One-sentence explanations for the 11 largest cryptocurrencies

This post is part of an on-going series providing more information for those interested in cryptocurrencies, blockchains, and NFTs. While this site predominately investigates these areas from a legal perspective, many posts offer helpful introductions to different areas of blockchain.

Today, right now, you’ll learn a little bit more than you knew yesterday. The following are 11 sentences explaining what the 11 largest cryptocurrencies are/do:

Bitcoin – A decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for trusted intermediaries

Ethereum – A platform where users can write non-censorable and permanent programs on an immutable ledger where the programs can interact with and trust each other to perform a wide variety of actions and contracts, including money transactions

Binance – A cryptocurrency that can be used to trade and pay fees on the Binance cryptocurrency exchange, which is an exchange providing a platform for trading various cryptocurrencies

Dogecoin – A cryptocurrency with a large supply and low price, useful for micro-tipping (and, apparently, getting wealthy), Dogecoin has 1-minute block intervals, making it faster to transact on than other blockchains

Ripple – Ripple is a payments settlement system and currency exchange network that can process transactions around the world, as Ripple serves as a trusted agent between two parties by quickly confirming the exchange

Tether – Converts cash into digital currency, to anchor or tether the value to the price of national currencies like the US dollar, the Euro, and other government-backed currency

Cardano – Cardano is a proof-of-stake blockchain platform developed to provide security and sustainability to decentralized applications, systems, and societies

Polkadot – A blockchain protocol enabling different blockchains to run independently within one network, protected by a shared security system

Bitcoin Cash – Created from a fork (basically a copy with modifications) of Bitcoin, Bitcoin Cash increased the size of blocks, allowing more transactions to be processed and improving scalability while reducing transaction costs (as compared to Bitcoin)

Litecoin – An early Bitcoin spinoff, Litecoin is a peer-to-peer cryptocurrency and open-source software project that can produce a greater number of coins than Bitcoin, with faster transaction speed

Uniswap – Uniswap is a decentralized finance protocol that facilitates automated transactions between cryptocurrency tokens on the Ethereum blockchain through the use of smart contracts

Read more about crypto, blockchains, and NFTs.

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