Check out some popular digital currencies on the market

Since its birth in 2009 , digital currencies represented by Bitcoin have been sought after by many social elites and multinational corporations for their unique advantages such as decentralization, high anonymity and zero transaction costs. In the following years, various new digital currencies have emerged one after another, forming a huge digital currency family.

At the beginning of 2015, Chris Dixon, a partner at venture capital firm Andreessen Horowitz , estimated that about 10,000 of the world's best developers were working on digital currency development, attracted by the potential of Bitcoin. These volunteers used military-grade encryption technology to make digital currency wallets more secure and safe, and the various defects of digital currency were gradually solved.

     So, what are the more successful digital currencies that are still active in the market?

1. Bitcoin

     The concept of Bitcoin was first proposed by Satoshi Nakamoto in 2009. Bitcoin is now also used to refer to the open source software designed and released according to Satoshi Nakamoto's ideas, as well as the P2P network built on it.

     Unlike most traditional currencies, Bitcoin does not rely on a specific central issuing agency, but uses a distributed database throughout the P2P network nodes to record currency transactions, and uses cryptographic design to ensure the security of each link in the currency circulation. The Bitcoin economy uses a distributed database composed of many nodes in the entire P2P network to confirm and record all transactions. Bitcoin can only be used by its real owner, and only once. After the payment is completed, the original owner loses ownership of the share of Bitcoin.

2. Litecoin

     Similar to Bitcoin , Litecoin is also an encrypted digital currency. It is a P2P open source digital currency and a derivative currency of Bitcoin . It is often said that "Bitcoin is gold, Litecoin is silver".

Although Litecoin is based on the Bitcoin protocol, it does not require extremely high computing power and can be mined using ordinary computers. The Litecoin algorithm is derived from the algorithm designed by Dr Colin Percival for the Tarsnap secure online backup service (for backup of Linux and other open source operating systems).

3. Dogecoin

     Dogecoin , whose English name is Dogecoin , is a small digital currency based on the Scrypt algorithm . It was born on December 8 , 2013. It was jointly developed by Australian brand and marketing expert Jackson Palmer and programmer Palmer in Portland, Oregon, USA . It is currently the second largest virtual currency in the world after Bitcoin in terms of the number of users.

     Dogecoin is designed with the "Doge " as the prototype and has its own core culture, namely tipping culture , charity culture and grassroots culture . The transaction process of Dogecoin is more convenient than Bitcoin, and the total amount of Dogecoin is larger, the price is low, the transfer is fast , and it is suitable for online rewards . The unique civilian development idea has made Dogecoin quickly become one of the most popular alternative cryptocurrencies .

4. Yuanbao Coin

     Yuanbao Coin (upgraded to "New Yuanbao") is a virtual digital currency similar to Bitcoin , known as the Chinese version of Bitcoin . Yuanbao Coin was initiated by the Yuanbao team, and its founder is Deng Di, a graduate of Tsinghua University and the founder and CEO of Beijing Yunlian Technology Co., Ltd.

     The Yuanbao team is a group of Bitcoin enthusiasts and the earliest supporters. However, after seeing the problems of Bitcoin, they decided to do their best to use the latest technology to develop an electronic currency suitable for Chinese people. This is why they adopted the name of Yuanbao coin, a currency with Chinese characteristics.

     Currently, Xinyuanbao has launched a variety of applications such as crowdfunding and asset mortgage, and will further develop cross-border remittances and cross-border payments in the future .

5. Fuyuan Coin

     Fortune Coin, formerly known as Fortune Coin , abbreviated as FTC , is a new type of decentralized digital encrypted virtual currency. Fortune Coin will be used in all companies of the Global Jewelry Association in the future, mainly by converting this digital currency into points to create a decentralized business circle to promote business cooperation and expand the scope of business. At present, some large traditional companies in finance, trade, energy, etc. at home and abroad are trying to develop this new business model.

Different from other digital virtual currencies, the Fuyuan Coin project has been positioned since its inception to create a new medium for circulation in digital business circles, and focuses on promoting the practicality of digital currency.

In addition , Fuyuan Coin's professional online trading platform, Fuyuan Coin Exchange, has also been officially launched in early September . The official launch of Fuyuan Coin Exchange marks that its complete industrial chain system has been initially formed. Fuyuan Coin trading platform is oriented to the world, and mainly serves Chinese users in the early stage, and is committed to providing a safest and reliable trading platform and the best service experience for the majority of Fuyuan Coin enthusiasts.

Ripple

     Ripple ( XRP ) is called Ripple Credits , which is a fixed total of 100 billion. Ripple is an open source peer-to-peer payment network that allows people to easily, cheaply and securely transfer money to anyone on the Internet. Ripple is a virtual currency based on this network. When people conduct transactions through Ripple , they will consume a certain amount of Ripple, but the transaction fee is very small.

Ripple Labs (Ripple currency development team: Ripple Labs ) requires that each Ripple account has at least 20 Ripple coins, and each transaction will destroy one hundred thousandth of a Ripple coin. In addition, during the circulation and exchange process, Ripple has gradually become a "bridge currency", becoming an intermediary in the exchange of various currencies.

In May this year , Ripple Labs received $28 million in Series A funding. IDG Capital, the investment arm of the Chicago Mercantile Exchange Group, and Seagate participated in the investment. Other new investors include Jerry Yang's Rain Cloud Ventures, Huayan Capital, Huachuang Capital, and Dan Tierney , co-founder of Global Electronic Trading . In addition, in June this year , Ryan Zagone , research director of Ripple Labs' business development team, joined the Federal Reserve . In July , former U.S. Treasury official Michael Barr joined Ripple Labs ' advisory board.

Summarize:

In recent years, the rise of digital technology and financial services industries has had a huge impact on traditional industries. The collision between the two has led to the birth of a new industry with a forward-looking and high return rate, namely, encrypted digital currency. In the current reality where the financial market is highly active and its applications are becoming increasingly popular , the business opportunities of encrypted digital currency are becoming increasingly mature . At the same time, Internet finance has begun to penetrate into the field of encrypted digital currency, and the encrypted digital currency market is also seeking opportunities for financial innovation .