The 10 most important virtual currencies at the market level in chronological order are:
Bitcoin (BTC): the first and most famous virtual currency, created in 2009 by a mysterious Satoshi Nakamoto. Bitcoin uses Proof of Work to secure its network and create new blocks. Its value is determined by supply and demand, and it is often subject to sharp fluctuations. Bitcoin is accepted by many merchants and online platforms, and it is considered a store of value and a universal means of payment.
Ethereum (ETH): the second virtual currency in terms of capitalization, launched in 2015 by Vitalik Buterin. Ethereum is more than just a currency, it is a platform that allows you to create decentralized applications (dApps) and smart contracts thanks to its Ethereum virtual machine (EVM). Ethereum currently uses Proof of Work, but plans to move to Proof of Stake with its 2.0 update. Ethereum is used to power dApps, smart contracts, ERC-20 tokens, and non-fungible tokens (NFTs).
Binance Coin (BNB): the third virtual currency in terms of capitalization, created in 2017 by the Binance exchange platform. Binance Coin is a utility token that allows you to benefit from discounts on transaction fees, participate in initial coin offerings (ICOs), and support projects on the Binance platform. Binance Coin runs on the Binance Smart Chain (BSC) blockchain, which is compatible with Ethereum and offers fast and low-cost transactions.
Tether (USDT): the fourth virtual currency in terms of capitalization, launched in 2014 by Tether Limited. Tether is a stable currency, meaning it is backed by a fiat currency, in this case the US dollar. Tether aims to provide the stability of the dollar while enjoying the benefits of blockchain. Tether is used as a means of payment, transfer and storage of value, as well as a liquidity reserve on exchange platforms.
Cardano (ADA): the fifth virtual currency in terms of capitalization, launched in 2017 by Charles Hoskinson, one of the co-founders of Ethereum. Cardano is a platform that aims to create a more just, sustainable and transparent society thanks to blockchain. Cardano uses proof of stake to secure its network and allows the creation of decentralized applications and smart contracts. Cardano stands out for its scientific and rigorous approach, based on research and formal verification.
Solana (SOL): the sixth virtual currency in terms of capitalization, launched in 2020 by the Solana foundation. Solana is a platform that aims to offer a scalable, fast and inexpensive solution for decentralized applications. Solana uses Proof of History to synchronize its network and achieve a capacity of over 50,000 transactions per second. Solana is used to power decentralized applications, SPL tokens and NFTs.
XRP (XRP): the seventh virtual currency in terms of capitalization, launched in 2012 by the company Ripple. XRP is a currency that aims to facilitate international transfers and reduce costs and delays. XRP operates on the RippleNet network, which is an open and distributed payments network. XRP is used as a bridge between different currencies and as a means of payment.
Polkadot (DOT): the eighth virtual currency in terms of capitalization, launched in 2020 by Gavin Wood, another co-founder of Ethereum. Polkadot is a platform that aims to connect different blockchains together and create a decentralized internet. Polkadot uses proof of stake to secure its network and allows the creation of parallel chains (parachains) that can communicate and transfer data and assets. Polkadot is used to govern the network and to support projects on the platform.
Dogecoin (DOGE): the ninth virtual currency in terms of capitalization, created in 2013 by Billy Markus and Jackson Palmer. Dogecoin is a currency that was designed as a joke, inspired by the Shiba Inu dog meme. Dogecoin uses proof of work to secure its network and create new blocks. Its value is determined by popularity and humor, and it is often influenced by tweets from figures like Elon Musk. Dogecoin is used as a means of payment, donation and tipping on the internet.
USD Coin (USDC): the tenth virtual currency in terms of capitalization, launched in 2018 by Circle and Coinbase. USD Coin is another stable currency, which is also backed by the US dollar. USD Coin aims to provide the stability of the dollar while enjoying the benefits of blockchain. USD Coin is used as a means of payment, transfer and storage of value, as well as a liquidity reserve on exchange platforms.
