Ever wonder what each cryptocurrency does? Well you’re in luck, as we’ve put together the ultimate list of cryptocurrencies and mentioned generally what each one does or intends to do*. What’s more, they’re all explained in simple terms which most people can understand (none of that complex jargon)! If you find it useful be sure to share with others. 🙂
What It Does In Simple Terms
A peer to peer currency used to buy goods.
Also widely used to buy other cryptocurrencies aka alt coins. The first cryptocurrency.
Ethereum allows people to create their own cryptocurrency using the platform.
Their coin, Ether, is used to fund the network.
Gives banks a solution which allows them to send payments globally for cheaper than traditional banking.
Allows people to send money to each other without the need for a bank.
Originates from the Bitcoin code.
Both a cryptocurrency, and a platform which allows you to create contracts between you and another party.
As a real-world example, let’s say a condition is met (a student passes their course). The contract states that when a student passes a course, the university automatically issues them a qualification which is then stored on the blockchain where it can’t be tampered or faked.
Top Cryptocurrency List 2019
When a future employer wants to check if a potential employee has the claimed qualification, they can check the record.
A digital currency and an alternative to Bitcoin. Use it to send money to anyone with a Litecoin wallet worldwide.
A platform with multiple uses.
First, you can build your own cryptocurrency using it. Next, NEM can be used to store and manage almost any data type, such as voting, ownership of stock, accounting records, game data and more.
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You can also connect it with non-blockchain technologies using API keys.
Aims to make trading between currencies easier. Puts banks, people and payment networks on an even level.
A feeless trading platform which allows your ‘Internet Of Things’ devices (physical devices with data chips which can connect to the internet) to trade their resources with each other.
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you can use some resources on your Apple Watch to buy two coffees which a connected coffee machine makes.
Digital cash which you can spend both online and instore.
A platform where users can store, publish and sell entertainment related content.
Think of it like an app store such as iTunes, but one that’s
A network that lets programmers create programs on the blockchain.
Also used to manage digital assets.
EOS allows you to create your own apps (blockchain apps).
A digital currency that allows you to buy things privately.
When using it no one can see your transaction history.
A cryptocurrency which can be used to pay for things.
Allows businesses to build apps on their platform.
A platform that runs apps exactly as intended by the app developers.
No censorship occurs to the apps running on their platform. Their coin is called ‘Classic Ether’.
Connects different blockchains together.
By doing this it allows people to share information, payments and services which might not have otherwise been connected.
A payment system which allows transactions worldwide that are feeless and instant.
Allows blockchain applications to be built on their platform.
Allows real time peer to peer payments and exchanges of value.
A digital currency which puts a strong emphasis on privacy.
What goods and services you can buy with each cryptocurrency
Spend your money without everyone being able to see your transactions.
Can be used to get a discount on any fees you pay when using the Binance Exchange.
Discounts will only be given for the first 4 years of the coin’s existence, after that they’ll be used in other ways.
A cryptocurrency which protects the identity and privacy of it’s users, so people can’t see your payment history.
Cloud storage which stores your data securely on many hosts around the world.
Only you can access your files, no other company.
A shut down community which used to allow you to trade and invest in Bitcoin, while also educating you on the process. It also allowed other Bitcoin related opportunities such as staking, mining and a community.
Connects invoice sellers and invoice buyers without the need for a third party.
Aims to disrupt the invoice financing system as it currently stands.
Offers blockchain based services for other companies. They aim to enhance other company’s products and information handling through their service.
A currency which allows you to make payments anonymously.
When people trade on the Kucoin Exchange, they pay a fee each time.
Everyone who holds Kucoin Shares will get a share of all the fees charged by the exchange.
Allows you to make and test your blockchain based apps.
Offers multiple financial solutions, such as banking, exchange of currency and other assets, and borrowing.
A currency which aims to be more stable that other cryptocurrencies.
It does that by backing the value of it’s currency against the USD. So 1 tether should always be worth 1 USD.
Allows other companies to make blockchain based products without having to develop their own from scratch.
Status has a few uses.
First, it allows users to see other apps through the Status browser (which you’ll download on your phone). Next, it allows you to send and receive Ether payments (and store them). Lastly, it acts as a market place for buying and selling goods from other users local to you using Ether.
A fun digital currency which is used for peer to peer transactions.
Allows you to bet with other users on the outcome of real world events.
For example, bet on who will be the next president, who will win the world series etc.
An exchange which allows you to trade your currencies.
The Waves coin will allow you to trade on this platform.
Steem allows publishers to make money from their content.
They do this by allowing you to reward members of your community who take certain desired actions (e.g.
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posting blog posts, commenting on blog post etc). Steemit, a social network, is the first of those such apps.
A platform which will allow businesses in various industries to easily create apps. Made by Disney.
Allows users to protect their digital assets such as files, digital data and currency.
An exchange which allows you to better trade ERC20 tokens on Ethereum.
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ERC20 tokens are cryptocurrencies that are built using Ethereum.
Allows you to create a virtual marketplace which can be used for trading digital assets. You pay with their WAX coins. Their target market is gamers. So if you have a virtual sword from a specific game for example, you can trade it for WAX coins.
A currency and series of tools for the dental industry.
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For example, there’s a trading platform for dental related products for dentists and patients, a review platform, a database with patient’s records and more.
Aims to make cryptocurrencies and the blockchain in general go mainstream.
They aim to do this by providing developers and users with various tools the Ark team will produce.
A peer to peer platform which allows the selling and buying of software and tools.
A cryptocurrency which can distribute ‘value’ (e.g.
currencies) across various platforms.
Allows people and companies to build their own coins and apps. As they’re aiming to be a complete solution, they’ll also help you set up your initial coin offering (ICO for short, which is a way to get your first coins bought by the general public).
Targeting the healthcare industry, MediBloc makes all your medical information available to you in one easy place (e.g.
an app on your phone). It will also be used for making transactions for medical based products such as medicine, insurance and more.
A cryptocurrency which is used through an app on your phone.
Step 2 – Run OpenBazaar
Aims to make buying things through cryptocurrency easier than it already is.
A cryptocurrency which allows you to send payments in private, or expose the details to those people you want.
Provides ‘computer power’ to any developer who needs it.
For example, if you want to render your videos faster but your computer isn’t powerful enough, you can complete the task using someone else’s computer power. You then pay them via the Golem currency for that ability.
A community powered digital currency which isn’t run by any third party.
Allows anyone to buy and sell mobile data on a peer to peer level.
Basic Attention Token
Aims to make digital advertising cheaper and less open to fraud.
Allows publishers and advertisers to come together and exchange exposure for currency.
Aims to make the cryptocurrency market more ‘liquid’.
Meaning that if you want to sell your coins, you can do so as soon as you want to.
Allows you to get cash loans by securing your cryptocurrencies against the loan.
A general cryptocurrency with a community who shares investment related advice and gets rewarded for doing so.
Allows you to send and receive data, and provides a service where you can verify specific information.
Allows you to exchange your digital assets, and also convert them where possible.
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With regard to cryptocurrencies, they’ll allow you to accept payments from any coin type.
A coin which rewards people for achieving certain things.
For example, if you’re a gamer who does well at games or a student who does well in school, you’ll get experience points.
You can then use these points / currency to buy goods.
Allows you to create and run your own online casino.
Connects different digital services.
Allows you to purchase these services using Kin coin.
Allows you to register your offline assets on the blockchain.
On Amazon, you can buy goods for bitcoins
From there you can exchange them with other people.
A currency that is used on social networks to send and receive payments. Focuses on being easy for users.
* Important note: While the above shows what each company intends to do, please note that not all companies will have an already working product.
Some are years away from launch. Please always do your own additional research about each company and use this as a reference point more than anything.
Top Cryptocurrency List 2019
So now you know what each coin does, which are the top ones to invest in during 2019?
What Does Each Cryptocurrency Do?
Well to be honest, that’d be impossible for me to say as I can’t predict the future. That said, you should use the above cryptocurrency list to see which coins you feel will benefit the world the most. You always want to look at how much competition they have, what kind of team they’ve got behind them, and how big their community is.
If they score highly in all of those areas (and they aren’t currently over-priced), then it might be worth investing in if you believe in it.
Using the above specs can help you come up with your own best cryptocurrency list in 2019, as well as in future years.