EXAMINE THE TYPES OF CRYPTOCURRENCY AND ALTCOINS
LET’S BRIEFLY EXAMINE THE TERMS LIKE CRYPTOCURRENCY AND ALTCOIN. A CRYPTOCURRENCY IN SIMPLE TERMS IS A DIGITAL CURRENCY WITH DECENTRALIZED SYSTEMS THAT STRUCTURES ITSELF INTO “COINS” OR TOKENS SOME CRYPTOCURRENCIES SUCH AS XTEM, HAVE PROGRESSED INTO THE REAL WORLD WITH CREDIT CARDS OR OTHER PROJECTS, THOUGH THE MAJORITY REMAIN DIGITAL.
The “crypto” in cryptocurrencies refers to complex cryptography that permits the creation and processing of digital currencies and their transactions across decentralized systems. This important “crypto” feature is a common obligation to decentralization; cryptocurrencies are typically developed as code by teams who build in mechanisms for issuance (in general but not every time, through a process called mining) and other controls.
Hewes Land Development Corporation | 2020
Cryptocurrencies are designed to be free from government intervention and dominance. The field of cryptocurrencies is constantly developing. Though Bitcoin is widely seen as the best in the world of cryptocurrencies, analysts seek various approaches for evaluating tokens other than BTC.
The word altcoin is a portmanteau of the words alternative and coin. It is therefore basically an alternative coin from its derivative, Bitcoin. Altcoins are therefore other cryptocurrencies apart from Bitcoin. (And arguably Ethereum)
TYPES OF ALTCOINS
WHAT IS TOKENS Tokens are basically cryptocurrencies that are not Bitcoin. They are alsocryptoassets that run on top of another cryptocurrency’s blockchain. In this term, they include NFTs, security token, DeFi tokens and governance tokens. There are also blockchain-based tokens to serve a different purpose from that of money. Fundamentally, all coins are tokens, but not all tokens are considered coins.
WHAT IS CRYPTOCURRENCIES Cryptocurrencies are considered for payments, transferring value across a decentralized network of users. They can be used to buy regular goods and services, although they are mainly bought as assets.
Cryptocurrencies ETHEREUM (ETH) The first Bitcoin alternative, Ethereum(ETH) is a decentralized platform that allows contracts and dApps to build and run without any downtime, fraud, control or interference from a third party.
LITECOIN (LTC)
BITCOIN CASH (BCH)
XTEM (TEMCOIN)
Litecoin is based on a global transaction network that is not controlled by any central authority and uses scrypt as a PoW, which can be decoded with the assistance of consumer-grade central processing units (CPUs).
Bitcoin Cash(BCH) holds a significant position in the history of altcoins because it is one of the earliest and most successful of the original Bitcoin.
XTEM is also a cryptocurrency with real intrinsic value as it will be synthetically indexed to certain defined commodities exchanges, stock market, indices, and will enjoy the full credit and might of TEMarkets Limited and its various projects.
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