History of Cryptocurrency
The first cryptocurrency was Bitcoin. Bitcoin was created in 2009 by a pseudonymous developer named Satoshi Nakamoto. Bitcoin uses SHA-256, which is a set of cryptographic hash functions designed by the U.S National Security Agency. Bitcoin is a cryptocurrency that is based on the proof-of-work system.
The first cryptocurrency was Bitcoin. Bitcoin was created in 2009 by a pseudonymous developer named Satoshi Nakamoto. Bitcoin uses SHA-256, which is a set of cryptographic hash functions designed by the U.S National Security Agency. Bitcoin is a cryptocurrency that is based on the proof-of-work system.
In April 2011, Namecoin, the first altcoin,
was created to form a decentralized DNS to make internet censorship more
difficult. In October 2011, Litecoin was released and became the
first successful cryptocurrency to use scrypt as its hash function rather than
SHA-256. This gave the general public the ability to mine for litecoins without
the purchase of specific hardware such as the ASIC machines used to mine Bitcoin.
Litecoin began receiving media attention in late 2013 – reaching
a market cap of $1 billion. Ripplecoin,
created in 2011, was built on the same protocol as Bitcoin but services as
a payment system – think of it like a Paypal for cryptocurrencies that
supports any fiat currency, cryptocurrency, commodity or even frequent flier
miles.
Cryptocurrencies & Market
Capitalization
Bitcoin is the
largest cryptocurrency in both market capitalization, volume,
acceptance and notoriety, but it’s not the most valuable coin. NEMstake,
while only having a market cap of $1,116,720, trades at $1,117 a coin.
Looking at the market cap, Litecoin takes
second place after Bitcoin with Ripple close
behind.
One coin that you
are more than likely familiar with is Dogecoin. Dogecoin ranks, on average, thirds
in trading volume, but has a relatively low market cap – ranking number six in
the largest cryptocurrency.
Article Credits
to :- https://www.cryptocoinsnews.com/cryptocurrency/
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