Which are the different types of coins in cryptocurrencies?
If you want to know more about more types of coins in crypto currencies you have landed at the right article.
Today, I am going to throw a light on which are the others coins available in cryptocurrency industry.
This article is for beginners those who have just trying to explore and interested in learning more basics about the cryptocurrencies.
In this article today you will learn more about different coins which will help you in understanding the scope of it.
So basically, there are lot of coins available in the crypto market and everyday one new coin is launching. Today I am going to give you an understanding of some leading coins of the industry.
Below is the list.
• Bitcoin (BTC)
• Ethereum (ETH)
• Polkadot (DOT)
• Uniswap (UNI)
• Chainlink (LINK)
Bitcoin is a digital currency which is invented by Satoshi Nakamato in 2008. It is based on blockchain technology. Bitcoin is a collection of different computers or nodes, which runs the bitcoin code and store its blockchain. Collection of blocks is known as a blockchain. Every block contains the information of transactions. It is completely decentralized. To know more about the bitcoin read here.
Ether is a currency which is developed on an open source which is programmable blockchain in 2015. It does not only allow you to transfer the digital money but also you can build your own decentralized project using Ethereum technology. It is the second well known currency after the Bitcoin across the world. Most of the decentralized projects are built on ETHEREUM. ETHER is most important part of ETHEREUM. Whenever you do a transaction or use ETHEREUM application they charge a small fee in ETH to use the ETHEREUM network. This fee goes to the miner who process and verify what are you are trying to do.
Miners are like guards, they keep the records of ETHEREUM, also makes sure nobody is cheating. In my next article we will more talk about MINING.
Polkadot launched in 2016, founded by swiss foundation named WEB3 foundation who is led by Gavin Good, former co-founder and CTO of Ethereum. Polkadot is sharded multichain network which means parallelly it can process many transactions on different chains they are known as parachains. It improves the scalability. Polkadot is created to operate two types of blockchains.
Relay Chains – Relay chains is a permanent network where transactions are permanent.
Parachains – Parchains is a user created network where you do peer to peer transactions.
It helps user to do the transactions privately and efficiently.
Uniswap is a decentralized protocol created by Hayden Adams in 2018 on Ethereum. It allows users to trade without any middle man with high degree of decentralization. It swaps the ERC20 tokens which functions as a liquidity pool. It does not follow the traditional order book model.
Chainlink’s decentralized oracle network provides reliable, tamper-proof inputs and outputs for complex smart contracts on any blockchain. Chainlink greatly expands the capability of smart contracts by enabling access to real-world data, events, payments, and more without sacrificing the security and reliability guarantees inherent to blockchain technology. Chainlink provides enterprises and governments with numerous ways to leverage the benefits of blockchain technology without rearchitecting their current systems.
I am sure the article helped you to get an understanding of some leading coins in Crypto Market. For more updates and give aways follow us on Twitter