What is Bitcoin?
Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto who published a related paper in 2008 and released it as open-source software in 2009. The system featured as peer-to-peer; users can transact directly without an intermediary. Transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain. The ledger uses bitcoin as its unit of account. The system works without a central repository or single administrator, which has led the U.S. Treasury to categorize bitcoin as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency, although prior systems existed. Bitcoin is more correctly described as the first decentralized digital currency. It is the largest of its kind in terms of total market value by now.
Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into a public ledger. This activity is called mining and miners are rewarded with transaction fees and newly created bitcoins. Besides being obtained by mining, bitcoins can be exchanged for other currencies, products, and services. Users can send and receive bitcoins for an optional transaction fee.
Bitcoin proposes a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they’ll generate the longest chain and outpace attackers. The network itself requires minimal structure. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone.
Official Website: https://bitcoin.org/en/
Bitcoin Wiki: https://en.bitcoin.it/wiki/Main_Page
Bitcoin FAQ: https://bitcoin.org/en/faq
Block Explorer: https://blockchain.info/
Bitcoin Forum: https://bitcointalk.org/
Market Capitalizations: https://coinmarketcap.com/
What is Bitcoin Cash (Bitcoin ABC)?
Bitcoin Cash brings sound money to the world, fulfilling the original promise of Bitcoin as “Peer-to-Peer Electronic Cash”. Merchants and users are empowered with low fees and reliable confirmations. The future shines brightly with unrestricted growth, global adoption, permissionless innovation, and decentralized development.
Is Bitcoin Cash different from ‘Bitcoin’?
In 2017, the Bitcoin project and its community split in two. Perhaps the least controversial way to refer to each side is simply by their respective ticker symbols, BTC and BCH. Bitcoin Cash is usually represented by the BCH ticker symbol and is considered by its supporters to be the legitimate continuation of the Bitcoin project as peer-to-peer digital cash.
Bitcoin ABC is a full node implementation of the Bitcoin Cash protocol. They aim to provide a solid, stable software and help lead Bitcoin Cash protocol development with an open and collaborative process.
Official Website: https://www.bitcoinabc.org/
What is Ethereum?
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference. These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.
This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middle man or counterparty risk. The project was bootstrapped via an ether presale in August 2014 by fans all around the world. It is developed by the Ethereum Foundation, a Swiss nonprofit, with contributions from great minds across the globe.
The intent of Ethereum is to create an alternative protocol for building decentralized applications, providing a different set of tradeoffs that we believe will be very useful for a large class of decentralized applications, with particular emphasis on situations where rapid development time, security for small and rarely used applications, and the ability of different applications to very efficiently interact, are important. Ethereum does this by building what is essentially the ultimate abstract foundational layer: a blockchain with a built-in Turing-complete programming language, allowing anyone to write smart contracts and decentralized applications where they can create their own arbitrary rules for ownership, transaction formats and state transition functions. A bare-bones version of Namecoin can be written in two lines of code, and other protocols like currencies and reputation systems can be built in under twenty. Smart contracts, cryptographic “boxes” that contain value and only unlock it if certain conditions are met, can also be built on top of the platform, with vastly more power than that offered by Bitcoin scripting because of the added powers of Turing-completeness, value-awareness, blockchain-awareness and state.
Official Website: https://www.ethereum.org/
Block Explorer: https://etherscan.io/
What is Ripple (XRP)?
RippleNet delivers a single, frictionless experience for global payments. Rather than a constellation of disparate technologies, unstandardized communications, and centralized networks, RippleNet is a single, global network of banks that send and receive payments via Ripple’s distributed financial technology — providing real-time messaging, clearing and settlement of transactions.
RippleNet is a decentralized network based on an agreement between Ripple and network participants — all of which utilize the same technology and adhere to a consistent set of payment rules and standards.
RippleNet banks benefit from the robust connectivity, standardized technology, and rich data attachments with each payment. Ripple’s distributed financial technology outperforms today’s infrastructure by driving down costs, increasing processing speeds and delivering end-to-end visibility into payment fees, timing, and delivery.
XRP is the native currency of the Ripple network that only exists within the Ripple system. XRP are currently divisible to 6 decimal places, and the smallest unit is called a drop with 1 million drops equaling 1 XRP. There were 100 billion XRP created at Ripple’s inception, with no more allowed to be created according to the protocol’s rules. As such, the system was designed so XRP is a scarce asset with decreasing available supply. Not dependent on any third party for redemption, XRP is the only currency in the Ripple network that does not entail counterparty risk, and it is the only native digital asset. The other currencies in the Ripple network are debt instruments (i.e. liabilities) and exist in the form of balances. Users of the Ripple network are not required to use XRP as a store of value or a medium of exchange. Each Ripple account is required, however, to have a small reserve of 20 XRP (US$6.58 as of May 16, 2017). The purpose of this requirement is discussed in the anti-spam section.
Official Website: https://ripple.com/
What is Litecoin?
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved s torage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.
Litecoin was released via an open-source client on GitHub on October 7, 2011 by Charlie Lee, a former Google employee. The Litecoin network went live on October 13, 2011. It was a fork of the Bitcoin Core client, differing primarily by having a decreased block generation time (2.5 minutes), increased maximum number of coins, different hashing algorithm (scrypt, instead of SHA-256), and a slightly modified GUI.
In May 2017, Litecoin became the first of the top-5 (by market cap) cryptocurrencies to adopt Segregated Witness.Later in May of the same year, the first Lightning Network transaction was completed through Litecoin, transferring 0.00000001 LTC from Zürich to San Francisco in under one second. In November 26, 2017, its market capitalization is US$4,600,081,733 at around $85.18 per coin.
Wallet encryption allows you to secure your wallet, so that you can view transactions and your account balance, but are required to enter your password before spending litecoins.
This provides protection from wallet-stealing viruses and trojans as well as a sanity check before sending payments.
Miners are currently awarded with 25 new litecoins per block, an amount which gets halved roughly every 4 years (every 840,000 blocks).
The Litecoin network is therefore scheduled to produce 84 million litecoins, which is 4 times as many currency units as Bitcoin.
Official Website: https://litecoin.org/
Block Explorer: http://explorer.litecoin.net/
What is Dogecoin?
Dogecoin is a decentralized, peer-to-peer digital currency that enables you to easily send money online. Think of it as “the internet currency”. Dogecoin is a fun, new and rapidly growing form of digital currency. This form of digital currency is called “cryptocurrency”; a type of digital currency. Cryptocurrency is completely anonymous, decentralized, and extremely secure.
Dogecoin is used with a wallet on your computer, your smartphone, or a website. You can use it to buy goods and services, or trade it for other currencies (both other cryptocurrencies or traditional currency like US dollars).
One of the most popular uses for Dogecoin is “tipping” fellow internet-goers who create or share great content. Think of it as a more meaningful “like” or up vote, with real value that can be used all across the internet.
Official Website: https://dogecoin.com/
What is Ubet?
Ubet is a decentralized blockchain-based, peer-to-peer funding platform. Today’s Mortgage Lending Industry Mortgage Loans Are at the Core of Society.
Having a home is one of the basic human needs – a need most people are only able to afford by taking out a mortgage loan from the bank. In the U.S. alone, more than 10.5 million residential and commercial projects are funded every year.
An estimated $ 50 Trillion Industry Yearning for Disruption
The U.S. project funding market is valued at an estimated $25 trillion, and the global market is expected to reach $50 trillion by the end of 2018. Yet, despite how central this market is both socially and economically, the traditional funding system remains incredibly primitive.
The system relies on a complex paper-based processes involving various intermediaries, processes that are laden with inefficiencies and overhead costs for both consumers and Investors. In fact, projects funding are largely unattainable for the Millennials, excluding millions of individuals from obtaining project fundings due to outdated assessment criteria.
Official Website: http://ubetcoin.io/