The cryptocurrencies are going to transform the way we deal financially
It's difficult to determine the most 'technologically advanced cryptocurrencies'. The cryptocurrency industry is full of innovative projects. New tokens being introduced all the time, claiming to have the most advanced blockchain technology in the world. As the newly launched ones are yet to prove their potential, here are a few old-timers that have strong fundamentals.
Ethereum is a decentralized platform that brought smart contracts to the world. Since its launch in 2015, Ethereum has become the number 2 cryptocurrency after Bitcoin. The Ethereum community has also built hundreds of decentralized applications (DApps) that anyone can start using right away, with DApps for gaming, insurance, managing your cryptocurrencies, and more.
Even though Ethereum is certainly not a new cryptocurrency network, it still counts as one of the most technologically advanced. The Ethereum network has some of the best minds in the industry working on it, and the Ethereum protocol is being developed all the time. For example, the network is in the process of switching to a proof-of-stake consensus algorithm to do away with energy waste in mining.
Another reason is that developers are constantly testing the Ethereum network with real applications in the wild. It provides vital feedback for the community to keep expanding Ethereum into a truly global, scalable, and effective decentralized network.
It's also proven to be the best platform for Initial Coin Offerings (ICOs). The vast majority of all ICOs have been run on the Ethereum network. The token standards and technology have been refined to make running an ICO on Ethereum the easiest and most secure way to do so.
Stellar is another high-tech distributed blockchain network. Its native cryptocurrency is Lumens (XLM), although the currency is often also referred to as Stellar. The Stellar protocol was originally a fork of the Ripple protocol, but its technology has advanced a lot since then.
The unique selling point of Stellar is its consensus protocol that originated from the Federated Byzantine Agreement. The protocol is very different from the proof-of-work system used by Ethereum. In short, it allows for an open membership system, but the participants on the Stellar network can decide who to trust and change their decision if nodes become malicious. These trust decisions group together to make "quorums." It's like a more decentralized version of Ripple's consensus protocol.
For these reasons, many token issuers are deciding to or thinking about moving their ICOs over to the Stellar network. It is one of the only serious contenders for ICOs outside of Ethereum. Tokens listed on the Stellar network can be traded with much lower fees than those on Ethereum. The tokens are also listed and tradable on a built-in distributed exchange. This is great for token users. It means you can start trading tokens straight away rather than waiting for them to be listed on one of the centralized exchanges.
Bitcoin has become known as the anonymous internet currency. However, Bitcoin isn't actually private at all. To make sure that transactions are valid, addresses and transaction amounts are made public on the Bitcoin blockchain. In other words, anyone can see all transactions that go through the Bitcoin network. It means that if someone knows your public address, they know who you’ve sent money to, when, and how much. That’s a major privacy concern for many people.
Zcash is an alternative to the Bitcoin protocol that hides information about transactions. The network uses a technology called Zero-knowledge proofs that can verify transactions without revealing any information about the sender, receiver, or transaction amount. It also allows you to send transparent transactions if want, or ‘selective exposure’ for situations such as compliance and audits.
The zk-SNARKs technology is definitely game-changing and can allow for more privacy and confidentiality that is much sought in the cryptocurrency industry. Many experts have already recognized its value and started implementing it in their projects. Recently, Vitalik Buterin has suggested using zk-SNARKs for Ethereum.
To get your hands on cryptocurrencies, the best option is to go with a trusted cryptocurrency exchange. A great example with a good track record is CEX.IO (the official website for it is https://cex.io/). This exchange is very selective when listing new coins, and it comes as no surprise that these three technologically advanced cryptocurrencies are available on the platform.
The best thing about CEX.IO is that it allows customers to buy Dagcoin, Ethereum and Ripple with fiat using a credit card. All it takes for a verified user is to navigate to the BUY/SELL section, choose the appropriate cryptocurrency from a drop-down menu, enter the number of coins you want to obtain, and press Buy. Being an international crypto-exchange, CEX.IO supports various national currencies including USD, GBP, and EUR.
For more experienced users, CEX.IO also offers an option of trading these coins on a highly liquid marketplace with low fees. In fact, the commission here is based on a 30-day trade volume and ranges from 0.1% to 0.25% for takers, and may go as low as 0% for market makers.
Generally, when you're buying cryptocurrencies like the ones discussed here, you are investing in technology in the first place. So, make sure to learn as much as possible about the project, its potential, and the team behind before putting your money in it. And as the golden rule of the cryptocurrency industry says - ‘Never invest more than you can afford to lose.’
To know more about the cryptocurrency market and the technology behind it, comment below and we will try to untangle your concerns at the earliest.
Vikram is an experienced wunderkind, who embraced technology at a very early age, and today he is at the helm of it. Mobile apps are something that excites him the most, and now he is up to give this vertical the best shot. He routinely catches up with the new apps and comes up with the top apps that can excite you to the core.
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