More than 10 years have passed since the creation of the bitcoin source code. At that time, hundreds of developers wanted to replicate Satoshi Nakamoto's success. On this page you will find out how they have tried and are still trying to do so.
Bitcoin was created in 2008 as a response to the global financial crisis. It was created by Satoshi Nakamoto, an anonymous creator. Bitcoin's goal was to move away from centrally controlled money issued by central banks in favour of a currency that is exchangeable directly between two Users of the blockchain network.
Blockchain is a technology that enables the transmission of information in an unambiguous manner between two network Users. This means that any information sent on the blockchain network is irreversible. An additional advantage of open the blockchain network is the fact that both senders and recipients of transactions have constant overview of the transactions within a given network. All of these features apply on the basis of a decentralized IT infrastructure, ie one where the role of a bank or central institution is not required to 'supervise' and charge related fees.
Thousands of cryptocurrency projects have been created since 2008. Some are decentralized development environments like EOS or Ethereum, others are used by Banks like Ripple XRP. There are also a number of projects implementing technological aspects that are not related to blockchain technology. They treat digital coins as a form of issuing 'shares' in order to raise funds to achieve their goals. Projects of this type include Nexus or IOTA
Litecoin was created by Charlie Lee, a former Google developer who noticed in 2011 that bitcoin was unable to handle the growing traffic and interest. Charlie's idea was to increase the network capacity by more frequent block accounting.
XRP Ripple is a global billing system based on an open source network. As one of the few digital currencies, it is used by banks to conduct settlements. XRP for example is used by Santander and JP Morgan. Ripple enables lossless, instant transfer of any value between two users with no chargebacks.
Ethereum was created by Vitalik Buterin, a Canadian programmer of Russian origin. Ethereum uses the Ether cryptocurrency, with which you can pay for services within the platform. The Vitalika Buterina project enables the creation of smart contracts, decentralized applications and scripts in solidity.
Cryptocurrencies are very often associated with anonymity. While in the case of bitcoin and most digital currencies it is possible to track the flows between addresses on the market, there are currencies that guarantee a lower or greater level of anonymity. The best known and the highest level anonymity is Monero. Thanks to the technology used, Monero makes it impossible to read information about the amount of the transaction, its sender and recipient.
In the world of blockchain technology, as in any developing industry, there are many people who try to take advantage of the lack of awareness of market participants. Due to the lack of any regulations on the market, there are a lot of shells and projects based on more or less clear ponzi schemes. In Bitclude, we warn against investing funds in unverified projects.
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