The Types of Cryptocurrency
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Bitcoin was the first cryptocurrency created in 2009 and uses blockchain technology to enable peer-to-peer transactions through private keys. Since then, several other cryptocurrencies have emerged that operate using either the SHA-256 or scrypt algorithms. Some major cryptocurrencies discussed are Litecoin, which promises faster transactions than Bitcoin and has a larger coin limit, Ether which enables programmable applications on the Ethereum blockchain, Ripple which focuses on large global money transfers using XRP, and Zcash which focuses on privacy through anonymous transactions. These cryptocurrencies paved the way for new cryptocurrencies like Ducatus Coin to offer alternative forms of digital currency.
The Types of Cryptocurrency
- 1. THE TYPES OF CRYPTOCURRENCY DUCATUS PRESENTS
- 2. Introduction Back in 2009, a man known as Satoshi Nakamoto released Bitcoin, the first cryptocurrency that became popular to the mainstream market. Bitcoin was created to end double payments and offer a new form of currency to the public. Since then, many other types of cryptocurrency have emerged, each with their own characteristics. It’s important to know that cryptocurrencies operate on one of two algorithms: SHA-256 or scrypt (altcoin). Let’s take a look at some of the cryptocurrencies that have opened the door to new ones, such as Ducatus Coin.
- 3. Bitcoin Bitcoin uses blockchain technology to make peer-to-peer transactions. The Bitcoin owner has a private key that enables him or her to not only view the transaction but also to encrypt it. Since it utilizes a decentralized server, Bitcoin users control the sending and receiving of transactions worldwide. It operates on the SHA-256 algorithm.
- 4. Litecoin An alternative to Bitcoin or altcoin, Litecoin promises faster transaction times, a larger coin limit (84 million) and operates on a scrypt algorithm. It is a fork of Bitcoin.
- 5. Ether Ether has its own blockchain, Ethereum. As an altcoin, it has many of the same attributes as Bitcoin, but Ethereum is programmable so developers can build new applications using it (e.g. cryptocurrency wallets).
- 6. Ripple Ripple is an altcoin and a digital payment network for the financial sector. It connects payment providers and banks via RippleNet, which runs on a more advanced blockchain technology than Bitcoin. It provides the option for source liquidity in real time via XRP. Ripple focuses on moving large amounts of money globally, rather than peer-to-peer transactions.
- 7. Zcash Also an altcoin, Zcash focuses on privacy. It features zero-knowledge proofs that allow transactions to be verified anonymously without revealing details (e.g. sender). For compliance or an audit, Zcash does allow a user to reveal transaction details. It also allows for transparent transactions in using wallets and non-private exchanges.
- 8. These cryptocurrencies are the pioneers in the crypto space. They are proof that new and alternative forms of currency exist and are gaining popularity. The Ducatus Coin (DUC) was created on the same principle of giving people a choice in currency. We have made it even easier to use the Ducatus Coin with our network of businesses, which other cryptocurrencies do not offer. You may use your Ducatus Coin in many ways, from purchasing coffee to buying properties in Dubai.
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