This is the third part of a series that will cover all of the top 50 Cryptocurrencies and provide an introduction to what the coin does, why it matters, and any important highlights. The goal of the Top 50 series is to give the reader a basic understanding of each coin that simplifies a thorough technical understanding down into a few easy to understand points. The ranking of coins changes on a day by day basis and may not always reflect the order in this article.
11 of 50 — Cardano (ADA)
Cardano is a blockchain platform initially conceptualized by Ethereum co-founder Charles Hoskinson. Cardano was developed to address the emerging needs of later blockchain platforms (scalability, interoperability, sustainability).
One of the defining qualities of Cardano is that the entire platform is built on a basis of peer-reviewed scientific research.
Cardano is ultimately a proof-of-stake blockchain and one that features smart contracts and the ability to track multiple assets. In addressing the need for scalability, Cardano doesn’t just look at transaction speeds, it also addresses the need for managing the amount of data stored in the network and the connectivity and communication of the network.
Another goal of Cardano is to produce an interoperable, multi-asset chain. One way Cardano is accomplishing this is through the implementation of side-chains, which are additional blockchains attached to the main chain.
Finally, Cardano is seeking to bridge the gap between the legacy world of operations and the new decentralized initiatives. It is doing this by identifying the right ways to attach metadata to the transaction (identifiers about the transaction), attribute the transactions to certain parties, and handle compliance. The challenge with all of these is that these can both compromise users and benefit them.
12 of 50 — IOTA (MIOTA)
IOTA is one of the most well-known projects to use a directed acyclic graph (DAG). This is a system that is somewhat like a blockchain except that transactions can be confirmed in any order so that there is no longer a linear progression of one block after the other.
The goal of IOTA is to empower Internet of Things applications through the benefits of blockchain. IOTA is mainly a network for machine to machine interactions, as huge numbers of devices communicate and purchase and sell resources across the IOTA network.
The IOTA network features no transaction fees. Instead, each transaction made must confirm two other transactions in order to process.
IOTA has suffered criticism on several occasions for its technology. This has mainly been centered around its self developed hashing function. Curling and the use of a coordinator node in the network to manage it.
13 of 50- Monero (XMR)
Monero is one of the leading privacy-focused currencies on the market. When someone views the Monero blockchain, they are unable to determine where any given transaction came from or the value of the transaction. Monero accomplishes this by creating a “dance floor” where many different addresses are potential recipients and senders of every transaction. For example, if you control a specific address your address will at times be listed as a potential sender of a transaction despite having no role in that transaction.
Monero also has fought strongly against ASIC miners to promote mining decentralization and as such Monero is one of few cryptocurrencies that can be mined using a GPU effectively.
Monero is a true privacy coin and is untraceable on all levels.
14 of 50 — Binance Coin (BNB)
Binance coin is a cryptocurrency issued by the Binance Cryptocurrency exchange. It offers users of the exchange certain benefits and also allows users to benefit from the growth of the Binance exchange platform.
Binance Coin allows users to pay reduced trading fees when they pay for trades using BNB. Binance also uses a portion of its profits to buy back BNB each quarter, reducing the supply and increasing the value of the coin.
BNB is also set to be the cryptocurrency that will be used in Binance’s upcoming decentralized exchange.
15 of 50 — Dash (DASH)
DASH is an attempt to create true digital cash, meaning it can be used effectively for day to day payments. It features fast transaction speeds and extremely small fees on each transaction.
DASH is actively governed by a decentralized autonomous organization (DAO). This takes the shape of various masternodes that cast votes on the DASH blockchain to make decisions for the protocol while also validating transactions. DASH still utilizes miners to run the network, but masternodes receive a large number of coins (45 percent) from mining while being able to vote.
DASH features both instant send and private send features for transactions. Dash has experienced significant adoption in Venezuela due to hyperinflation in the country. It’s low transaction fees make it viable for day to day purchases.