Top 15 Cryptocurrencies Overview in 2016. Cryptocurrency is a digital means of exchange that uses cryptography and shared transaction ledgers to create a secure, anonymous, traceable and potentially stable monetary system. Cryptocurrencies are named such because of their use of cryptography. Cryptography is the study of the methods of encrypting information, primarily with the intention of sending a message securely and privately but also for tasks such as data security and authentication. Cryptocurrencies incorporate many of the technologies and theories developed by cryptographers in order to create a digital exchange system that is resistant to both censorship and fraud. There are around 700 cryptocurrencies available for trade in online markets today but only 12-13 of them have market capitalizations over $10 million.
Top 15 Cryptocurrencies 2016
No. 1: Bitcoin (Market Capitalization $ 6,573,489,515) is a revolutionary cryptocurrency that was developed in 2008. Its mysterious creator went by the pseudonym “Satoshi Nakamoto.” The digital money that has no central bank or controller, Bitcoin’s circulation is provided for through computer code and cryptography. It is open source, meaning anyone can look at the code to verify it. No. 2: Ethereum (Market Capitalization $ 627,600,009). Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference. Ethereum is how the Internet was supposed to work. Ethereum was crowdfunded during August 2014 by fans all around the world. It is developed by ETHDEV with contributions from great minds across the globe. No. 3: Ripple (Market Capitalization $ 203,104,658). Ripple is the native currency of the Ripple network. Based on the RXTP algorithm, it is designed as a protocol capable of seamlessly integrating with the internet. Each Ripple account must have a balance of at least 20 XPR to create ledger entries, and with each transaction processed, 0.00001 XPR is permanently destroyed.
Top 15 Cryptocurrencies Today
No. 4: Litecoin (Market Capitalization $ 148,305,073). Litecoin is a peer-to-peer Internet currency similar to Bitcoin. It was created in 2011 by a Google engineer Charles Lee as an open source and fully decentralized digital money. Some call Litecoin as being the ‘silver’ to bitcoin’s ‘gold’. The key difference is the 2.5 minute time to generate a block, as opposed to bitcoin’s 10 minutes. Charles Lee now works for Coinbase, one of the most popular online bitcoin wallets. No. 5: Dash (Market Capitalization $ 41,683,682). Formerly Darkcoin, Dash (DASH) is designed to be completely anonymous with untraceable transactions, while providing near-instant confirmations. It is an open sourced, privacy-centric digital currency with instant transactions. It allows you to keep your finances private as you make transactions without waits, similar to cash. No. 6: MaidSafeCoin (Market Capitalization $ 29,606,205). MaidSafe consists of two key parts: the network and the client applications. The network is under active development and aims to be released during 2015 (but for the time being is available for compilation from source via github.com). Example applications will be made available throughout this time to teach developers how to use the SAFE API and to enable them to build their own applications.
No. 7: Dogecoin (Market Capitalization $ 25,019,207). Dogecoin is a cryptocurrency featuring a likeness of the Shiba Inu dog from an Internet meme as its logo. It was introduced in December 2013 by two programmers from Portland, Oregon, who sought to distance their cryptocurrency from the controversial history behind Bitcoin, mainly its association with the Silk Road online marketplace.
No. 8: NEM (Market Capitalization $ 12,543,660). NEM (New Economy Movement) is based on the philosophical concepts, that arguably served as an inspiration for the Bitcoin’s creation: by implementing the innovative Proof-of-Importance, which distributes awards based not on the sacrificed amount of computational capacity or the size of a user’s stake, but on their actual involvement in the network’s life.
No. 9: BitShares (Market Capitalization $ 12,044,295). BitShares (formerly BitShares X) is a currency whose primary purpose is to facilitate the foundation and growth of decentralized autonomous companies (DACs). Built to follow Bitcoin’s ethos, the currency however uses so-called ‘delegated proof-of-stake’ as its consensus mechanism.
No. 10: Monero (Market Capitalization $ 10,663,729). Being the fork of Bytecoin, Monero is an anonymous and decentralized cryptocurrency with CryptoNight (64-bit CPU-only) PoW hash algorithm and based on CryptoNote protocol. It also has the fastest (1 minute) block generation speed among all CryptoNotes.
No. 11: Stellar (Market Capitalization $ 10,236,059). Stellar is a protocol for exchange of value between currencies. Having been initially based on Ripple, updates mean that it is now running on its own algorithm, providing instantaneous transactions via a consensus system.
No. 12: Factom (Market Capitalization $ 10,017,621). Factom is a way to record entries in a way that makes the list unique (everyone gets the same copy) and allows anyone to add to the list, but does not allow anyone to change entries once they are in the list. Factom is way to decentralize the worlds information using the Bitcoin Blockchain.
No. 13: Emercoin (Market Capitalization $ 9,939,051). Emercoin was established as cryptocurrency of emergence, to support and sponsor H+ and related future-oriented hi-tech projects (bio-science, robotics, autonomous intelligent electric vehicles, air drones and submersibles).
No. 14: Peercoin (Market Capitalization $ 9,712,934). Peercoin is a proof-of-stake currency based on some technical aspects of Bitcoin. It was designed to provide maximum transaction security while maintaining fast transaction times and a low-resource client. The first proof-of-stake coin to be released, it sparked a debate between algorithms which has remained a contentious issue among the cryptocurrency community.
No. 15: Synereo (Market Capitalization $ 9,581,122). Synereo is a fully decentralized and distributed social platform. There is a cryptocurrency woven in with this great system named AMP. It is designed to be exchanged across the website to help promote content.