Crypto Today: News and Updates

Crypto Today is your one-stop shop for the latest news and updates on all things cryptocurrency. Stay up-to-date on the latest developments in the space and learn how to make the most of your digital assets.

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Introduction

Cryptocurrencies are digital or virtual tokens that use cryptography for security. Cryptocurrencies are decentralized, so they are not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009. Since then, hundreds of other cryptocurrencies have been created.

Cryptocurrencies are often traded on decentralized exchanges and can also be used to purchase goods and services. Cryptocurrencies are held in wallets, which can be software, hardware, or paper.

The prices of cryptocurrencies are very volatile and can increase or decrease by a large amount in a short period of time.

The Current State of Crypto

Crypto is in a state of flux. The market is down, but not out. Bitcoin, the original crypto currency, is still the leader of the pack. Ethereum, Litecoin, and Bitcoin Cash are all down for the day.

Bitcoin

Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain

Ethereum

Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.

In 2014, Ethereum founders Vitalik Buterin, Gavin Wood and Jeffrey Wilcke began work on a next-generation blockchain that had the ambitions to implement a general, fully trustless smart contract platform.

Ethereum went live on the main net in July 2015. These are some key developments since launch:

– Decentralized apps (DApps) and tokens proliferated thanks to Ethereum’s easy to use development environment and blockchain-based fundraising capabilities (initial coin offerings or ICOs)
– The Ethereum network grew to become the most used blockchain in the world, with over 1,000 DApps built on top and over 100 million ETH transactions per day
– Enterprise interest in Ethereum skyrocketed thanks to its support for private permissioned networks (Enterprise Ethereum Alliance or EEA)
– The price of Ethereum’s native token, ether (ETH), rallied from less than $1 in early 2017 to an all-time high of over $1,400 in January 2018

Litecoin

Litecoin is a cryptocurrency that was created in 2011 by Charlie Lee. It is similar to Bitcoin, but has a faster transaction confirmation time and uses a different proof-of-work algorithm.

Litecoin is often referred to as “the silver to Bitcoin’s gold.”

As of January 2018, Litecoin had a market capitalization of $18 billion and a per coin value of $183.09.

Ripple

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).[9] Released in 2012, Ripple purports to enable “secure, instant and nearly free global financial transactions of any size with no chargebacks.” It supports tokens representing fiat currency, cryptocurrency, commodities, or other units of value such as frequent flier miles or mobile minutes.[10][11]

Ripple states that “distributing value is a powerful way to incentivize certain behaviors” and thus believes that XRP will be used by banks and other financial institutions as a liquidity tool. As of 2019, ripple is aiming to be used by banks as a cross border payment solution for real-time settlements.[12]

The network does not use mining like many other cryptocurrencies do.[13][14] Instead it uses a consensus ledger,[15] which allows for payments, exchanges and remittance in a distributed process.[16] The native cryptocurrency within the Ripple network is also called XRP.

XRP can be sent directly without the need for an intermediary,[17][18] which reduces costs. Transactions involving the native currency are verified by consensus among members of the network,[19] rather than mining.[20][21][22][23] Ripple claims that its network can process 1,500 transactions per second[24] which is faster than Visa Inc.’s electronic payment platform VISA Net,[25]:2 which processed an average 150 million transactions per day in 2017[26]:3 The company has been partnerships with various firms like MoneyGram,[27][28] UniCredit,[29] UBS,[30][31] Santander,[32]”American Express,”[33]”Accenture,” IBM “and more.”

The Future of Crypto

Cryptocurrency has been gaining a lot of traction recently. Some people are even calling it the future of money. So, what is cryptocurrency? How does it work? And what does the future hold for it? Let’s take a closer look.

Bitcoin

Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. Transactions are verified by network nodes through cryptography and recorded in a public dispersed ledger called a blockchain. Bitcoin is unique in that there are a finite number of them: 21 million.

Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.

Ethereum

Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.

In Ethereum all transactions are public, traceable and irreversible. This gives developers the peace of mind that their code will run exactly as intended and that no one can tamper with it. The fact that Ethereum is built on blockchain technology also makes it more secure than most other cryptocurrencies.

Ethereum is still in its early stages, but has the potential to be much more than just a digital currency. It could turn out to be the backbone of a new, decentralized internet.

Litecoin

Litecoin is a cryptocurrency that is a fork of Bitcoin. Litecoin was created in October 2011 by former Google employee, Charles Lee. The main difference between Litecoin and Bitcoin is that Litecoin has a faster block generation time. This means that Litecoin can confirm transactions much faster than Bitcoin.

Litecoin also uses a different proof-of-work algorithm. While Bitcoin uses the SHA-256 algorithm, Litecoin uses the Scrypt algorithm. This means that mining Litecoin requires a different set of hardware than mining Bitcoin.

Litecoin has been very popular in recent years, as it has become one of the top 5 cryptocurrencies by market capitalization.

Ripple

Ripple is a digital payment network that uses a common ledger to record and settle transactions. Transactions on the Ripple network can be executed in any currency, including cryptocurrencies, fiat currencies, or commodities. The Ripple network is powered by a cryptocurrency called XRP, which is used to settle transactions on the network.

Ripple was founded in 2012 by Jed McCaleb, Arthur Britto, and David Schwartz. The company is based in San Francisco, California. Ripple has partnerships with major financial institutions around the world, including banks, payment providers, and digital asset exchanges.

Ripple is unique among cryptocurrencies in that it is not mined. Instead, all 100 billion XRP tokens were created when Ripple was founded. XRP tokens are currently held by Ripple and its partners.

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