This Blog provides brief details about the Top 10 Cryptocurrency in the World as per market capitalization updated till the month ended in May 2022.
This rank might change every month or year because of so much volatility in the crypto market. This information is true in our sense. Anything in the blog “Top 10 Cryptocurrency in the World” is just for information purposes, not investment advice.
TOP 10 CRYPTOCURRENCY
It is 1st among the Top 10 Cryptocurrency in the World
While the general public perceives Bitcoin as some kind of physical-looking coin, it is actually far from that.
Bitcoin conversely works in a decentralized manner. There is no central figure like a bank to verify the transactions and maintain the ledger.
A node is a piece of software that anybody can download and run to participate in the network. With that, everybody has a copy and there will be no dispute about the fund balance.
Ethereum is 2nd among the Top 10 Cryptocurrency in the World. It is a global, open-source platform for decentralized applications.
In other words, the vision is to create a “one computer for the entire planet,” a world computer that anyone can build applications in a decentralized manner; while all states and data are distributed and publicly accessible.
While Ethereum refers to the blockchain network. The native currency that flows within the Ethereum economy is called Ether (ETH). Ether is typically used to pay for transaction fees called Gas, and it is the base currency of the network.
If you want to know more about ethereum , you can read/download ethereum whitepaper.
Tether is a stable coin pegged to the US Dollar. It is 3rd among the Top 10 Cryptocurrency in the World. A Stable coin is a type of cryptocurrency whose value is pegged to another fiat currency like the US Dollar or to a commodity like Gold.
Tether is controlled by Tether Holding Limited or known as Tether Limited.
User deposits fiat currency into Tether Limited’s bank account.
Tether Limited generates and credits the user’s Tether account. Tether enters into circulation. The amount of fiat currency deposited by the user must be equal to the amount of Tether issued to the user (E.g.: 500 USD deposited = 500 USDT issued)
User transacts with USDT. The user can transfer, exchange, and store USDT.
The user deposits USDT with Tether Limited for redemption into fiat currency.
Tether Limited destroys the Tether and sends fiat currency to the user’s bank account.
Users can also obtain Tether outside of the aforementioned process via an exchange or another individual.
4. USD Coin(USDC)
USD Coin (known by its ticker USDC) is a stable coin that is pegged to the U.S. dollar on a 1:1 basis. Every unit of this cryptocurrency in circulation is backed up by $1 that is held in reserve, in a mix of cash and short-term U.S. Treasury bonds & the number of USDC that can exist is limitless.
It is 4th among the Top 10 Cryptocurrency in the World.
USD Coin has aimed to stand head and shoulders over competitors in several ways.
- One of them concerns transparency — and giving users the assurance that they will be able to withdraw 1 USDC and receive $1 in return without any issues. one of the most enthusiastic exchanges that offer USDC is Coinbase, given how the exchange was involved in this stable coin’s creation.
All of the USDCs in circulation are actually ERC-20 tokens, which can be found on the Ethereum blockchain. One of the biggest advantages here is how it can then be integrated with Ethereum-based applications.
5. Binance Coin(BNB)
Binance Coin (BNB) is 5th in rank among the Top 10 Cryptocurrency in the World. It is an exchange-based token created and issued by the cryptocurrency exchange Binance.
Binance is a unique ecosystem of decentralized, blockchain-based networks. The company has grown to be the leading crypto exchange in a number of countries, and their side organizations are attracting significant interest as well.
“Binance” name comes from Binary Finance: Binance. One of the biggest competitive advantages Binance has is its drive for development.
XRP is 6th in rank among the Top 10 Cryptocurrency in the World. It is the native cryptocurrency of products developed by Ripple Labs Inc, a cryptocurrency payment system. XRP is its “digital asset built for global payments”.
XRP would allow users to send money at a very low cost, attracting the potential interest of retail customers and banks alike.
Ripple transactions are publicly recorded on its open-source distributed consensus ledger which has a similar data structure to a blockchain where the successive data block includes the hash of the previous block. However, its consensus mechanism is different from Bitcoin or Ethereum. It does not rely on Proof of Work (PoW) and therefore there is no mining involved with XRP.
Binance USD (BUSD) is 7th in rank among the Top 10 Cryptocurrency in the World. It is a 1:1 USD-backed stable coin issued by Binance (in partnership with Paxos), Approved and regulated by the New York State Department of Financial Services (NYDFS).
Based on the price stability, Stablecoin plays an important role in transactions, payments and settlement, and Decentralised Finance (DeFi).
Here are some of the BUSD use cases:
• Transfer your digital dollars (BUSD) anywhere in minutes, at low cost, and on the blockchain.
• Trade BUSD on different exchanges and DEX.
• Deposit BUSD to earn an interest rate.
• Pay BUSD as payment for goods and services.
• Use BUSD as collateral and loan asset.
• Use BUSD as cross collateral in Futures.
• Store BUSD on an exchange or in a wallet
Cardano was founded by Charles Hoskinson, who was also one of the co-founders of the Ethereum network. He is the CEO of IOHK, the company that built Cardano’s blockchain. Cardano is a proof-of-stake blockchain platform that says its goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change.
He explained that his first professional involvement in the industry came in 2013 when he created a course about Bitcoin that ended up being taken by 80,000 students.
Cardano is 8th in rank among the Top 10 Cryptocurrency in the World. It is one of the biggest blockchains to successfully use a proof-of-stake consensus mechanism, which is less energy-intensive than the proof-of-work algorithm relied upon by Bitcoin. Although the much larger Ethereum is going to be upgrading to PoS, this transition is only going to take place gradually.
Cardano is secured through an “environmentally sustainable, verifiably secure” PoS protocol that’s known as Ouroboros.
Every blockchain project has a token of value commonly referred to as a cryptocurrency.
Ada is the cryptocurrency on the Cardano blockchain.
With Ada, holders can send value between friends, pay for a good or service, deposit funds on an exchange, or enter an application. To perform a transfer on the settlement layer requires you own Ada, or acquire Ada through an exchange. It will also be the native token to be used in applications built on the computation layer.
Solana is 9th in rank among the Top 10 Cryptocurrency in the World. It is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions.
Solana crypto is a high throughput blockchain based on the Proof of History (PoH) and Proof of Stake (PoS) consensus. Built by a team of network engineers.
It has a different technical underlying such that developers write applications using Rust instead of Solidity or Vyper. End-user applications in the Solana ecosystem include decentralized finance (DeFi), non-fungible tokens (NFT), marketplaces, games, e-commerce, and more.
One of its biggest features is its scalability in which Solana is able to process over 700,000 transactions per second.
Solana is known in the cryptocurrency space because of the incredibly short processing times the blockchain offers. Solana’s hybrid protocol allows for significantly decreased validation times for both transaction and smart contract execution.
With lightning-fast processing times, Solana has attracted a lot of institutional interest as well.
One of Solana’s main promises to customers is that they will not be surprised by increased fees and taxes. The protocol is designed in such a way as to have low transaction costs while still guaranteeing scalability and fast processing
Dogecoin (DOGE) is based on the popular “Doge” Internet meme and features a Shiba Inu on its logo. It is 4th in rank on Top 10 Cryptocurrency in the World’s list.
Dogecoin has been used primarily as a tipping system on Reddit and Twitter to reward the creation or sharing of quality content. You can get tipped Dogecoin by participating in a community that uses digital currency, or you can get your Dogecoin from a Dogecoin faucet.
A Dogecoin Faucet is a website that will give you a small amount of Dogecoin for free as an introduction to the currency so that you can begin interacting in Dogecoin communities.
Dogecoin differs from Bitcoin’s proof-of-work protocol in several ways, one of which is by using Scrypt technology. The altcoin has also a block time of 1 minute, and the total supply is uncapped, which means that there is no limit to the number of Dogecoin that can be mined.
You can mine Dogecoin either solo or by joining a mining pool.