A new form of currency is becoming ever more popular around the world, they are known as cryptocurrencies. This type of money does not have the backing of central banks or states, but both despite and because of that fact, it is currently moving billions of dollars.
A cryptocurrency are algorithms that are used as money in cyberspace. The number of existing virtual coins is broad and growing every day. They are always evolving and changing, with different types being created every day.
A few of the most popular cryptocurrency out there currently are Bitcoin, Iota, Nem, and Ethereum. However, there are some new upcoming currencies such as Ripple, Tron and MaidSafe Coin that are worth mentioning as well.
Below you will find a list of some of the most popular and forthcoming virtual coins with some details about each.
- The launch of the Ethereum platform is breaking moulds by automating all elements involved in a negotiation, through the use of blockchain technology. It is positioning itself as the leader in the industry right now. Smart contracts offer a huge range of opportunities, it is very innovative and people are starting to take notice. Ethereum was the pioneer, the first to bring turing-complete cryptocurrency to the market.
- Iota is an original cryptocurrency of open source that does not use a blockchain. This means that the resolution of mathematical problems that verify transactions cannot be done freely, but it only can be done by users who want to operate with it.
Iota uses a Tangle system, which means there is no mining. Users generate the transactions from their smartphones in order to resolve those nodes, which translates into faster transactions per second. Iota makes 500 transactions per second.
Its creator defines it as a lightweight ledger that makes transfer of values, without giving anything in return, possible.
- Nem was created on March 31th 2015, and it’s a cryptocurrency based on blockchain which allows the creation of smart contracts just like Etherum. It allows you to make instant money transfers worldwide, without high fees. All portfolios are highly secure and exclude any possibility of unauthorized access.
It also allows to create multiple signature accounts, and has the ability to authenticate. This means you have access to the validation of agreements between two parties and bears witness as if it were a notary.
- Ripple (XRP) – The former developers of bitcoin launched the software company called Ripple in 2012 and its digital currency. For many it is seen as the logical successor to Bitcoin. The New York Times once described Ripple as “a cross between Western Union and a foreign exchange, without the high fees” because is it not only a currency, but also a system in which any currency, including Bitcoin, can be negotiated.
“Ripple connects banks, payment suppliers, exchanges of digital assets and companies through RippleNet in order to send money around the world, without restrictions” their creators explain.
- Tron has managed to sneak into the first 10 cryptocurrencies of the market, accumulating more than US$14 billion in capital. But what is really a surprise, is that TRON has been operating for only 4 months. Since its introduction, it has increased more than 15,000%.
It aims to create an ecosystem that is decentralized for sharing content in the entertainment industry. In addition, its entertainment protocol is compatible with others, ensuring an optimal interoperability.
- MaidSafe Coin- This project´s objective is to change the way of managing virtual money, which aims to provide greater safety in operations and in profitability. Experts believe that MaidSafe Coin’s uses will develop in the future, generating thousands of dollars in profits.
Those who know the use, management and technologies used to develop cryptocurrencies, predict that the MaidSafe Coin will be the currency that matches and even exceeds Bitcoin. These considerations have encouraged many people to bet and invest in this new cryptocurrency.
In conclusion, a new modality of investment through the internet is here, and it seems that digital currencies may be the future of money and trading. These coins are an alternative to fiat money and since they are not backed up by ay financial institutions or precious metal, reply on the faith of the community.
Increasingly more and more people are recognizing the potential of getting involved in cryptocurrencies. They can provide a great investment opportunity since many of the coins that are placed on the market increase in value quickly.