A cryptocurrency is a virtual currency – has no physical existence like traditional currencies – designed to work as a medium of exchange.

We’ve already got hundreds of traditional currencies available, then why digital currency?
Because it is safe, fast and peer to peer. In other words, it is decentralized and involves no third party in a transaction – that means no transaction fee! Yes, that’s why blockchain-related topics are extremely hot now a days. In traditional transactions, a third party is always involved that keeps our data -balances, and transactions- in the database.

For instance, in Bitcoin, there is a public ledger of all transactions that ever happened within the network. Every transaction is present in the form of file including the sender’s and recipient’s address and the amount transferred. The transaction has to be confirmed first, then it’ll be broadcasted in the network.

Furthermore, it ensures safety. In traditional transactions, if the data is manipulated from where it is stored, it can result in substantial loss. While in blockchain, the key is its peer to peer transactions, that’s why it has become popular in recent years.

With the emergence of cryptocurrency, now you can send money to your family in a different country, without incurring hefty transactional fees. There is nothing like payment fraud or invalid checks because, in the digital currency world, you can only spend what you have!

TOP 8 CRYPTOCURRENCIES

Bitcoin

Even a person who hardly knows anything about blockchain is aware of Bitcoin. Bitcoin is the first-ever peer to peer blockchain network to step into the digital currency world. Bitcoin is based on open-source software and is ruled by no one. Among its other competitors, Bitcoin is the most secure network. Its protocol is getting better and stronger by every passing day.

Despite the uncertainties, people are more than happy to invest in Bitcoin and expecting it to yield significant profits. And why not, when its position in the digital world seems so promising – its ecosystem and properties. It seems all set to dominate the digital store of value market in the long run.

Etherum

This block-chain based network was launched by Vitalik Buterin on 30th July 2015. Etherum is an open-source decentralized blockchain network. Autonomous programs are gathered in the blockchain that are accessible to everyone, anytime! In this way, one can transfer his/her assets that run on Etherum, from anywhere and anytime.

The Ethereum community is sold and continues to evolve by every passing day. The network is getting better and the team plans to add more protocols to it to make it fast and more secure.

Litecoin

Released by former Google employee Chalie Lee, Litecoin is the 4th digital currency in terms of market capitalization. It is one of the oldest cryptocurrencies that are still people’s choice. Poeple despite uncertainities continue to invest in it. It has a large community who follow it and its team is agile in implementing every technical evolution of Bitcoin like Segwit and Lightning Network for example.

Lately, Litecoin has done quite well to maintain its worth and is expected to evolve as the cryptocurrency world continues to attract more and more people to invest.

2local (L2L)

2local is an innovative blockchain-powered platform. It encourages sustainability and prosperity for everyone in the world.
Basically, It provides a convenient market place for consumers to connect with companies.
Using their native L2L stablecoins, consumers receive a cashback for local purchases.
The cashback mechanism makes subsequent local easier. Moreover, it is contributing to solving global poverty, hunger, and environmental problems.
Companies who want to be a part of the 2local marketplace can register at 2local.io and complete a questionnaire.

NEO

NEO was founded by Da Hongfei and Erik Zhan in China, back in 2014. However, it’s re-branding from AntShares to NEO happened in 2017. Since then it has done quite well to maintain stability in the market. Although it doesn’t cost much currently, but experts believe it will grow significantly. Because of its strong infrastructure, it is likely to soar high in the future. The Chinese government is also interested to join the NEO game. If this happens, it will become one of the profitable cryptocurrencies.

Kleros

It is a decentralized dispute resolution protocol, empowered by the Ethereum Blockchain. Kleros launched into production a Juror as a Service middleware solution, that allows any application to request the service of Fast Dispute Resolution tool.

Kleros is supposed to be a top tier project of Ethereum ensuring fast solutions and the project’s past ability to deliver roadmap.

Cosmos

Cosmos heavily relies on the “Tendermint” protocols and present itself as the Internet of Blockchains. Amid these modules exist an interoperability module which enables traveling of tokens and messages between blockchains possible. Each blockchain is named as “zone”.
Atom is the proprietary staking coin used in this network and we have tokenized transactions. It formed by the combination of two networks, namely:

• Tendermint Core

• Inter-Blockchain Communications(IBC)

Ripple

Founded in 2012, Ripple is another cryptocurrency and focuses on solving problems of just one industry i.e. funds transfer. Its sole aim is to make international transactions fast and secure. For instance, a traditional money transfer that takes weeks to complete, Ripple does it in seconds. Also, the fee of transfer is lower than traditional transaction fee.