Six CryptoCurrencies under Apples Approval
Six Crypto-Currencies under Apple’s Approval
Crypto-currencies are a new form of currencies, which are commonly used on online platforms. The need to exchange money over the World Wide Web has necessitated the development of different forms of digital currencies, which can facilitate online trade. In essence, a crypto-currency is any form of digital currency, which allows online users to buy and sell goods and services on virtual platforms. Crypto-currencies are generated using encryption techniques, which are used to create the currency units and regulate their transfer in a manner that is independent, from conventional banking and monetary systems. Such currencies have encountered many regulatory and security challenges. As such, facilitators of online trade have had to do away with some of them on their platforms while only embracing reliable crypto-currencies. Here is a list of the six crypto-currencies, which have been approved by Apple as reliable crypto-currencies to be used on their App Store and other online platforms.
Bitcoin is a payment system as well as a crypto-currency developed by Nakamoto Satoshi. This crypto-currency was introduced in 2008 as an open-source peer-to-peer system of transactions which occur directly between users devoid of any mediation. The system has no single designated administrator or repository. As such, Bitcoin is classified as a virtual currency, which is decentralised. Bitcoin is regarded as the first crypto-currency and it has the largest market share among crypto-currencies. The code of the crypto-currency is XBT, and its symbol is BTC. The currency is divided into subunits of Millibitcoins, microbitcoins, and Satoshi.
The Dogecoin cryptocurrency was introduced in 2013 as a joke currency,’ and it soon developed its online community that led to a market capitalization of approximately $60 million USD by 2014. By mid-2015 about 100 billion Dogecoin cryptocurrency had been mined. The crypto-currency has a very limited commercial application, and it’s often used tipping online users for providing valuable content and aid online.
The Litecoin is another peer-to-peer virtual currency, which was developed in 2011 by a former employee of Google known as Charles Lee. The currency is denoted as LTC, and it is the 4th largest crypto-currency in market share. The Litecoin system is built on an open-source protocol and unlike the Bitcoin cryptocurrency, it has a centralised system of authority. It has a market capitalization of $177,400,000 as of 2016 USD and the price of one coin is $13.53. The Litecoin is sub-divided into sub-units of Millicoins, Micro coils cryptocurrency and "Litoshi" cryptocurrency.
The Ethereum is a networked computing system with smart contract abilities on an open source platform, which provides a virtual machine that is decentralised. The Ethereum virtual machine acts as the executor of peer-to-peer contracts through the use of tokens known as Ether. The system was developed by Vitalik Buterin and publicly funded through as the crowd sale in 2014. The official launch of this crypto-currency occurred in 2015. Like the Bitcoin cryptocurrency, the Ethereum is also decentralised.
The DAO stands for decentralised autonomous organisation,’ and it is an organised system, which is run by rules that are coded into computerised programs known as smart contracts. The program’s rules and financial records of transactions are retained in a block chain. The system is meant to mainly facilitate peer-to-peer smart contractual collaboration through distributed databases.
Ripple is currency remittance and exchange network that is designed in the form of a real-time gross settlement system (RTGS). The system is also known as the Ripple Protocol of the Ripple Transaction Protocol (RTXP). It is also built on a distributed open-source system. The Ripple crypto-currency was released in 2012 and it has tokens that represent commodities, crypto-currencies, fiat currency, as well as other units of value. Ripple is the third largest virtual currency at a market capitalization of $1.4 billion USD. The system was developed by Ryan Fugger, David Schwartz, and Arthur Britto and it has ISC licensure. The system has already attracted various ventures from Google and banks that use it to settle trade balances.