This is the second part of a series that will cover all of the top 50 Cryptocurrencies and provide an introduction to what the coin does, why it matters, and any important highlights. The goal of the Top 50 series is to give the reader a basic understanding of each coin that simplifies a thorough technical understanding down into a few easy to understand points. The ranking of coins changes on a day by day basis and may not always reflect the order in this article.
6 of 50 — EOS (EOS)
EOS is a blockchain designed to tackle many of the scaling and architecture challenges that Ethereum and other DApp platforms are facing. While it remains to be seen if the design of EOS will successfully handle these challenges, it is structured in a unique way.
The main characteristics of EOS are:
No transaction fees. Users instead stake various tokens instead of paying a fee on each action.
- Delegated proof of stake. EOS utilizes a system of 21 elected block producers. These producers have significantly more authority than miners in traditional PoW networks.
- The network features a constitution, and the block producers can vote to take action based on violations of these rules.
- Hugely increased transaction capacity and a greater computational capacity due to only utilizing 21 block producers in a DPOS system. The computational gains are more important in terms of running an efficient DApp network at scale.
- Users must create fee-based EOS accounts to use the network
EOS raised billions in a year-long ICO and has been using some of that capital to act as a VC, investing in the EOS ecosystem.
7 of 50 — Litecoin (LTC)
Litecoin is one of the oldest cryptocurrencies and is often the silver to Bitcoin’s gold.
Litecoin has always acted as an experimental version of Bitcoin that has taken a slightly different approach. Litecoin has a higher transaction capacity, faster block time, and uses a different hash function (Scrypt). It also features low transaction costs.
Litecoin is also integrating Lightning Network as a scaling solution. Lightning Network is a layer two solution that was initially developed on Bitcoin that greatly increases transactional capacity by settling transactions outside the main chain and then recording the final result on the main chain.
Litecoin development has largely been overseen by the Litecoin foundation and is not decentralized to the same extent as Bitcoin.
8 of 50 — Tether (USDT)
Tether is not a true cryptocurrency. It is a digital dollar. Tether is issued by a private corporation on the Omni layer of the Bitcoin network.
The goal of Tether is for one USDT to always equal one US dollar, in terms of value, and to serve as a stablecoin for cryptocurrency exchanges. It ideally allows traders to shift digital assets into a stable form of capital to move between exchanges and to support trading.
Tether has been surrounded by controversy from many angles included claims that it has been used to artificially inflate cryptocurrency prices and that the company does not hold an equivalent amount of US dollars to back each USDT token as is claimed.
9 of 50 — Bitcoin SV (BSV)
Bitcoin SV is a fork of the Bitcoin Cash chain which occurred near the end of 2018. Support for the fork was primarily driven by Craig Wright, someone who has claimed to be Satoshi Nakamoto at times (this has never been proven). This coin is referred to as “Satoshi’s Vision.”
The fork was highly contentious and occurred for political reasons not technical differences. The only major difference between BSV and BCH is that BSV features an even larger 128mb blocksize, something that is largely unnecessary as BCH rarely uses 1mb of its block capacity.
It is highly likely that all of the mining of BSV is controlled by a very small number of people.
10 of 50- TRON (TRX)
TRON is a blockchain platform that was created by a Singapore-based company led by Justin Sun. The goal of TRON is to create a blockchain platform designed to manage digital storage, distribution, consumption, and management of content. The content could refer to videos, blogs, or music. The goal is to disintermediate the middleman of the online content economy, meaning platforms like Netflix, Youtube, and other large content hosting platforms.
TRON features smart contract capacities, token creation, and has a number of DApps. It offers ICO functions.
The goal of TRON is a technically ambitious one, and it wouldn’t be possible without storage solutions to manage digital files as blockchains are extremely storage limited. TRON has been criticized for plagiarizing text from the IPFS system — developed by Filecoin (FILE) — in its whitepaper’s details on storage.
TRON has suffered from other criticism focused on the way it has handled press releases and other ways it has tried to drive hype.