitates fast international money transfers, Zcash and Monero focus on privacy and anonymity, and Cardano and EOS are platforms for decentralized applications.
The document provides summaries of several cryptocurrencies including Bitcoin, Litecoin, Ethereum, Ripple, Dash, Zcash, Monero, Bitcoin Cash, Neo, Cardano, and EOS. It describes key details about each cryptocurrency such as its origins, uses, and distinguishing technological features. Major points covered include that Bitcoin was the first cryptocurrency and digital cash, Ethereum enables smart contracts, Ripple facilitates fast international money transfers, Zcash and Monero focus on privacy and anonymity, and Cardano and EOS are platforms for decentralized applications.
Original Description:
History of cryptocurrencies and other cryptocurrencies.
The document provides summaries of several cryptocurrencies including Bitcoin, Litecoin, Ethereum, Ripple, Dash, Zcash, Monero, Bitcoin Cash, Neo, Cardano, and EOS. It describes key details about each cryptocurrency such as its origins, uses, and distinguishing technological features. Major points covered include that Bitcoin was the first cryptocurrency and digital cash, Ethereum enables smart contracts, Ripple facilitates fast international money transfers, Zcash and Monero focus on privacy and anonymity, and Cardano and EOS are platforms for decentralized applications.
The document provides summaries of several cryptocurrencies including Bitcoin, Litecoin, Ethereum, Ripple, Dash, Zcash, Monero, Bitcoin Cash, Neo, Cardano, and EOS. It describes key details about each cryptocurrency such as its origins, uses, and distinguishing technological features. Major points covered include that Bitcoin was the first cryptocurrency and digital cash, Ethereum enables smart contracts, Ripple facilitates fast international money transfers, Zcash and Monero focus on privacy and anonymity, and Cardano and EOS are platforms for decentralized applications.
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A cryptocurrency is a digital or virtual currency that
uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. Many cryptocurrencies are decentralized systems based on blockchain technology, a distributed ledger enforced by a disparate network of computers. A defining feature of a cryptocurrency, and arguably its biggest allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation. Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Litecoin, launched in 2011, was among the initial cryptocurrencies following bitcoin and has often been referred to as “silver to bitcoin’s gold.” It was created by Charlie Lee, an MIT graduate, and former Google engineer. Vitalik Buterin, a 19 years old programmer created Etherium. Launched in 2015, Ethereum is a decentralized software platform that enables Smart Contracts and Distributed Applications (DApps) to be built and run without any downtime, fraud, control or interference from a third party. Originally released in 2012 as a subsequent iteration of Ripplepay, Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network. Using a common ledger that is managed by a network of independently validating servers that constantly compare transaction records, Ripple doesn't rely on the energy and computing intensive proof-of- work used by Bitcoin. Ripple is based on a shared public database that makes use of a consensus process between those validating servers to ensure integrity. Those validating servers can belong to anyone, from individuals to banks. The Ripple protocol (token represented as XRP) is meant to enable the near instant and direct transfer of money between two parties. Any type of currency can be exchanged, from fiat currency to gold to even airline miles. They claim to avoid the fees and wait times of traditional banking and even cryptocurrency transactions through exchanges. Launched in 2014, Dash was originally known as Darkcoin and was designed to ensure user privacy and anonymity. In fact, the cryptocurrency’s whitepaper, co-authored by Evan Duffield and Daniel Diaz, describes it as “the first privacy-centric cryptographic currency” based on Nakamoto’s work. While it still features strong encryption features, Dash has since recast its ambitions. The cryptocurrency now aims to become a medium for daily transactions. “Dash is Digital Cash you can spend anywhere,” its website boldly proclaims. The shift in Dash’s vision has served it well. As of this writing, it is the world’s 12thmost valuable cryptocurrency. In 2017, its price jumped by more than 8,000% amid a sea of rising valuations for cryptocurrencies. The transparency of blockchains is a great thing for some. Businesses enjoy no customer chargebacks, users fancy not being overcharged for goods and services. However, some people and enterprises do not want to have others looking into their balances and transaction histories. This is exactly where coins like Zcash step in. Zcash offers immensely improved privacy if compared to other cryptocurrencies. A scientific protocol called Zerocoin was used in Zcash development along with zero- knowledge proofs. These mechanisms allow Zcash to protect the privacy of each transaction. With this technology in use, the clients can choose the privacy feature and hide details they would not like to share. Launched in 2014, Monero (XMR) is an open-source, privacy- oriented cryptocurrency that is built and operates on the blockchain concept. These blockchains, which form the underlying technology behind digital currencies, are public ledgers of participants' activities that show all the transactions on the network. Monero's blockchain is intentionally configured to be opaque. It makes transaction details – like the identity of senders and recipients, and the amount of every transaction - anonymous by disguising the addresses used by participants. Along with anonymity, the mining process for monero is based on an egalitarian concept - the principle that all people are equal and deserve equal opportunities. When launching monero, its developers did not keep any stake for themselves, and banked on contributions and community support to further develop the virtual currency. Bitcoin Cash (BCH) is an altcoin version of the popular Bitcoin cryptocurrency. Bitcoin Cash is the result of a hard fork in blockchain technology. One of the most significant changes from Bitcoin to Bitcoin Cash is the size of the coin. Previously, Bitcoin’s 1MB limitation caused transaction delays, so Bitcoin Cash increased the potential block size to enable a greater number of transactions and help the cryptocurrency scale as it grew and competed with more traditional cryptocurrency platforms. Neo began life in 2014 and was known back then as Antshares. It was founded by Da Hongfei and Erik Zhang and has been referred to as ‘China’s first blockchain platform’. Its popularity really only kicked off in 2016, supposedly in response to growing interest in the space and a need for blockchain solutions that meet the requirements of both government regulators and private companies. In 2017, AntShares was rebranded as Neo. NEO is seen as an iteration of the Ethereum’s smart contracts concept along with a unique blockchain algorithm that improves upon Ethereum’s model. While the basics still apply, it also supports decentralized commerce, identification and digitization of several assets. NEO also closes loopholes that have caused some Ether contracts to be vulnerable to hackers. Apart from the NEO cryptocurrency, NEO has one more crypto-token called GAS (formerly know as ANC-Antcoins). Cardano is home to the Ada cryptocurrency, which can be used to send and receive digital funds. This digital cash represents the future of money, making possible fast, direct transfers that are guaranteed to be secure through the use of cryptography. Cardano is more than just a cryptocurrency, however, it is a technological platform that will be capable of running financial applications currently used every day by individuals, organisations and governments all around the world. The platform is being constructed in layers, which gives the system the flexibility to be more easily maintained and allow for upgrades by way of soft forks. After the settlement layer that will run Ada is complete, a separate computing layer will be built to handle smart contracts, the digital legal agreements that will underpin future commerce and business. Cardano will also run decentralised applications, or dapps, services not controlled by any single party but instead operate on a blockchain. Calling itself the most powerful infrastructure for decentralized applications, EOS is a blockchain-based, decentralized system that enables the development, hosting, and execution of commercial-scale decentralized applications (dApps) on its platform. No official full form exists for EOS, and the creators have decided not to formally define it themselves. EOS supports all of the required core functionality to allow businesses and individuals to create blockchain-based applications in a way similar to the web-based applications, like providing secure access and authentication, permissioning, data hosting, usage management, and communication between the dApps and the Internet. That’s all and thank you for listening…..