Ethereum, Bitcoin Cash, Dash or Neo are some of these new cryptocurrencies that little by little are becoming more known and whose use is becoming popular. Also called tokens(in general) are the basis on which the funds are collected through collective investment or crowfunding in the so-called ICO (Initial Coin Offering in English) to develop the Blockchain technology with protocols open to the entire world on which they are based. That is, the start up shift (usually a group of developers) funds publicly, to develop your project and in return, delivers those tokens known as cryptocurrencies that then, depending on the success or otherwise of the project, will be more or less . As in any innovation process, that Blockchain that provides value will be the one that will triumph. The public project of Ethereum -for example- came to collect more than 18.5 million dollars on its market release.

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The top 10 cryptocurrencies (8/26/17)

We can see the quotes of all existing cryptocurrencies here:
https://coinmarketcap.com/

As users or investors, we have the possibility to buy or mine in the cloud (extract via internet) an unknown and newly created cryptocurrency that is not listed anywhere and pray for it to be successful contributing to it, or you can opt for a cryptocurrency already consolidated, but still little valued, with the hope that in the future its value will grow exponentially as it is happening with Bitcoin and many others and multiply your investment in the future, as happened with the pioneer Bitcoin investors who bought pennies and today They are millionaires 4 years later.

HOW TO ASSEMBLE A RIG OF MINING ETHERUM 2017

In conclusion, a new form of investment through the Internet is making its way and it seems that digital currencies can be the future of money and trading. These coins are an alternative to fiduciary money, which is based on the faith of the community since it is not backed by any precise metal such as gold (except BitGold or Xaurum, which support its value in gold). More and more people recognize the potential to undermine and / or invest in cryptocurrencies. More new cryptocurrencies often come out and can be a great investment opportunity as many cryptocurrencies that go on the market increase in value rapidly.

The following list refers to the cryptocurrencies that are most valuable in the financial markets , although if you consult the list tomorrow it is possible that one disappears giving way to one more capitalized today.

Bitcoin (BTC)

Official site:  https://bitcoin.org/

Although the Bitcoin story is short (it came up in 2009), it has rained a lot since its launch. His creation has always been surrounded by a certain aura of mystery, because you do not know who created it. Satoshi Nakamoto is just a pseudonym that used the person or people who gave birth to the project.

Bitcoin is a digital or crypto currency that can be used to exchange goods and services like any other currency in places where it is accepted. Bitcoin symbol ฿ and abbreviation BTC, is a free and decentralized electronic currency that allows direct transaction without any intermediary. Bitcoin is also known as the network or protocol that supports the currency.

In addition, Bitcoin is characterized by being decentralized, that is, it is not backed by any government nor does it depend on trust in a central issuer. Similarly, transactions do not need intermediaries and the protocol is open source.

To avoid the problems derived from a currency that is not backed by an entity or a third party, but by a work system, the BTC has several fundamental principles:

  • Limit of 21 million: The number of units can never exceed 21 million bitcoins.
  • You can not censor: No one can ban or censor transactions that have been validated.
  • It has open source: The source code used by Bitcoin must always be accessible to everyone.
  • Access to all: Everyone can make transactions in bitcoins without the need for a permit. No one can prevent participation in the network.
  • It uses pseudonyms: It does not reflect the real identity of its owner and it is not necessary to identify itself to participate in the Bitcoin network, although unlike an anonymous network, it allows the possibility of generating a reputation and trust among the different users.
  • It is fungible: All units are interchangeable.
  • Payments are irreversible: Transactions that have been confirmed can not be modified or eliminated.

Bitcoin is not regulated by any agency, however, it is programmed so that the generation rate is reduced by 50% every 4 years until reaching 21 million BTC in circulation.

Bitcoins can be obtained as payment for services or goods. They can also be purchased or exchanged on websites that specialize in the sale and exchange of this currency. One of the most popular websites for obtaining bitcoins is Coinbase , in which you can buy bitcoins using dollars and other currencies. This site can also be used to sell bitcoins.

The bitcoins can also be extracted (mined) by specialized hardware . Mining is a peer-to-peer computer process used to secure and verify bitcoin transactions from one user to another in a decentralized network.

Mining involves adding bitcoin transaction data to the bitcoin global public accounting ledger of past transactions. Each group of transactions is called a block. The blocks are secured by the bitcoin miners and accumulate one on top of the other forming a chain. This ledger for past transactions is called blockchain or blockchain. The chain of blocks serves to confirm the transactions to the rest of the network.

Bitcoin mining is intentionally designed to be resource intensive and difficult, so the number of blocks found each day by miners remains stable over time, producing a controlled finite monetary supply.

Individual blocks must contain a proof of work to be considered valid. This work test (PoW) is verified by other Bitcoin nodes each time they receive a block. Bitcoin uses a PoW function to protect against double spending, which also makes the Bitcoin book immutable.

The primary purpose of mining is to allow Bitcoin nodes to reach a secure, inviolable consensus. Mining is also the mechanism used to introduce bitcoins into the system.

Miners are paid transaction fees , as well as a subsidy of newly created coins, called block rewards. This serves both to disseminate new currencies in a decentralized manner and to motivate people to provide security to the system through mining.

THE BEST HARDWARE FOR ETHEREUM MINING 2017

Ethereum (ETH)

Official site:  https://www.ethereum.org/

Ethereum is an open blockchain platform that allows anyone to build and use decentralized applications that work with blockchain technology. Like Bitcoin, no one controls or owns Ethereum. It is an open source project built by many people around the world. But unlike the Bitcoin protocol, Ethereum was designed to be adaptable and flexible.

Like bitcoin, no bank or government controls or issues the ethereum network and ether tokens; therefore, it is an open network managed by its users. Ethereum replicates Bitcoin’s technological model, but aspires to be a universal networked computer.

In December 2013 , Vitalik Buterin started the development of Ethereum, with the first proof of concept (PdC) done in Go and C ++, published in February 2014. After a bifurcation of the block chain in July 2016, there are two active Ethereum lines: Ethereum and classical Ethereum.

Just as traditional banking is very interested in the blockchain (the technology behind Bitcoin) for financial transactions and not as a simple virtual and decentralized currency, Ethereum has taken the concept of blockchain further. It is not, therefore, only a cryptocurrency, but also a distributed computing platform.

It has some very technical differences with Bitcoin, such as the algorithm used, the block time, the calculation difficulty and the prize for mining. But the really differential, as currency, is that in the case of the Ethers there is no definite maximum number.

What really makes Ethereum powerful is that it allows you to use the blockchain for something more than having a virtual and distributed currency. Ethereum allows you to create smart contracts. Although Bitcoin has certain characteristics that allow it to also create this type of contract, in Ethereum it is the basis of its creation and they are much more powerful.

These open source contracts can be used to safely execute a wide variety of services, including: voting systems, financial exchanges, crowdfunding platforms, intellectual property and autonomous decentralized organizations.

Ethereum works in a decentralized way through a virtual machine called Ethereum Virtual Machine (EVM). Programs that make intelligent contracts are written in full-scale programming languages ​​of the Turing type, such as Serpent or Solidity, which follow the contract design methodology to create intelligent contracts

Ethereum uses Ether as the internal currency , the underlying decentralized cryptocurrency that serves to execute intelligent contracts.

Smart contracts with Ethereum have endless possibilities and makes it resemble a financial system without intermediaries

In Ethereum, the block generation time is set to 15 seconds versus 10 minutes of Bitcoin. Ethereum has one of the fastest transaction speeds among all cryptocurrencies.

The Ethereum encryption technique also allows ethers to be extracted using the GPU of a desktop computer. With Bitcoin, it is almost impossible to do this using normal GPUs, as it requires the use of very powerful specific ASICs or processors.

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Bitcoin Cash (BCC)

Official site:  https://www.bitcoincash.org/

Bitcoin Cash (BCC) is a cryptocurrency created through a fork (or fork) of the Bitcoin network. This means that any user who held Bitcoin at the time of the fork (August 1, 2017), now has an equivalent amount of Bitcoin Cash in the newly created Bitcoin Cash block chain.

What is a bitcoin fork? Basically it is a separate version of this cryptocurrency and its chain block or blockchain but sharing its history. The appearance of these forks can give rise to different cryptocurrencies, such as Bitcoin Cash.

This new digital currency aims to accelerate transactions and boost their use. Bitcoin Cash increases the size of the block to 8 MB, one of the main demands of those who criticize the current state of the cryptocurrency.

Bitcoin Cash was created as a response to the years of long debate among the Bitcoin community about the best way to scale Bitcoin to more users. The simplest solution, and the one adopted by Bitcoin Cash, is to increase the Max Blocksize Limit parameter of the Bitcoin code base. While Bitcoin’s block size limit remains at one megabyte (allowing ~ 250,000 transactions per day), Bitcoin Cash has increased the limit to 8MB, allowing it to process around two million transactions per day.

As far as Bitcoin / Bitcoin Cash users are concerned there is very little noticeable difference in the frontend when using any of the currencies. The main difference between these currencies is the fact that, given the same hashrate, the BCC protocol allows more transactions per second, which translates into faster payments and lower rates.

For the rest, it maintains the two main characteristics that make the currency created by the unknown Satoshi Nakamoto so attractive: security and anonymity.

Ripple (XRP)

Official site:  https://ripple.com/

Ripple is the name of a digital currency (XRP) and an open payment network within which that currency is transferred. It is a distributed and open source payment system that is still in beta. The purpose of the Ripple system, according to its website, is to allow people to free themselves from the “walled gardens” of financial networks -that is, credit cards, banks, PayPal and other institutions that restrict access with tariffs and fees. delays processing.

Is Ripple like Bitcoin? In many ways, yes. Like Bitcoin, Ripple’s XRP is a digital form of currency based on mathematical formulas and has a limited number of units. Both forms of currency can be transferred from one account to another (peer-to-peer, or P2P) without the need of any intervening third party. And both provide digital security to protect against the possibility of fake coins.

The Ripple network is designed to allow the seamless transfer of any currency, be it dollars, euros, pounds, yen or bitcoins.

While other cryptocurrencies avoid banks, Ripple was created for the banking system because it allows them to make faster global payments at a lower cost. For example, if a customer of a bank in Spain wants to send a payment to a customer of a bank in China, Ripple immediately consults both banks for their transaction fees and makes the transfer in a matter of minutes.

The company plans to ultimately create 100 billion coins . Half of these must be put into circulation, while the company plans to retain the other half.

The Ripple can not be mined unlike bitcoin, but each transaction destroys a small amount of XRP that adds a deflationary measure to the system.

HOW TO ASSEMBLE A RIG OF MINING ETHERUM 2017

Litecoin (LTC)

Official site:  https://litecoin.org/

Litecoin (LTC) is a cryptocurrency supported by the P2P network that allows instant payments and almost zero cost anywhere in the world. Litecoin is a global and open source payment network that is completely decentralized and without central authorities. Mathematics secures the network and allows individuals to control their own finances. Litecoin provides faster transaction confirmation times and improved storage efficiency over the main mathematical-based currency. With substantial industry support, volume of transactions and liquidity, Litecoin is a proven means of commerce complementary to Bitcoin.

The Litecoin was created by the former Google engineer Charles Lee in the year 2011. It was created with the aim of improving Bitcoin. The Litecoin project is currently maintained by a core group of 6 software developers, led by Charles Lee, with a large community that is growing in support.

Litecoin has a currency limit of 84 million, which means that there is a total of 84 million Litecoins that can be extracted or generated.

The miners can initially generate 25 coins per block. The amount of coins generated is reduced by half every 4 years (840,000 blocks). Therefore, the Litecoin network is programmed to produce approximately 4 times more currency units than Bitcoin.

The Litecoin’s Scrypt algorithm is less demanding in relative terms than the algorithm used by Bitcoin, making it somewhat easier to extract Litecoins using desktop computers than the ones of a lifetime.

The block generation time for Litecoin is 2.5 minutes, instead of the 10 minutes needed for Bitcoin. This makes Litecoin more efficient than Bitcoin when it comes to handling a large volume of transactions.

HOW TO ASSEMBLE AN ETHEREUM MINING RIG 2017 (PART 2)

IOTA (MIOTA)

Official site:  https://iota.org/

IOTA is a new open-source cryptocurrency that does not use a blockchain. Its innovative quantum test protocol, known as Tangle , gives rise to new unique features such as zero rates, infinite scalability, fast transactions, secure data transfer and many others.

IOTA was developed in 2015 by David Sønstebø and is maintained by the IOTA Foundation, a non-profit foundation located in Germany.

IOTA focuses initially on serving as the backbone of Internet-of-Things (IoT). IOTA is an ambitious project that seeks to generate several applications of the IoT, doing it through Tangle, the most relevant innovation in the IOTA. Its creator defines it as a ledger that is lightweight and makes it possible to transfer values ​​without giving anything in return.

To send an IOTA transaction, a user’s device must simply confirm two other transactions in the Tangle network. Since each transaction requires the sender to verify two other transactions in Tangle, more transactions can be confirmed as the number of users who send them increases. This means that IOTA scales proportionally to the number of transactions ad infinitum.

The user and the validator are no longer dissociated entities in IOTA. This eliminates the need to waste large amounts of energy in mining. IOTA has zero fees.

Transaction times are inversely proportional to the number of transactions in the Tangle network. The more transactions, the faster each transaction will be confirmed. As IOTA approaches the critical mass of adoption, transaction times will approximate the propagation time of the network.

The amount of coins will never increase or decrease. The total money supply is 2,779,530,283,277,761

IOTA is able to achieve a high performance of transactions by parallelizing the validation. As the Tangle grows with more transactions, IOTA becomes faster and more secure.

NEM (XEM)

Official site:  https://www.nem.io/

NEM (XEM) is a peer-to-peer cryptocurrency released in 2015. Unlike other cryptocurrencies, NEM has its own original source code.

Written in Java, NEM has introduced new features of blockchain technology such as its importance test algorithm (POI), multifirm accounts, encrypted messages and an Eigentrust ++ reputation system. The NEM software is used in a chain of commercial blocks called Mijin, which is being tested by financial institutions and private companies in Japan and internationally.

This cryptocurrency has introduced new features and technologies to the Blockchain community. For example, it operates using the unique POI algorithm. POI or Significance Test, which helps determine the user who is going to calculate the next block. The new algorithm guarantees the fair distribution of possibilities in the calculation of blocks, since it takes into account not only the quantity of coins stored in the user’s portfolio, but also all incoming and outgoing transactions. This makes it possible to reward the users who make the greatest contribution to the development and distribution of foreign currency.

The average generation time of the block is one minute , 10 times lower compared to Bitcoin, so NEM is able to execute and validate many more transactions in less time.

NEM allows you to make instant money transfers worldwide, without large installments. All portfolios are highly secure and exclude any possibility of unauthorized access.

In 2016, NEM jumped to be one of the largest cryptocurrencies by market capitalization.

Dash (DASH)

Official site:  https://www.dash.org/

Dash (DASH) is a digital currency focused on privacy and based on Bitcoin software. It allows you to remain anonymous while making transactions, similar to what happens with cash.

With Dash, payments are received almost instantaneously thanks to InstantX technology. Advanced anonymization allows you to send Dash anonymously without having to wait for anything or anyone.

The essence of Dash’s unique technology is a P2P (Peer-to-Peer) network design on two levels. This technology rewards users who run a special type of node called master node (masternode) and maintain it 24/7 with dedicated hardware.

With Bitcoin the transactions are published in the blockchain and anyone can check who made them and to whom. In the case of Dash, the anonymization technology makes it impossible to trace those transactions . This is important because the blockchain is accessible to anyone with an internet connection, which is a major inconvenience for anyone who wants their transactions not to be publicly available.

Dash accomplishes this through a mixing protocol that uses a decentralized network of servers, called master nodes, thus avoiding having to rely on a third party that could compromise the integrity of the system.

Transactions with Dash are confirmed almost instantaneously by the network of master nodes. This is a great improvement over the Bitcoin system, where transactions take longer to confirm because all the work is done by the miners.

Compared to the SHA-256 algorithm of Bitcoin, Dash incorporates a total of 11 algorithms, collectively called X11. This makes it much more difficult to enter or hack the Dash network. Because of this, Dash is considered a more secure cryptocurrency payment method than Bitcoin.

Chained algorithms make Dash easier to use for mining when compared to other cryptocurrencies. For example, GPUs require 30% less electrical energy than the Litecoin’s Scrypt algorithm and are heated between 30% and 50% less.

Neo (NEO)

Official site:  https://neo.org/

Neo, formerly known as Antshares is the first public Blockchain in China. It is widely considered the “Ethereum of China” due to its iteration in Ethereum’s intelligent contracts. However, its unique characteristics have managed to close certain gaps in Ethereum smart contracts. At the time of writing, Neo is among the 10 cryptocurrencies that exceed one trillion dollars in terms of market capitalization. Even in terms of value, it has been showing a huge increase.

Like Ethereum, Neo aims to build a platform in which other decentralized applications can be built allowing users to execute smart contract code in their Blockchain.

Smart contracts are based on the NEO virtual machine, which is similar to the Ethereum virtual machine. NEO is designed to solve the same problems as Ethereum.

One advantage that NEO has over Ethereum is that it supports most advanced programming languages ​​such as .NET, C #, Java and Python , while Ethereum has its own programming language called Solidity.

NEO uses the algorithm dBFT (Delegated Byzantine Fault Tolerance) as the mechanism , since it is the protocol that offers the lowest electricity costs and eliminates the possibility of a division of the blockchain.

Another key difference is that, unlike Ethereum, Neo does not use ‘miners’. They use “accounting nodes” that will be incentivized to execute the Neo network.

NEO has great sustainability in the environment of cryptocurrencies, because apart from the smart contracts it can generate, it has a limited number of coin creation. The maximum total is 100 million (50 million are currently in circulation).

NEO partners include the WINGS crowdfunding platform and the multinational Microsoft technology corporation.

Ethereum Classic (ETC)

Official site:  https://ethereumclassic.github.io/

Ethereum Classic is not a new cryptocurrency per se, but a division of an existing cryptocurrency, the Ethereum.

Both chains of blocks are identical in every way until block 1920000 where the hard fork was implemented . A ‘Hard Fork’ or hard fork is a permanent divergence in the Blockchain that occurs when non-updated nodes can not validate blocks created by the nodes that adhere to the most recent consensus rules. After the hard fork, the block chains were divided into two and acted individually.

Ethereum Classic still offers the same features as Ethereum, such as the creation and deployment of intelligent contracts and decentralized applications , and has the same specifications, such as average block time, size and reward.

Ethereum Classic appeared as a result of the disagreement with the Ethereum Foundation regarding the DAO Hard Fork. When the hard-fork was implemented, users who did not agree with it decided not to update their software and continue to undermine the chain of blocks that this implementation did not have. Since the hard-fork creates an incompatibility between the new and previous versions, the users who decided to remain in the “original” block chain, have differentiated in their own chain of blocks that is identical to Ethereum in every way until the block 1920000.

Ethereum Classic also provides a value token called ” classic ether “, which can be transferred between the participants and used to compensate the participating nodes for the calculations made. The classic ether token is sold at the cryptocurrency exchange sites under the symbol ETC.

Ethereum Classic is the convincing proof that after a hard-fork two chains of blocks can coexist in a healthy way. And that said result is not bad nor is it good per se, it is simply a result to which later, according to the efforts of their respective communities, value will be added, or lost.

Today we see how two cryptocurrencies (ETH and ETC) coexist in the ecosystem without bothering each other (ignoring the technical clumsiness of some exchange houses) and at the same time visualize the future of their respective block chains in a promising way.

THE BEST HARDWARE FOR ETHEREUM MINING 2018

Monero (XMR)

Official site:  https://getmonero.org/

Monero (XMR) is an open source cryptocurrency created in April 2014 that focuses on privacy, decentralization and scalability.

Monero was launched in April 2014 originally under the name of BitMonero , which is a composite of Bit (as in Bitcoin) and Monero (literally means “currency” in Esperanto). Five days later, the community opted for the name to be shortened only to Monero. It was launched as the first fork of the Bytecoin currency, based on CryptoNote. However, it was created with two main differences: firstly, the target block time was reduced from 120 to 60 seconds, and second, the emission speed was slowed by 50%.

Monero is one of the few cryptocurrencies that have not been created using Bitcoin technology. Specifically, it was built on the CryptoNote protocol , an encryption system that makes transactions not signed by only one person, but by several at the same time. For this, the system divides the number of moneros into two (unequal) parts and mixes both with the moneros of other users.

With Monero, the details about the transactions are not publicly visible, while with the Bitcoin, the chain of blocks is publicly visible so that anyone can look for transactions.

Another advantage offered by Monero is that it allows both the use of the GPU and the CPU for coin mining , while in Bitcoin, both the use of the CPU and the GPU is practically useless nowadays.

Monero is strictly propelled by Proof-of-Work, but specifically, it employs a mining algorithm that has the potential to be efficiently allocated to billions of existing devices (any modern x86 CPU). Monero uses the CryptoNight (PoW) Work Test , which is designed for use in ordinary CPUs.

It is emphasized that its mining algorithm will not allow the centralization of this by large companies, as has happened with Bitcoin, since until now it is not possible to develop ASIC devices for its algorithm. This means that there are many possibilities that you can exploit Monero using your desktop computer, while with Bitcoin you would need to buy a powerful ASIC hardware dedicated to mining.

Scalability is another difference in which they focus, because the size of the block has no predisposed limits . This is calculated automatically after a trial period, and there will always be enough reward for the miners with a subsequent inflation of 1% after its first emission curve. In addition, a block size larger than Bitcoin implies being able to handle a larger number of transactions per second.

Its last fundamental characteristic is the fungibility, that is to say, all the coins of this blockchain are identical and can be exchanged indifferently among them, such as fiduciary coins. It’s not just a token or a reward: it’s real money.

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