Some high volume cryptocurrencies you may not have heard of

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Many top lists of cryptocurrencies do so by “market capitalization” but that can be a somewhat illusory figure in cases where the currency is thinly traded.  So we look here at the top 10 cryptocurrencies by trading volume, quickly explaining the history and claimed “unique selling propositions” for a few that you may not have heard of before.

Bitcoin, Ethereum, Tether, and a couple of forks of those such as Ethereum Classic and Bitcoin Cash are well known to most people even slightly interested in this area.  EOS, XRP and Litecoin you’ve probably heard of it you watch this area with more interest.

But it’s likely only the true enthusiasts who will know these:

  1. Qtum
    • Trading:
      • With a volume of $137 million in the last 24 hours, and a market capitalization of $424 million, this one seems pretty active.
    • What it is:
      • The official website doesn’t appear to have a simple history but this page gives an overview.
      • “Qtum is an open source and decentralized project that merges some elements of the Proof-of-Work (PoW) consensus with the Proof-of-Stake (PoS) consensus protocol…”
      • “Its primary objective is to assist businesses in building decentralized applications.”
      • “The foundation for QTUM’s code is Bitcoin’s blockchain, but the QTUM developers have abstracted and added layers to the Bitcoin blockchain that allow the Ethereum virtual machine for smart contracts to run on top of Bitcoin.”
    • A Pro and a Con:
      • “It does not have the robustness of Bitcoin nor the network of Ethereum… it’s as creative as pulling the chocolate and vanilla soft serve ice cream levers at the same time.”
      • “It’s a lot more complicated…  The ‘account abstraction layer’ (as its called)… which took over 60,000 hours combined (32+ coders worked on this), allows for more [than] just a ‘soft serve mixture of btc and eth’…  They’ve gone so far past special in terms of tech that it honestly doesn’t make sense to people around these parts, and that’s okay.”
    • History:
    • Wikipedia page: Doesn’t appear to have one
  2. Dash
    • Trading:
      • With a volume of $216 million in the last 24 hours, and a market capitalization of $1.58 billion, Dash is a regular on cryptocurrency top 20 lists.
    • What it is:
      • “Dash is a cryptocurrency that features private and instant send transactions. It features masternodes and runs on a hybrid Proof of Work/Proof of Stake consensus mechanism.”
      • “Dash, a portmanteau of ‘digital cash”… began as a fork from the Bitcoin/Litecoin codebase.”
      • “A global network of masternodes vote on proposals for improving Dash’s ecosystem. Approved proposals are funded from the treasury, which receives 10% of all newly created Dash, with 45% allocated to miners and 45% to masternodes. Running a masternode requires ownership of 1000 Dash.”
    • A Pro and a Con:
      • “Masternodes have more influence on the network than normal nodes. Since nearly all masternodes are run on VPS [virtual private servers], it makes them susceptible to attack.”
      • The Dash Treasury & proposal grants: Each month Masternode operators vote on budget proposals that aim to produce value for Dash as a whole. Anyone can make a proposal. Ask the Masternode electorate for a grant in Dash and receive funding directly from the Dash blockchain.”
    • History:
  3.  TRON
    • Trading:
      • With a volume of $147 million in the last 24 hours, and a market capitalization of $1.67 billion, TRON’s token, TRX, is the youngest of the three coins in this article, having launched in September, 2017.
    • What it is:
      • The TRON Foundation, based in in Beijing, China, aims to create what they call Web 4.0: a decentralized world wide web for the storage, distribution and consumption of digital media content, built on blockchain technology.
      • TRON recently spent $140 Million to acquire BitTorrent Inc., the lead developer of “one of the most common protocols for transferring large files, such as digital video files containing TV shows or video clips or digital audio files containing songs.”
    • A Pro and a Con:
      • “Those who believe that Tron will fulfill its dream of building a decentralized web may see [the acquisition of BitTorrent Inc.] as an indication that crypto companies are taking over the old guard.”
      • “Cynics, on the other hand, might say that we’ve finally found a good business model for ICOs: raise ungodly amounts of money with no actual product or service and then use those funds to take over existing companies.”
    • History:
      • Wikipedia page: Doesn’t appear to have one
      • Here is a possibly useful starting point (note: linked above at “Web 4.0”)

 

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