"Altcoin" is a combination of the two words "alternative" and "coin". It is generally used to include all cryptocurrencies and tokens that are not Bitcoin. Altcoin is the term given to describe alternative digital assets, such as a coins or tokens.
What is Binance?
Binance is an online exchange platform where users can trade cryptocurrencies.
*In this article all datas taken by Binance and they sorted by their market cap not a financ*
*07.09.2022*
*Stable coins do not included*
1- ETHERIUM (ETH)
Market Cap is $187.233,82M
1 ETH is $1531,0
Ethereum (ETH) is the second-largest cryptocurrency token in terms of market capitalization. This is due to the fact that it has brought a lot of innovation and use-cases within the industry by introducing smart contract functionality, which has paved the way for the decentralized finance industry (DeFi) and decentralized apps, or Dapps.
Ethereum allows users to build and deploy software, commonly in the form of Dapps, which are then powered by a global distributed network of computers all running Ethereum. The Ethereum network is decentralized, making it highly resistant to any form of censorship or downtime.
In addition, Ethereum is an open-source blockchain platform that runs on the usage of its native currency, called Ether or ETH. All network transaction fees, or gas fees, are paid in ETH.
Ethereum or ETH is a token that is specifically used by the Ethereum blockchain to pay for transactions. This token is responsible for powering just about everything that occurs within the network.
The Ethereum network can be used by anybody to create and run smart contracts, which are software programs that run autonomously, without user intervention. Ethereum’s growth can be attributed in part to its smart contract capability, which has enabled a growing ecosystem of Dapps, non-fungible tokens (NFTs) and more.
By default, Ethereum uses the Proof-of-Work (PoW) consensus mechanism, but the network is slowly migrating to a Proof-of-Stake (PoS) as part of its Ethereum 2.0 upgrade. The Ethereum 2.0 upgrade started in December of 2020 with the launch of the Beacon Chain. The ETH community supported this upgrade by staking 1 million ETH in the first week alone.
2- BNB (BNB)
Market Cap is 42.686,59M
1 BNB is $266,60
BNB was initially issued as an asset to function within the Binance website and its broader ecosystem. At its core, BNB has been used for the following functions:
Exchange fee discount: since the launch of Binance, transaction fees on the exchange paid in BNB have been subject to a discount. Initially, BNB provided a 50% discount on transaction fees, but it was later reduced to 25% as per the original whitepaper.
Unique participation rights: BNB can be used for additional services on the exchange, such as participation rights to Launchpad events (IEOs) and tickets for community listing voting rights.
Quote currency on Binance: BNB has been used as an asset for trading cryptocurrencies on Binance. It has been one of the first quote assets on the exchange, alongside stablecoins (e.g., USDT), BTC, and ETH.
Third-party uses: BNB can be used on multiple platforms and services that are independently run by global companies. Its third party set of use-cases ranges from booking websites to financial services. For the full breakdown, please visit the BNB use-cases page.
Following the successful launch of Binance Chain in May 2018, BNB has pivoted to become the native asset of Binance Chain, working similarly to ether (ETH) for the Ethereum blockchain.
BNB powers the Binance Chain as its native chain token. Some of its on-chain use-cases related to the Binance DEX, and its function as gas fees on the Binance Chain. For instance, it is used to pay fees on the Binance DEX, issue new tokens, send/cancel orders, and transfer assets.
In addition, the newly launched Binance Smart Chain introduces several additional use-cases for BNB. Binance Smart Chain is the EVM-compatible side-chain of Binance Chain, where BNB operates as the ether-equivalent on Ethereum and is thus used to pay for gas fees (e.g., for transactions, for smart-contract execution).
3- RIPPLE (XRP)
Market Cap is $16.080,49M
1 XRP is $ 0,3211071
Ripple (XRP) is a decentralized payment network that was built to replace the traditional money transfer network, SWIFT. Ripple is a uniquely designed blockchain that works on a consensus model in which all nodes given access to the system must validate transactions on the network. This model ensures that payments on the network are subject to considerable security measures without compromised efficiency. Transactions on Ripple are typically completed within four to five seconds, much faster than some on other independent blockchain networks that use different protocols. XRP price is updated live on Binance.
The Ripple network is powered by its native cryptocurrency, XRP; A fractional .00001 XRP is charged for every transaction processed on the underlying XRP Ledger (XRPL). Another interesting feature of XRP is that miners receive their validation fees from the aforementioned charge, as all XRP coins were placed into circulation when the network was first launched. This makes Ripple stand out in the cryptocurrency industry, and such factors can affect XRP price.
Despite a suit brought about by the US Securities and Exchange Commission (SEC) in 2020, Ripple has maintained its position among the top 10 cryptocurrencies by volume. The network is still promoted as a superior payment system despite the ongoing suit claiming that Ripple should have registered as a security, allegations that have been consistently denied since they were first made.
XRP also functions as an intermediary on the XRPL network, which is able to swap digital and fiat currencies through its network DeFi protocol. This means XRP is used in the processing of digital and fiat currency transfers on XRPL network. When XRPL was originally engineered in 2012 by Jed McCaleb, Arthur Britto and David Schwartz prior to the formation of the blockchain company, the idea was for Ripple to be a global payment network that would offer a better solution than the traditional banking and financial systems in place. Ripple Labs worked to enhance global payment capabilities, rather than to replace the old system.
4- CARDANO (ADA)
Market Cap is $15.928,83M
1 ADA is $0,46610000
Cardano (ADA) is a decentralized proof-of-stake (PoS) blockchain platform that launched in 2017. It was first conceptualized in 2015 by Charles Hoskinson, one of the co-founders of the Ethereum blockchain network.
Cardano was developed to address the blockchain scaling and infrastructural limitations of first-generation decentralized blockchain network Bitcoin, and second-generation networks like Ethereum. In fact, Cardano is seen as a more scalable alternative to Ethereum. Cardano price is updated in real-time on Binance.
To date, the Cardano blockchain network is one of the largest to have successfully implemented a PoS consensus mechanism that’s more power-efficient than alternative proof-of-work PoW) blockchain networks. Function on the Cardano blockchain is facilitated by the capabilities granted by smart protocol, a technology initially popularized by Ethereum.
The native Cardano cryptocurrency token is ADA, which enables users to participate in network operations. The token is named after Ada Lovelace, a 19th century mathematician recognized as the world’s first computer programmer.
5- SOLANA (SOL)
Market Cap is $11.046,90M
1 SOL is $31,50
Solana is an independent Layer 1 blockchain created as a fast and efficient network with an underlying smart contract protocol. Since its launch in 2020, the Solana network has been dubbed a competitor to Ethereum, and even nicknamed ‘The Ethereum Killer’.
The network’s scalability, combined with its low fees and high speed, makes it a leading choice for many NFT-based decentralized applications (dApps), as well as decentralized finance (DeFi) and digital blockchain-based payment ecosystems.
The Solana network focuses on high transaction throughput and short processing time, which it achieves via its Proof-of-History (PoH) technology. Solana claims to be able to process 65,000 transactions per second, making it one of the fastest in the industry.
The Solana blockchain linearly hashes transactions to create a verifiable order of all the network's activity in order to reach the aforementioned speed. Because of this, there's no need to rely on a block creator's timestamp, or for network validators to check the transaction order.
The Solana network was co-founded in 2017 by systems engineer and computer programmer Anatoly Yakovenko and current Solana COO Raj Gokal. The network operates on the PoH timing mechanism, which was implemented prior to the consensus layer that now operates on a proof-of-stake (PoS) algorithm.
Solana's native token, SOL, is primarily used for staking to support the validation process, and in transaction fees for peer-to-peer (P2P) payments. It best fulfils these functions through an unlimited token supply. However, the blockchain burns 50% of the SOL used in each transaction fee as part of the formula for maintaining its year-on-year inflationary rate.
The remaining 50% of the transaction fee is awarded to the validators of the transaction. Anyone holding enough SOL is able to become a network validator or a delegator to a validator and support the consensus process needed to run the independent blockchain. This mechanism is used to generate rewards for users who stake in support of the Solana blockchain. Solana price is updated live on Binance.
A major breach occurred on the Solana network early on August 3 2022. Decentralized wallet apps, Phantom and Slope, which both work in accordance with the Solana network, publicized the attacks on social media to inform the public.
In total, the hacks resulted in an estimated $8 million in SOL being drained from around 8,000 wallets. The affected wallets were all found to have interacted with other applications within both the iOS and Android mobile operating systems. The source of the hack and whether or not the affected wallet owners would be reimbursed remained unknown.
DISCLAIMER
I'm not a certified financial planner/advisor nor a certified financial analyst nor an economist nor a CPA nor an accountant nor a lawyer. This content should not be interpreted as investment advice. Cryptocurrency is a volatile market, do your independent research and only invest what you can afford to lose.
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