Category: Others

ERC-20 token is a blockchain-based asset with similar functionality to bitcoin, ether, and bitcoin cash: it can hold value and be sent and received.

The major difference between ERC-20 tokens and other cryptocurrencies is that ERC-20 tokens are created and hosted on the Ethereum blockchain, whereas bitcoin and bitcoin cash are the native currencies of their respective blockchains. ERC-20 tokens are stored and sent using ethereum addresses and transactions, and use gas to cover transaction fees.

ERC-20 is an official protocol for proposing improvements to the Ethereum (ETH) network. ERC stands for Ethereum Request for Comment, and 20 is the proposal identifier. This is a common standard for creating tokens on the Ethereum blockchain.

This token standard defines a set of rules that apply to all ERC-20 tokens that allow them to interact seamlessly with one another. Wallets and exchanges use the standard to integrate various ERC-20 tokens onto their platforms and facilitate exchanges between ERC-20 tokens and other cryptocurrencies.

Litecoin (symbol: Ł; abbrev: LTC) is a cryptocurrency supported by a peer-to-peer network and an open source project released under the MIT license. It is inspired and almost technically similar to Bitcoin (BTC). Litecoin creation and transfer is based on an open source encryption protocol and is not managed by a central authority. Litecoin developers aim to try to improve Bitcoin and offer three fundamental differences.

Litecoin was founded by Charlie Lee on October 7, 2011.

Firstly, the Litecoin network processes one block every 2.5 minutes instead of every 10 minutes as is the case with bitcoin.

Second, the Litecoin network will produce 84 million litecoins, which is four times more units than the Bitcoin network.

Finally, Litecoin uses the scrypt function in its working proof algorithm: a sequential rigid memory function that was originally thought by Colin Percival. This function is intended to prevent GPU, FPGA and ASIC mining from having a significant advantage over CPU mining, although GPU mining is currently 10 times more efficient than CPU mining. Each litecoin is subdividable into 100,000,000 smaller units, defined by eight decimal places.

Ethereum (symbol: Ξ; abbrev: ETH) is an open source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality. It supports a modified version of Nakamoto consensus via transaction-based state transitions.

Ether is the cryptocurrency generated by the Ethereum platform as a reward to mining nodes for computations performed and is the only currency accepted in the payment of transaction fees.

Ethereum provides a decentralized virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. The virtual machine’s instruction set, in contrast to others like Bitcoin Script, is Turing-complete. “Gas”, an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.

Ethereum was proposed in late 2013 by Vitalik Buterin, a cryptocurrency researcher and programmer. Development was funded by an online crowdsale that took place between July and August 2014. The system then went live on 30 July 2015, with 72 million coins minted. This accounts for about 68 percent of the total circulating supply in 2019.

Bitcoin (symbol: Ƀ; abbrev: BTC or XBT) is a cryptocurrency. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.

Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its source code was released as open-source software. 1 Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. Research produced by University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.

Bitcoin has been criticized for its use in illegal transactions, its high electricity consumption, price volatility, and thefts from exchanges. Some economists, including several Nobel laureates, have characterized it as a speculative bubble. Bitcoin has also been used as an investment, although several regulatory agencies have issued investor alerts about bitcoin.

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