Crypto currency is a medium of exchange
like normal currencies but designed for the purpose of exchanging digital
information through principles of cryptography. It is an encrypted
decentralized digital currency that is transferred between peers and confirmed
in the public ledger through the mining process. In order to know about crypto currency
we need to understand their terms. Specifically:
1)
Public ledgers:
All the transactions that are confirmed from the start
of crypto currency creation are stored in public ledger. The coin owner’s
identities are encrypted and the system uses other cryptographic techniques to
ensure the legitimacy of record.
2)
Transactions:
Transactions are the transfer of funds between two
digital wallets. Transaction gets submitted in public ledger and waits for
confirmation.
3)
Mining:
The process of confirming transactions adding them to
public ledger is mining. In order to add transaction to ledger, the miner must
solve a most critical computational problem.
Today the word of crypto currency is moving very fast. Over the past years different new crypto
currencies came into market. Each one differs with few features. There are top
5 crypto currencies that will go up in value by 10x-100x over the next couple
of years. They are:
·
Ethareum: Using Ethereum you
can create a contract that will hold contributors money until any given date or
goal is reached. It is best outlier and works on decentralized network. It grew
1000% over past few months and can increase in future too.
·
Factom: Factom is the crypto
currency that is called as notary chain and it should grow a lot by this year.
It allows company to create unchangeable database. Factom stores data in their
own blockchain and then create hash of that data and stores it into a bitcoin
blockchain. The market of Factom is very huge.
·
Maidsafe: Maidsafe in another
crypto currency and a decentralized database. Instead of storing data on your
computer, you can encrypt and upload it on decentralized server. No one can
access your data without your permission.
·
Bitcoin: Bitcoin is a digital
currency in which encryption techniques are used to generate currency and
verify funds transfer. It is a payment system released 2009. Bitcoin is also
termed as cryptocurrency. The popularity of bitcoin has increased more in
recent years.
·
Ripple: Ripple is mostly used
in banking systems. Not only bitcoin and ethareum, but Ripple has raised the
value by almost 3000% this year.
