What is Cryptocurrency And Types of Cryptocurrency

A Cryptocurrency Is A Digital Asset Designed To Work As A Medium Of Exchange Using Cryptography To Secure The Transactions, To Control The Creation Of Additional Units, And To Verify The Transfer Of Assets. Cryptocurrencies Are Classified As A Subset Of Digital Currencies And Are Also Classified As A Subset Of Alternative Currencies And Virtual Currencies.

Types Of Cryptocurrency:

1. Bitcoin

Bitcoin Is A Worldwide Crypto Currency And Digital Payment System Called The First Decentralized Digital Currency, As The System Works Without A Central Repository Or Single Administrator. It Was Invented By An Unknown Person Or Group Of People Under The Name Satoshi Nakamoto And Released As Open-Source Software In 2009. The System Is Peer-To-Peer, And Transactions Take Place Between Users Directly, Without An Intermediary. These Transactions Are Verified By Network Nodes And Recorded In A Public Distributed Ledger Called A Block Chain.

2. Litcoin

Litcoin Is A Peer-To-Peer Crypto Currency And Open Source Software Project Released Under The Mit/X11 Licenses. Creation And Transfer Of Coins Are Based On An Open Source Cryptographic Protocol And Are Not Managed By Any Central Authority. Litcoin Also Has Almost Zero Payment Cost And Facilitates Payments Approximately Four Times Faster Than Bitcoin.

3. Ethereum

Ethereum Is An Open-Source, Public, Blockchain Based Distributed Computing Platform Featuring Smart Contract (Scripting) Functionality. It Provides A Decentralized Turing-Complete Virtual Machine, The Ethereum Virtual Machine (Evm), Which Can Execute Scripts Using An International Network Of Public Nodes. Ethereum Also Provides A Crypto Currency Token Called "Ether", Which Can Be Transferred Between Accounts And Used To Compensate Participant Nodes For Computations Performed.

4. Zcash

Zcash Is A Crypto Currency That Grew Out Of The Zero Coin Project, Aimed At Improving Anonymity For Bitcoin Users. The Zero Coin Protocol Was Initially Improved And Transformed Into Zero Cash, Which Thus Yielded The Zcash Crypto Currency In 2016. The Founder And CEO Of Zcash Is Zoo Wilcox-O’hare. Zcash Payments Are Published On A Public Blockchain, But Users Are Able To Use An Optional Privacy Feature To Conceal The Sender, Recipient, And Amount Being Transacted.

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