Imagup General Magazine 2024
There is one constant when one thinks of cryptocurrencies, that is, change. What we mean by change here is with respect to the price value of the particular cryptographic coin belonging to the cryptocurrency platform. Visit this site and avail of their services to learn more about trading signals and much more.
Owing to its volatile nature and the impracticality of making predictions in the world of cryptocurrencies, here are some of the best blockchain companies along with their pros and cons. Weigh them out by learning how these work in order to make an informed decision. Go URL, if you are interested in the oil industry and want to know if the oil profit review of 2024 is at all legit or not.
1. Ethereum
Taking after Bitcoin with respect to market capitalization, Ethereum is a blockchain company that was launched in 2015. Smart contracts and decentralised applications are other defining characteristics when it comes to Ethereum. It has successfully developed a decentralized platform without the possibility of compromising the system because of various reasons such as downtime, miners, and many more.
Ether or simply designated as ETH is the cryptographic token of this blockchain company. It provides a platform for developers to design as well as run applications. However, Ethereum is also emerging as an able platform wherein investors from around the world can buy other crypto coins by exchanging their own ETH.
Even though the news of Ethereum 2.0 which is an upgraded version of the blockchain company hit the crypto news recently, it is, however, unable to turn the same into reality. Even though they are continually delaying the implementation of the upgrade, it, nonetheless, bears only good news.
With Ethereum 2.0, the blockchain company will emerge with a rather novel consensus algorithm that is Proof-of-Stake or simply PoS. It currently uses Proof-of-Work which has many demerits such as excessive use of energy and slow pace or speed. With many other latest contemporaries like Cardano that have already developed their technology with PoS, Ethereum is still struggling to deliver the best consensus algorithm there is in the field of cryptocurrency.
2. Litecoin
Litecoin is known to be in its baby footsteps towards the top-ranker, Bitcoin. The common nickname given and earned by Litcoin is “silver to Bitcoin’s gold. Litecoin as an open-source global payment network developed by Charlie Lee took off back in the year 2011. He initially worked as an engineer in Google. Even though this is not known by many, he is a graduate of MIT.
Like Ethereum, it is still hooked on PoW (Proof-of-Work) and utilises Scrypt as a password-based key derivation function. Many investors and crypto followers like to compare Litecoin and Bitcoin. However, there are many significant changes that need to be addressed here.
Litecoin currently has a much faster transaction confirmation. This is possible because it has a better and efficient block generation rate. Because of its popularity, there are many available merchants who like to make trade and exchanges using Litecoin as a medium of exchange.
3. Cardano
The former co-founder of Ethereum, Charles Hoskinson, is the man behind one of the most successful platforms there is in the field of blockchain technology, that is, Cardano. Cardano has had a very successful career since its official launch on September 27th, 2017.
Cardano believes in delivering the best and getting it right the first time itself. We say this because Cardano has developed the PoS framework right from the beginning. Owing to this fact, the price value of ADA (which is the cryptographic token of Cardano) has been relatively higher compared to other cryptocurrencies that premiered around the same time as Cardano.
Cardano has done exceptionally well and all the world turned to Cardano when Cardano was adopted by the Ethiopian government in an IOHK case partnership. This came as a significant revelation to the world since almost 15% of the population there is hooked on trading with cryptocurrency.
If you are wondering why Cardano stands out among the crowd, it is due to the fact that the emergence of this blockchain company was very much dependent on a trial and error method that requires thorough experimentation.
The technology was further peer-reviewed that motivated the developers of Cardano to better itself until it reached a consensus. It has the potential to become the next big thing in the field of cryptocurrency but it is definitely early days to predict the future with certainty.
4. Bitcoin Cash
When we talk about altcoins, we think about Bitcoin Cash. Just like Bitcoin, Bitcoin Cash too has been leading the world of altcoins. There is a feature called forks that Bitcoin Cash has been particularly successful in. Bitcoin Cash took over only recently in the month of August 2017.
Forks are basically a change in protocol and are used in many instances. These come in handy when a blockchain stumbles on a point wherein there is more than one path ahead of it. For example, when two blocks reach a point wherein they have the same height, forks offer a change in protocol for the smooth functioning of the blockchain.
There was a dire need to come up with advancements like forks because the Bitcoin network in general was facing issues because of another feature called scalability. As we all must be aware of this by now, Bitcoin has posed a limit on the block size. This subsequently meant there must be an alternative that can increase the size of blocks by more than 1 megabyte. BCH happened in the negation of these issues.
As the scalability increased hitting the mark of 8 megabytes, it means that the number of transactions or exchanges, as well as the speed at which the said transactions, are happening can now be increased substantially too. In addition to this, with the rise of BCH, the world saw the illegitimacy of the Segregated Witness protocol which had a huge role to play when one thinks of block space.
They also occur when there have been deliberations that can often lead to debates between developers and miners. This means the programming which is encoded needs constant evaluation and integration of new changes for the developers and miners to come into a general consensus.
Conclusion
Before investing, make sure you go through all the basic knowledge of the individual blockchain companies. Learning how these work will go a long way if you wish to play your A-game in the crypto business.
