Cryptocurrency has been steadily gathering pace over the last decade and is becoming a more recognizable concept in the current zeitgeist. With the public becoming more aware of these and taking them up, we have seen the number of cryptocurrencies available skyrocket. With this in mind, we will look at which cryptocurrencies are the ones to watch this year.
How could we do an article about cryptocurrency without mentioning Bitcoin; so here it is. Bitcoin might be a subject we have all reached saturation with, but not everyone is up to speed. Bitcoin was the original cryptocurrency; this privileged position has given it countless hours of promotional opportunities and a place in many businesses ' estimations that it is more trustworthy. We have seen many banks and other financial institutions that offer ways of using Bitcoin in the mainstream, such as these pre-paid Bitcoin payment cards. Bitcoin does not look like losing its prime position anytime soon and looks like being a major player this year and beyond.
Ripple is technically not a new cryptocurrency, originally released in 2012, but it went through a stabilization upgrade and was relaunched back in 2018. The most interesting thing about Ripple is its break from crypto tradition by not using Blockchain Technology. The technology for encryption is a network of validating servers using tokens known as XRP, or 'Ripples'. This technology is popular with several mainstream banks and financial institutions allowing Ripple to be used by them.
Tether is an interesting take on the cryptocurrency idea. It is encrypted using the traditional blockchain technology pioneered by Bitcoin. But the creators of Tether identified one fact that was holding back the full adoption of cryptocurrency by the masses. Namely that it was not backed by any real-world reserves like cash investments at the bank is. Tether promises that all coins are backed by real-world assets, such as traditional cash and other financial investments. Customers can buy USDT with the peace of mind usually only offered by major financial institutions.
Etherium is an interesting take on the cryptocurrency phenomenon, as its encryption runs the cryptocurrency, and many other apps. The system is not only a currency but operates as a programming language as well. This combination gives a unique payment platform available to developers when making apps using the programming language. It is a popular cryptocurrency with consumers and developers alike.
Cosmos is a blockchain technology that works on the premise that crypto factions should not focus on division and work against each other. They strive to bring them all together, enabling interoperability, currency exchanges, and an Internet of Blockchains (IoB). Cosmos uses Tendermint Core, an open-source blockchain development platform. Cosmos provides a ready-made implementation service that allows developers to create their own decentralized/distributed network. This exciting interactive and collaborative approach will bring a new era of cryptocurrency interdependency.Overall, the crypto market is looking strong and these main contenders look set to dominate the market for some time to come.This article has been contributed on behalf of Paxful. However, the information provided herein is not and is not intended to be, investment, financial, or other advice.