The Difference Between Bitcoin, Ethereum, Ripple & Litecoin 2

Okay, you may have noticed recently a lot of hype and press coverage around Bitcoin. It has been pretty phenomenal, last weekend even my Mum asked me – “what is this Bitcoin malarkey?” Also, last week that Deutsche Bank released a paper titled: Cryptocurrencies and blockchains – their importance in the future. It’s a good read, and for my own understanding i started to read around and make notes of the main cryptocurrencies and the key differences between them. Following is a summary of my analysis:

Summary: Bitcoin, Etheruem, Ripple & Litecoin:

the-difference-between-bitcoin-ethereum-ripple-litecoin

Bitcoin – A decentralised cryptocurrency:

  • Founder: Satoshi Nakamoto
  • Description: Decentralised cryptocurrency used in a peer to peer network
  • Founded: January 2009
  • Market cap: 56% *
  • Maximum amount: 21 million Bitcoins
  • Transactions made via: Blockchain / mining
  • Transaction time: 10 minutes
  • Hashing Algorithm: SHA-256
  • Mining: Processor intensive
  • Price per USD: BTC/USD: 17,571 **

Ethereum – A Decentralised Platform Running Smart Contracts:

  • Founder: Vitalik Buterin
  • Description: Ethereum – decentralised platform that runs smart contracts
  • Founded: January 2014
  • Market cap: 13% *
  • Maximum amount: 18 million per year
  • Transactions made via: Decentralized programs or smart contracts
  • Transaction time: 12-14 seconds
  • Hashing Algorithm: Ethash
  • Mining: Memory intensive
  • Price per USD: ETH/USD: 610 **

Ripple – A Digital Currency and Real Time Gross Settlement Payments System:

  • Cryptocurrency: Ripple
  • Founder: Chris Larsen & Jed McCaled
  • Description: Ripple is a real-time gross settlement system, currency exchange and remittance network by Ripple
  • Founded: 2012
  • Market cap: 4%*
  • Maximum amount: 100 billion Ripple units
  • Transactions made via: Ripple Labs issued currency
  • Transaction time: 4 seconds
  • Hashing Algorithm: Ripple Protocol Consensus Algorithm (RPCA)
  • Mining: Not mined
  • Price per USD: XRP/USD: 0.32 **

Litecoin – A Peer to Peer Cryptocurrency

  • Cryptocurrency: Litecoin
  • Founder: Charles Lee
  • Description: Similar to Bitcoin – Litecoin is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license
  • Founded: October 2011
  • Market cap: 3% *
  • Maximum amount: 84 million units
  • Transactions made via: Mining based on uncomplex algorithm
  • Transaction time: 2.5 minutes
  • Hashing Algorithm: Scrypt
  • Mining: Memory Intensive
  • Price per USD: LTC/USD: 332 **

*  As at 13-December-2017: ref – https://coinmarketcap.com/charts/

** As at 12-December-2017

Thanks for stopping by – Take a look around…!!

References:

2 thoughts on “The Difference Between Bitcoin, Ethereum, Ripple & Litecoin

  1. Pingback: The Difference Between Bitcoin, Ethereum, Ripple & Litecoin | Blockchain Wiki

  2. Pingback: The Yin and Yang of Bitcoin

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