Ethereum introduced the world to the idea of Smart Contracts, which are blocks of code that are executed on the blockchain in a distributed manner. Smart Contracts are run on every Ethereum node and the results verified by the network, which makes it possible to execute code in a distributed and trustless manner. Anyone can join the Ethereum network and run a node, and participate in the validation of the Smart Contracts that get executed.
NEM is one of the oldest cryptocurrencies, started back in 2014, and one of the most valuable, with a market cap over $15 billion, but it’s also one of the least talked about. That may stem from its origins in Japan, but over the last few years it has expanded its reach to Asia, Europe, and beyond by forming partnerships with major corporations around the world to use the private version of the NEM blockchain.
Cryptocurrency Incentives In most early cryptocurrencies like Bitcoin, miners secure the network by verifying transactions and adding new blocks to the blockchain. The miners are rewarded with newly created bitcoins, which provides them the incentive to ensure they keep working. It was an elegant solution to the problem of securing a decentralized network. But directing all financial incentives to the miners leaves nothing to incentivize the community, the group that is most needed to grow adoption of the cryptocurrency.
The Limits of Ethereum Smart Contracts Smart contracts, introduced to the world by Ethereum, allow for decentralized applications (dApps) that work on a blockchain. What that means is that everyone can read the code, know when it is being executed, and to inspect the results. You don’t have to trust the entity running the code because, in essence, the code is run everywhere, on every node in the blockchain, at the same time.
Stellar was born in 2014 as an offshoot of Ripple because Jed McCaleb, the co-founder, had philosophical differences with the rest of the Ripple board. While Ripple is focused on providing solutions to banks, Stellar aims to help facilitate payments between people. While they work in a similar fashion, Stellar is sort of like a “bottom-up” approach compard to Ripple’s “top-down”. Stellar Lumens are the currency used by the Stellar network, and when the network was started 100 billion Lumens (XLM) were created.
RaiBlocks and Centralized Consensus RaiBlocks may be the most fundamental change to cryptocurrencies since Bitcoin introduced the blockchain, and a lot of people are taking notice. Its market capitalization has grown from $26 million to over $2 billion in less than a month and it hasn’t even been listed on any of the major cryptocurrency exchanges yet. With growing interest comes growing skepticism. Instant transactions and no fees sounds too good to be true.
Introduction There are a lot of cryptocurrencies that focus on improving privacy for their users, and it can be difficult to keep track of the pros and cons of each. Privacy coins are usually forced to make a tradeoff between strict privacy and usability. Some are faster or cost less to use. Here are the top cryptocurrencies that focus on privacy and how they compare to each other. You can click on each image below to get a more in-depth review.
The Cryptocurrency Market The Cryptocurrency market has grown from $16 billion to $600 billion dollars in the last year, and some people have become very, very rich along the way. Taking your first steps into trading cryptocurrencies can seem intimidating, but it doesn’t have to be. This article will walk you through how to buy cryptocurrencies on an exchange like Binance. Step 1 - Purchase Litecoin on Coinbase Most cryptocurrency exchanges don’t let you trade for dollars, and none of them take credit cards.
Bitcoin and the Blockchain In the original Bitcoin whitepaper, Satoshi Nakamoto introduced the world to the concept we now call the blockchain. Every transaction is grouped into a “block” and verified by a miner, and each block references preceeding block, creating a “chain” of blocks that are the extend backwards in time to the Genesis block, which started the Bitcoin blockchain. The Bitcoin Blockchain The Bitcoin blockchain records transactions, but it doesn’t directly store the amount of bitcoins owned by each address.
Bitcoin wasn’t the first cryptocurrency, but it was the first to become a major success because it is decentralized, trustless, and anonymous - a trifecta solution that hadn’t been seen before. It works through the use of a public blockchain, which records every transaction on the network - who sent what to whom. So while it is anonymous, it isn’t private, because everyone can trace bitcoins from sender to receiver, all the way back to the genesis block.