Introduction of Major Cryptocurrencies
Below is the list of popular coins offered at Wisebitcoin.
We are constantly looking for more crypto names to add to our exchange.
Bitcoin is a decentralized digital currency that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: transaction management and money issuance are carried out collectively by the network.
The original Bitcoin software by Satoshi Nakamoto was released under the MIT license. Most client software, derived or "from scratch", also use open source licensing.
Bitcoin is the first successful implementation of a distributed crypto-currency, described in part in 1998 by Wei Dai on the cypherpunks mailing list. Building upon the notion that money is any object, or any sort of record, accepted as payment for goods and services and repayment of debts in a given country or socio-economic context, Bitcoin is designed around the idea of using cryptography to control the creation and transfer of money, rather than relying on central authorities. Bitcoins have all the desirable properties of a money-like good. They are portable, durable, divisible, recognizable, fungible, scarce and difficult to counterfeit.
In many ways, Ethereum is similar to Bitcoin. It’s a public, peer-to-peer network or blockchain with its own digital currency called Ether. Ethereum was created by Vitalik Buterin in 2014 and the purpose of Ethereum is to be a platform on which smart contracts can be built and run. Put very simply, Ethereum is intended to be a world computer. Where Bitcoin stores a list of balances and transactions on its blockchain, the Ethereum blockchain is designed to store different types of data. This data can be accessed and used by computer programs running on the Ethereum blockchain. These programs are called decentralized apps, or dapps. Developers around the world can build and run decentralized applications on the Ethereum blockchain. The purpose of these is to improve the industries of finance, personal information storage, governance and more by using the transparent nature of a blockchain.
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 also provides a value token called "classic ether", which can be transferred between participants, stored in a cryptocurrency wallet and is used to compensate participant nodes for computations performed. 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.
The Ethereum platform has been forked into two versions: "Ethereum Classic" (ETC) and "Ethereum" (ETH). Prior to the fork, the token had been called Ethereum. After the fork, the new tokens kept the name Ethereum (ETH), and the old tokens were renamed Ethereum Classic (ETC). Ethereum Classic appeared as a result of disagreement with the Ethereum Foundation regarding The DAO Hard Fork. It united members of the Ethereum community who rejected the hard fork on philosophical grounds.
Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network by Ripple. Also called the Ripple Transaction Protocol (RTXP) or Ripple protocol, it is built upon a distributed open source Internet protocol, consensus ledger and native cryptocurrency called XRP (ripples). 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 database or ledger, which uses a consensus process that allows for payments, exchanges and remittance in a distributed process.
Ripple improves on some of the drawbacks attributed to traditional banks. Transactions are settled within seconds on the Ripple network even though the platform handles millions of transactions frequently. This is unlike banks which could take days or weeks to complete a wire transfer. The fee to conduct transactions on Ripple is also minimal, with the minimum transaction cost required for a standard transaction set at 0.00001 XRP, compared to the large fees charged by banks for conducting cross-border payments.
Since its launch, Bitcoin faced pressure from community members on the topic of scalability. Specifically, that the size of blocks – set at 1 megabyte (MB), or a mill ion bytes, in 2010 – would slow down transaction processing times, thus limiting the currency’s potential, just as it was gaining in popularity.
A number of proposals have been made to deal with transaction processing over the years, often focusing on increasing block size. Because the Bitcoin code is not managed by a central authority, changes to the code require buy-in from developers and miners. This consensus-driven approach can lead to proposals taking a long time to finalize. This has resulted in groups creating separate blockchain ledgers using new standards, called a fork. Bitcoin Cash, launched in August 2017, is so far the most widely accepted fork from the original Bitcoin.
Bitcoin Cash differs from Bitcoin Classic in that it increases the block size from 1 MB to 8 MB. It also removes Segregated Witness (SegWit), a proposed code adjustment designed to free up block space by removing certain parts of the transaction. The goal of Bitcoin Cash is to increase the number of transactions that can be processed, and supporters hope that this change will allow Bitcoin Cash to compete with the volume of transactions that PayPal and Visa can handle by increasing the size of blocks.
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.
· The rate at which transactions are confirmed: Bitcoin’s algorithm allows for one transaction to be added to the public ledger every 10 minutes, Litecoin has a faster rate of confirmation at one per 2.5 minutes.
A peer-to-peer cryptocurrency that was forked out of Bitcoin to offer faster and more private transactions to users. Dash is the first digital currency with a decentralized blockchain governance system. Dash is a blendword for Digital Cash and its currency symbol in the markets is DASH.
Dash was launched in January 2014 as Xcoin, and then changed its name to Darkcoin. In March 2015, Darkcoin was rebranded as Dash. Dash was created as a fork of Bitcoin, which means it duplicated Bitcoin’s existent code and made it better by addressing the issues users faced with Bitcoin. So apparent flaws and weaknesses in Bitcoin is absent in Dash, making both digital coins substantially different in terms of efficiency. As an alternative to Bitcoin, Dash provides a faster and more anonymous service to its users. Dash has a coinjoin mixing technique called PrivateSend (previously called DarkSend) which anonymizes the transactions carried out by its users. Coinjoin mixes the transactions of multiple parties as one transaction, instead of separate transactions.
For example, three funds transfers from A to D, B to E, and C to F, will be read on the blockchain as A, B, C to D, E, F. This way, there’s no sure way of identifying who received funds from who and in what amount. With PrivateSend, at least three different users are required to conduct transactions which will be merged together to obscure the funds trail.
EOS is a blockchain technology basically like Ethereum which has been brought to life by Dan Larrimer. He is also the creator of Steem and BitShares, and on June 26, 2017 the project starts its ICO.
EOS is technically a blockchain platform for the development of decentralized applications (dapps), similar to Ethereum in function. In fact, supporters have dubbed it the Ethereum killer. It makes dapp development easy by providing an operating-system-like set of services and functions that dapps can make use of.
The idea behind EOS is to bring together the best features and promises of the various smart contract technologies out there (e.g. security of Bitcoin, computing support of Ethereum). Simply put, the EOS community is working to provide one simple to use, massively scalable dapp platform for the everyday user.
Most existing cryptocurrencies, including Bitcoin and Ethereum, have transparent blockchains, meaning that transactions are openly verifiable and traceable by anyone in the world. Furthermore, sending and receiving addresses for these transactions may potentially be linkable to a person's real-world identity. Monero uses cryptography to shield sending and receiving addresses, as well as transacted amounts.
Every Monero transaction, by default, obfuscates sending and receiving addresses as well as transacted amounts. This always-on privacy means that every Monero user's activity enhances the privacy of all other users, unlike selectively transparent cryptocurrencies (e.g. Z-Cash). Monero is fungible. By virtue of obfuscation, Monero cannot become tainted through participation in previous transactions. This means Monero will always be accepted without the risk of censorship.
Monero is electronic cash that allows fast, inexpensive payments to and from anywhere in the world. There are no multi-day holding periods and no risk of fraudulent chargebacks. It is safe from ‘capital controls’ - these are measures that restrict the flow of traditional currencies, sometimes to an extreme degree, in countries experiencing economic instability.
ZCash is a cryptocurrency with a decentralized blockchain that provides anonymity for its users and their transactions. As a digital currency, ZCash is similar to Bitcoin in a lot of ways including the open-source feature, but their major differences lie in the level of privacy and fungibility that each provides.
ZCash employs a cryptographic tool called Zero-Knowledge Proof which allows two users to engage in transactions without either party revealing their addresses to the other.Zero-knowledge proof makes ZCash transactions untraceable on its blockchain by obfuscating the addresses of both parties, as well as the amount involved in each transaction.Because the addresses recorded on the blockchain are shields and not the actual user’s payment address, it’s close to impossible to trace the path of any given funds to its sender or receiver. This is unlike Bitcoin and many other blockchains which show the amount transferred from one’s actual public address to another. Zero-knowledge proof provides a high level of fungibility given that a party involved in a transaction is not privy to the other party's identity and hence, payment history and so cannot reject his coin payment
Qtum is an open source Blockchain project that is developed by the Singapore-based Qtum Foundation. Qtum is a hybrid blockchain application platform. Qtum’s core technology combines a fork of bitcoin core, an Account Abstraction Layer allowing for multiple Virtual Machines including the Ethereum Virtual Machine (EVM) and Proof-of-Stake consensus aimed at tackling industry use cases. This will allow Smart Contracts and Decentralized Applications to run on a familiar foundation, while offering a robust environment for developers.
The underlying technology uses an “Account Abstract Layer”, which acts as a bridge between the EVM and the Unspent Transaction Output model of Bitcoin Core. There will be Oracles and Datafeed functionality, allowing developers to create Smart Contracts built around trusted sources of information.
Cardano is home to the Ada cryptocurrency, which can be used to send and receive digital funds. This digital cash represents the future of money, making possible fast, direct transfers that are guaranteed to be secure through the use of cryptography.
Cardano is more than just a cryptocurrency, however, it is a technological platform that will be capable of running financial applications currently used every day by individuals, organisations and governments all around the world. The platform is being constructed in layers, which gives the system the flexibility to be more easily maintained and allow for upgrades by way of soft forks. After the settlement layer that will run Ada is complete, a separate computing layer will be built to handle smart contracts, the digital legal agreements that will underpin future commerce and business. Cardano will also run decentralised applications, or dapps, services not controlled by any single party but instead operate on a blockchain.