Technology has changed the way people work, communicate, shop, and even pay for goods. Companies and consumers are switching to cashless and contactless payment options. Now, a new payment system is emerging i.e. cryptocurrency. For those of you who don’t know, Bitcoin is the first cryptocurrency to go mainstream but others are growing in popularity as well. There is more than 2000 lists of cryptocurrencies, and more types are developed every day. Research suggests that most people have heard of cryptocurrency but don’t fully understand it. So here in this blog, we will know what cryptocurrencies are and a list of cryptocurrencies and their market capitalization.
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What are Cryptocurrencies?
A cryptocurrency, broadly defined, is virtual or digital money that takes the form of tokens or “coins”. While some cryptocurrencies have ventured into the physical world with credit cards or other projects, the large majority remain entirely intangible.
The “crypto” in cryptocurrencies refers to complicated cryptography that allows for the creation of and processing of digital currencies and their transaction across decentralized systems.
There is a common commitment to decentralization; cryptocurrencies are typically developed as code by teams who build in mechanisms for issuance through a process called mining and other controls. Cryptocurrencies are also designed to be free from government manipulation and control. Below, we’ll examine some of the most popular digital lists of cryptocurrencies along with Bitcoin and Ethereum leading the pack.
List of Top 10 Cryptocurrencies of the World
Following is the list of cryptocurrencies which was updated using the CoinDesk on July 1st, 2021:
- USD Coin
- Bitcoin Cash
Bitcoin: The 1st Generation Blockchain
- Founder: Satoshi Nakamoto
- Founded: 2009
As the first cryptocurrency, Bitcoin (BTC) is the most popular and highly valued, despite high volatility over the course of its history. Bitcoin was initially created to be used as a digital payment system, but experts say it is still too volatile to be used for that. Bitcoin is the world’s first decentralized cryptocurrency — a sort of digital asset that records, signs, and sends transactions across the Bitcoin blockchain using public-key cryptography. The Bitcoin network was founded on January 3, 2009, by an anonymous computer programmer (or group of programmers) using the pseudonym “Satoshi Nakamoto,” is a peer-to-peer electronic payment system that uses a native cryptocurrency called bitcoin (lower case “b”) to transfer value over the internet or act as a store of value like gold and silver. Each bitcoin is composed of 100,000,000 satoshis (the smallest unit of bitcoin), making each bitcoin divisible to 8 decimal places. Bitcoin is widely seen as a pioneer in the world of cryptocurrencies.
Read our blog on What is Bitcoin and How Does it Work?
Ethereum: The 2nd Generation Blockchain
- Founder: Vitalik Buterin
- Founded: 2013
Another which tops the list of cryptocurrencies is Ether (ETH) of Ethereum Network, an open-source blockchain upon which developers can build apps and other cryptocurrencies. It is a blockchain-based software platform that is used to transmit and receive value internationally using its native cryptocurrency, ether, without the intervention of a third party. It’s also the second-largest cryptocurrency by market cap, behind Bitcoin. Ethereum, which was first suggested in 2013 by Russian-Canadian programmer Vitalik Buterin, was intended to enhance the utility of cryptocurrencies by allowing developers to construct their own unique apps. Ethereum, like Bitcoin, has its own blockchain, which is maintained by a worldwide network of approximately 2.4 million computers known as “nodes.” Anyone with the necessary hardware, skills, and time may run an Ethereum node and participate in network validation.
- Founder: Charles Hoskinson
- Founded: 2015
Cardano, which was launched in 2017, is billed as a third-generation blockchain (following Bitcoin and Ethereum, which were the first and second generations, respectively) that aims to compete directly with Ethereum and other decentralized applications platforms as a more scalable, secure, and efficient alternative. Decentralized applications are comparable to smartphone apps. The major distinction is that dapps function autonomously, with no third party running in the background. They accomplish this autonomy via the use of smart contracts, which are computer programs that are specially intended to fulfill a function when certain predefined criteria are satisfied.
- Founder: Chris Larsen
- Founded: 2012
Then XRP falls in the list of cryptocurrencies of the Ripple digital payment network. Built for digital payments, XRP touts itself as a faster and more efficient way to power global payments. Ripple and XRP also allow for third-party development on other uses for XRP.
- Founder: Jed McCaleb
- Founded: 2014
Stellar’s native cryptocurrency is the Lumen (LXM), which comes under the most popular list of cryptocurrencies. Stellar is designed as an “open network” for storing and moving money that allows people to create, send, and trade digital money. It’s designed to sell and trade all digital monies, not just Steller’s own associated cryptocurrency – The Lumen.
- Founder: Jeremy Allaire
- Founded: 2013
USD Coin (USDC) describes itself as “the world’s digital collar.” USDC is the result of work that has been invested in by Goldman Sachs, Baidu, and IDG Capital, among others. USD coin is tied to the U.S dollar, which makes its price much more stable than other cryptocurrencies.
- Founder: Sergey Nazarov
- Founded: 2014
Chainlink, which was founded in 2014, is a blockchain abstraction layer that enables globally connected smart contracts. Chainlink, which operates on a decentralized oracle network, enables blockchains to safely connect with external data feeds, events, and payment mechanisms, providing the essential off-chain information required for complicated smart contracts to become the dominant form of digital agreement. A vast open-source community of data suppliers, node operators, smart contract developers, researchers, security auditors, and others drives the Chainlink Network. The firm is committed to providing decentralized involvement for all node operators and users that want to contribute to the network.
- Founder: Hayden Adams
- Founded: 2018
Uniswap (UN) is a decentralized crypto exchange that comes on the list of cryptocurrencies. It operates on Ethereum’s blockchain. Its developers promise to get rid of unnecessary intermediaries, which it says gives users more control.
- Founder: Gavin Wood
- Founded: 2016
Polkadot (DOT) says its mission includes allowing different blockchains to exchange information and transactions with one another. Its website plays up data and identity security and users being in control.
- Founder: Dorian Nakamoto
- Founded: 2017
Bitcoin Cash is a peer-to-peer electronic cash system, which was the original intention of Bitcoin. The currency allows you to send money anywhere for very low fees.
With each of these top lists of cryptocurrencies unique in its own way, they all tie into an underlying principle called decentralized finance (DeFi).
List of Cryptocurrencies by Market Capitalization
These are the 10 largest trading cryptocurrencies by market capitalization as tracked by CoinMarketCap, a cryptocurrency data, and analytics provider. Have a look below:
|List of Cryptocurrencies||Market Capitalization|
|Binance Coin||$56.2 billion|
|USD Coin||$27.5 billion|
Cryptocurrency is all the rage right now, but remember, it’s still in its infancy. Investing in something that’s new comes with challenges, so be prepared. We hope you find this information useful on the List of Cryptocurrencies. If you want to know more about courses, careers and the future scope of Cryptocurrency then get in touch with our Leverage Edu experts today!