Peter Kent - Cryptocurrency All-in-One For Dummies

Dash (DASH): Also mentioned in the payment category, Dash is a bit of a hybrid. In addition to Bitcoin’s core features, Dash also includes the option for instant and private transactions.

Platform cryptos are also referred to as decentralized application protocol cryptos, smart contract cryptos, or a hybrid of all three. In this category, you can find cryptocurrencies that are built on a centralized blockchain platform; developers use them to build decentralized applications. In other words, such cryptocurrencies act as platforms where people build upon blockchain applications (and thus other cryptocurrencies).

In fact, some analysts suggest that you may want to forget about payment cryptocurrencies and invest in crypto platforms instead. They’re generally considered good long-term investments because they rise in value as more applications are created on their blockchain. As blockchain technology becomes more mainstream, the number of applications and their usage will increase, along with the price of such coins. The most famous example in this category is Ethereum (ETH). Others include the following:

NEO (NEO): A smart contracts ecosystem similar to Ethereum, NEO wants to be a platform for a new smart economy. NEO is China’s largest cryptocurrency.

Lisk (LSK): Lisk is a smart contracts platform similar to Ethereum but based on JavaScript. See https://lisk.io/ .

EOS (EOS): Another smart contracts platform similar to Ethereum, EOS has performance and scalability benefits.

Icon (ICX): Icon wants to “Hyperconnect the World” by building one of the largest decentralized global networks. See https://m.icon.foundation/?lang=en .

Qtum (QTUM): Qtum is a Singapore-based Ethereum and Bitcoin hybrid. See https://qtum.org/ .

VeChain (VEN): VeChain is a blockchain-based platform that gives retailers and consumers the ability to determine the quality and authenticity of products they buy.

Ark (ARK): Ark wants to provide an all-in-one blockchain solution for developers and start-ups. See https://ark.io/ .

Substratum (SUB): Substratum wants to create a new generation of Internet. See https://substratum.net/ .

These are just a few of the hundreds of cryptocurrencies that are emerging in this category.

Exchange-specific cryptos are mainly introduced and used by the cryptocurrency exchanges. You can think of these cryptos as incentives that bring people to the exchanges’ platforms. For tips on selecting the best exchange-specific cryptocurrency and choosing the best cryptocurrency exchange, see Book 5, Chapter 3. Here are a few examples of these currencies.

Binance Coin (BNB): Issued by Binance exchange, Binance Coin runs on the Ethereum platform and has a strict maximum limit of 200 million BNB tokens. See www.binance.com/ .

KuCoin Shares (KCS): KuCoin Shares is just like Binance Coin but for the KuCoin exchange. See www.kucoin.com/ .

Bibox Token (BIX): Bibox Token is one of the smaller exchanges that has successfully launched its own token. See www.bibox.com/ .

This section groups pure financial cryptos with financial technology (fintech) cryptocurrencies. These cryptos facilitate the creation of a financial system for the blockchain and for people around the world:

Ripple (XRP): Ripple is a blockchain payment system for banks, payment providers, digital asset exchanges, and other companies. It’s designed to move large amounts of money quickly and reliably.

Stellar Lumens (XLM): Stellar Lumens aims to develop the world’s new financial system. It’s building an open system where people of all income levels can access financial services.

Populous (PPT): Populous is a global invoice trading platform designed to help businesses. Smart contracts automatically perform funding and release payment without a third party.

OMG Network (OMG): OMG is designed to enable financial services for people without bank accounts. It works worldwide and with both traditional money (fiat currency) and cryptocurrencies.

Bancor (BNT): Bancor lets you convert between two cryptocurrencies of your choice without another party. See www.bancor.network/ .

Crypto.com: This cryptocurrency-funded Visa debit card allows you to spend your coins on everyday purchases. See https://crypto.com/ .

More cryptocurrencies are emerging in the two categories of legal and property cryptos. But because they’re related, I’ve grouped them together here for now. Here are a couple of examples:

Polymath (POLY): Polymath helps provide legal advice for token investors and smart contract developers. See https://polymath.network/ .

Propy (PRO): Propy solves problems that arise from purchasing properties across borders when using fiat currencies or cryptocurrencies. It’s the first company to ever sell a property on the blockchain and using Bitcoin. See https://propy.com/ .

Other up-and-coming property cryptocurrencies include Meridio, Republic, SafeWire, and Vairt.

Book 2

1 Chapter 1: Introducing Blockchain Beginning at the Beginning: What Blockchains Are The Structure of Blockchains Blockchain Applications The Blockchain Life Cycle Consensus: The Driving Force of Blockchains Blockchains in Use

2 Chapter 2: Picking a Blockchain Where Blockchains Add Substance Choosing a Solution

3 Chapter 3: Getting Your Hands on Blockchain Diving into Blockchain Technology Building a Private Blockchain with Docker and Ethereum

4 Chapter 4: Beholding the Bitcoin Blockchain Getting a Brief History of the Bitcoin Blockchain The New Bitcoin: Bitcoin Cash Debunking Some Common Bitcoin Misconceptions Bitcoin: The New Wild West Mining for Bitcoins Making Your First Paper Wallet

5 Chapter 5: Encountering the Ethereum Blockchain Exploring the Brief History of Ethereum Ethereum: The Open-Source World Wide Computer Hacking a Blockchain Getting Up and Running on Ethereum Uncovering the Future of DAOs Creating Your Own ERC-20 Token

6 Chapter 6: Getting Your Hands on Hyperledger Getting to Know Hyperledger Identifying Key Hyperledger Projects Building Your System in Fabric Building Asset Tracking with Hyperledger Composer Working with Smart Contracts on Hyperledger

7 Chapter 7: Financial Technology Hauling Out Your Crystal Ball: Future Banking Trends Going International: Global Financial Products Squeezing Out Fraud

Chapter 1

IN THIS CHAPTER

Discovering the new world of blockchains

Understanding why blockchains matter

Identifying the three types of blockchains

Deepening your knowledge of how blockchains work

Originally, blockchain was just the computer science term for how to structure and share data. Today, blockchains are hailed as the “fifth evolution” of computing.