By AsianMarketCap Official on The Capital
How well do you know the cryptocurrencies in the market today? A cryptocurrency can be defined as the digital money which can be used to purchase goods and services. It is basically a combination of two words: CRYPTO and CURRENCY, which means a cryptographically encrypted currency.
Cryptocurrencies are encrypted which makes them reliable and secure. Encryption actually means to convert a meaningful data into a code which is complex to understand and decrypt it. Encryption acts as the backbone of cryptocurrencies. For a normal data to be encrypted, the same key is used to encrypt and decrypt it. But for cryptocurrencies, two keys are being used which are mathematically linked to each other. One is used for encryption and the other is used to decrypt it.
To give you a glimpse of a certain cryptocurrency’s use and description, we gathered this list that describes 42 cryptocurrencies in four words or less.
CRYPTOCURRENCY DESCRIPTION
Bitcoin, BTC = Digital Gold
Ethereum, ETH = Programmable contracts and money
Bitcoin Cash, BCH = Bitcoin clone
Ripple, XRP = Enterprise payment settlement network
Litecoin, LTC = Faster Bitcoin
Dash, DASH = Privacy-focused Bitcoin clone
NEO, NEO = Chinese-market Ethereum
NEM, XEM = Batteries-included digital assets
Monero, XMR = Private digital cash
Ethereum Classic, ETC = Ethereum clone
IOTA, MIOTA = Internet-of-things payments
Qtum, QTUM = Ethereum contracts on Bitcoin
OmiseGO, OMG = Banking, remittance and exchange
Zcash, ZEC = Private digital cash
Cardano, ADA = Layered currency and contracts
Tether, USDT = Price = 1 USD
Stellar Lumens, XLM = Digital IOUs
EOS, EOS = Decentralized applications on WebAssembly
Waves, WAVES = Decentralized exchange and crowdfunding
Stratis, STRAT = Decentralized applications in C#
Bytecoin, BCN = Privacy-focused cryptocurrency
Steem, STEEM = Reddit with money voting
Binance Coin, BNB = Pay Binance exchange fees
MaidSafeCoin, MAID = Rent disk space
BitShares, BTS = Decentralized exchange
Golem, GNT = Rent other people’s computers
Gas, GAS = Pay no fees on Neo
TRON, TRX = In-app purchases
Vertcoin, VTC = Bitcoin clone
MonaCoin, MONA = Japanese Dogecoin
Basic Attention, BAT = Decentralized ad network
Dogecoin, DOGE = Serious meme bitcoin clone
Syscoin, SYS = Decentralized marketplace
Siacoin, SC = Rent disk space
Status, SNT = Decentralized application browser
Verge, XVG = Privacy Dogecoin
DigiByte, DGB = Faster Bitcoin
KuCoin Shares, KCS = Profit-sharing exchange fees
ChainLink, LINK = External data for contracts
Nxt, NXT = Cryptocurrency and marketplace
Monaco, MCO = Cryptocurrency credit card
ZenCash, ZEN = Privacy-focused Bitcoin clone
This is just a portion out of over 5000 cryptocurrencies in the crypto-sphere today. Do you have anything to add to the above list? Please share.
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42 Cryptocurrencies Described in Four Words or Less was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.
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