Bitcoin has dominated the world of cryptocurrency in recent years, but with the new technology and the arrival of more and more pieces in space each week, it takes time for the next big thing to take over.
While Bitcoin is still the king of the cryptocurrency, 2018 will see the emergence of a new type of technology that could help its competitors dethrone them. Ethereum and Ripple are hot on their heels, both currencies offer more realistic applications in real life than their famous predecessor.
The rapid increase in cryptocurrencies in recent years has not been well documented by the mainstream media, but advances in technology are undeniable. While Bitcoin is still the largest market capitalization of all Cryptocurrencies ($ 190 billion at the time of writing 11348 dollars per coin), the entire Crypto sector has a value of approximately $ 500 billion. pounds and it only grows with each passing month.
Emerging cryptocurrencies try to solve existing problems in various sectors of the industry. Instead of focusing specifically on the currency, it is the technology that supports it and the slogan is usually used to access this service in one way or another.
Ethereum (ETH) currently has the second largest market capitalization behind Bitcoin for a good reason. Ethereum is often used as an “intermediate currency” due to its stability and speed of transaction and is perhaps the most preferred piece by the broader cryptographic community.
While Bitcoin is designed as a payment system that tracks the ownership of currencies around the world, Ethereum was created as a platform on which other applications can be built and the existing Ethereum infrastructure can be used.
Ethereum Smart Contracts is part of the platform’s success because it is an agreement between two parties that operate intelligently without the risk of censorship, unavailability, fraud or third-party interference.
Ripple (XRP) is a global payment system that allows the rapid transfer of money anywhere in the world with a low maintenance system.
The movement of money through the banking system can be complicated, costing time and costs quite high. Ripple tries to interrupt that by allowing him to send money to someone in seconds for almost nothing.
By using blockchain technology, the records of these transactions are encrypted and backed up several times so that they can not be modified in the future, but they can also be displayed in case of dispute.
While Ripple is trying to offer an alternative to bank transfers and reinforces the ability to transfer currency between people, Litecoin is positioning itself as a faster and more modern version of Bitcoin.
Litecoin tries to end up noticeably a future money and let individuals pay for some espresso through their framework for a flight abroad. Intended to be significantly quicker and more responsive than Bitcoin, which can take hours to process an exchange, Litecoin additionally works with Blockchain innovation, making it for all intents and purposes difficult to separate misrepresentation or exchanges.
VeChain is a piece that has grown enormously in recent times and has the potential to be one of the largest global providers of cryptocurrencies in the coming years.
In partnership with companies such as the Chinese government, Price Waterhouse Cooper, and DNV GL-Vechain, the goal is to provide the Fortune 500 with a wide range of blockchain services, from data recovery to counterfeiting and designer clothing. in money laundering.
The currency called VEN, which will be renamed VET at the end of February will passively generate a secondary currency called Thor, which will be used to pay for the services of the Vechain blockchain.
Neo is positioning as the Chinese Ethereum and providing a platform for applications based on this set of supply chain solutions for data problems. The cryptocurrencies are much easier to integrate into the East, with Korea being the most used and the Chinese government actively working with them.
Neo also uses Smart Contracts as part of its service because, like VeChain, it generates Neo-token GAS, widely used for Neo network services.
The scope of IOTA’s vision is so great that it is easy to understand.
IOTA aims to make almost all services interchangeable against each other. Mainly oriented to B2B, but with the potential to grow rapidly in a B2C market and even C2C, IOTA aims to make transactions between companies transparent.
Company A needs more storage, and Company B has the storage capacity that it can sell; this can be facilitating through the IOTA network. Consumer C wants to buy a coffee from company D and decides to pay with the data collected on his FitBit last week.
It is a system that is using an era of barter in markets where the services are trading instead of going through a currency first.
This is possible thanks to the blockchain network, which registers each transaction to guarantee a smooth process.
Steem is a blockchain-based social media platform where everyone can earn their rewards. Cryptocurrency switching platforms require users to give up something to reward others for their contributions. With Steem, rewarding others is as simple as choosing a publication, like you do on Reddit or when you like a post on Facebook. The blockchain distributes payments like 50% Steem Power for the vote and 50% Steem dollars.
The rewards are distributing by blockchain, just like Bitcoin pays and takes place approximately 24 hours after the presentation of the content and votes. Steem is a form of appreciation that means to appreciate or appreciate. Steem is also a steam homophone, which is often associated with power, and one more step, steam trains influence English phrases, as “this conversation is gaining momentum”. The associations with appreciation, language and empowerment felt good.