Cryptocurrencies

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Bitcoin

Bitcoin (₿) is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The currency began use in 2009 when its implementation was released as open-source software. Bitcoin 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. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.

Business and economy

Cryptocurrency

A cryptocurrency, crypto-currency, or crypto is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. It typically does not exist in physical form and is typically not issued by a central authority. Cryptocurrencies typically use decentralized control as opposed to centralized digital currency and central banking systems. When a cryptocurrency is minted or created prior to issuance or issued by a single issuer, it is generally considered centralized. When implemented with decentralized control, each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.

Business and economy

Onecoin

OneCoin is a Ponzi scheme promoted as a cryptocoin with a private blockchain. It is promoted by offshore companies OneCoin Ltd (Dubai) and OneLife Network Ltd (Belize), both founded by Ruja Ignatova. A Chinese prosecutor recovered 1.7 billion yuan while prosecuting 98 people for the scam.

Business and economy

Ethereum

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.

Business and economy

Dogecoin

Dogecoin is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system as a "joke", making fun of the wild speculation in cryptocurrencies at the time. It is considered both the first "meme coin", and, more specifically, the first "dog coin". Despite its satirical nature, some consider it a legitimate investment prospect. Dogecoin features the face of the Shiba Inu dog from the "Doge" meme as its logo and namesake. It was introduced on December 6, 2013, and quickly developed its own online community, reaching a market capitalization of over $85 billion on May 5, 2021. It is the current shirt sponsor of Premier League club Watford. Dogecoin.com promotes the currency as the "fun and friendly Internet currency", referencing its origins as a "joke." Software engineers Billy Markus and Jackson Palmer launched the satirical cryptocurrency as a way to make fun of Bitcoin and the many other cryptocurrencies boasting grand plans to take over the world. With the help of Reddit, the site became an instant hit. Within two weeks, Dogecoin had established a dedicated blog and forum, and its market value has reached $8 million, once jumping to become the seventh largest electronic currency in the world. Dogecoin is based on Scrypt algorithm, and the transaction process is more convenient than Bitcoin. Dogecoin takes only 1 minute to confirm, while BTC takes 10 minutes.

Business and economy

Ripple

Ripple is a real-time gross settlement system, currency exchange and remittance network created by Ripple Labs Inc., a US based technology company. Also called the XRP Ledger, Ripple is built upon a distributed open source internet protocol, consensus ledger and the decentralized native cryptocurrency known as XRP. Released in 2012, Ripple purports to enable "secure, instantly and nearly free global financial transactions of any size with no chargebacks." It supports tokens representing fiat currency, cryptocurrency, commodity or any other unit of value such as frequent flier miles or mobile minutes. At its core, Ripple is based around a shared public ledger, which uses a consensus process that allows for payments, exchanges and remittance in a distributed process.

Business and economy

Bitconnect

BitConnect (BCC) was an open-source cryptocurrency which has been described as a high-yield investment program and as a Ponzi scheme.

Business and economy

Bitcoin Cash

Bitcoin Cash is a cryptocurrency. In mid-2017, a group of developers wanting to increase bitcoin's block size limit prepared a code change. The change, called a hard fork, took effect on 1 August 2017. As a result, the bitcoin ledger called the blockchain and the cryptocurrency split in two. At the time of the fork anyone owning bitcoin was also in possession of the same number of Bitcoin Cash units.

Business and economy

Tether

Tether is a stablecoin cryptocurrency. Tether tokens are issued by Tether Limited, which claims that each token issued is backed by one United States dollar. However, Tether Limited has not substantiated this claim through a promised audit of their currency reserves.

Business and economy

Litecoin

Litecoin is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. Litecoin was an early bitcoin spinoff or altcoin, starting in October 2011. In technical details, litecoin is nearly identical to Bitcoin.

Business and economy

EOS

EOS.IO is a blockchain protocol powered by the native cryptocurrency EOS. The protocol emulates most of the attributes of a real computer including hardware with the computing resources distributed equally among EOS cryptocurrency holders. EOSIO operates as a smart contract platform and decentralized operating system intended for the deployment of industrial-scale decentralized applications through a decentralized autonomous corporation model. The smart contract platform claims to eliminate transaction fees and also conduct millions of transactions per second.

Business and economy

Ethereum Classic

Ethereum Classic is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum Classic and Ethereum have a value token called "ether", which can be transferred between participants, stored in a cryptocurrency wallet and is used to compensate participant nodes for computations performed in the Ethereum Platform. The classic ether token is traded on cryptocurrency exchanges under the ticker symbol ETC. Gas, an internal transaction pricing mechanism, is used to prevent spam on the network and allocate resources proportionally to the incentive offered by the request.

Business and economy, Technology and industry

Stellar

Stellar is an open source, decentralized protocol for digital currency to fiat money transfers which allows cross-border transactions between any pair of currencies. The Stellar protocol is supported by a 501(c)3 nonprofit, the Stellar Development Foundation.

Business and economy

Diem

Diem was a permissioned blockchain-based stablecoin payment system proposed by the American social media company Meta Platforms. The plan also includes a private currency implemented as a cryptocurrency.

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