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Cryptocurrencies run the world and so you should know more about them. Let’s write a little bit of what you should know about Ethereum, Ripple and Litecoin cryptos as a beginner today.
Ethereum started in 2013 and its creator is Vitalik Buterin.
It is the second biggest cryptocurrency and many people see it as a Bitcoin’s biggest competitor. Ethereum was developed while Bitcoin was maturing and learned from Bitcoins biggest problem which is ASIC dominated mining and the looming problem of centralization.
- Its blockchain can store the code, not only transactions.
- Its block creation and transaction times are very quick.
- ASIC mining resistant.
- Universality of application.
- New open industries forming around Ethereum.
- Trying to do all the things in once.
- There exist a danger of a virus or attacks.
- The probability of hard forks with planned development milestones is high.
- Blockchain bloat – storing transactions and code.
Here is more information about Ethereum. The Ethereum’s use is still growing and it’s not stopping.
Ripple is a cryptocurrency which is in many ways as Bitcoin. Its other names are RTGS – real-time gross settlement system or Ripple Transaction Protocol. It is build on the distributed open source Internet protocol, consensus ledger and native cryptocurrency called XPR (ripples). XPR is a native currency and exists only within the Ripple system. Ripples main goal is to make a secure, instant and almost free global financial transactions of any size, without any chargebacks.
- Its block reaction and transaction time.
- XPR consistently handles over 1500 transactions per second and can scale.
- Open source technology, built on the principles of blockchain.
- It is ready for enterprise and institutional use.
- Have to be purchased and cannot be mined.
- Only one company owns the XPRs and that gives it a negative reputation.
- You have to have at least 20XPRs to be able to book your wallet address.
Even not all the cryptocurrencies works with the banks, Ripple is one of them. Growing number of nodes and its value is expected to rise in the future. More about Ripple available here.
Litecoin was released as an-open source code on Github in 2011 by by Charlie Lee, which you could know as a former Google employee. Litecoin has a different approach to block sizes and their generation speed (compare to other, now it is 2,5 minutes). Another compare to Bitcoin is the use of scrypt and its proof of work algorithm. Litecoin is also one of the top 5 cryptocurrencies when it comes to market capitalization and it was a first from these top 5 cryptocurrencies which activated Segragated Witness in May 2017.
- Ability to process 8x more transaction as Bitcoin in a 10 minute window.
- Good stable market price and liquidity.
- Quick block creation and transaction times.
- The community is great and has high consensus for changes.
- Based on the BTC.
- It’s in in the shadow of BTC and doesn’t offer much novelty.
- Could be knocked-over by modern altcoins.
- Still lags behind the Bitcoin core and runs on obsolete code.
Even the Litecoin was developed to enjoy faster transactions and confirmation times and it might be seen and a younger brother to Bitcoin. The community of Litecoin is more utility-focused therefore making progressive changes possible. Its creator Lee see the Litecoin as a necessary diversity element that will keep the cryptocurrency strong with Bitcoin and the other ones.
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