#0001 - A one-sentence explanation for the top 11 cryptocurrencies

Bitcoin, Dogecoin, and others, explained

Hi everyone!

Welcome to the very first edition of the Law of Code - what I hope to turn into a comprehensive website for ALL things blockchain & the law.

When I say blockchain & the law, I mean the legal regulations and framework surrounding cryptocurrencies, NFTs, DeFi - the whole blockchain gang.

Without further ado (and because I should get some exercise today), the first article - a one-sentence explanation for the top 11 cryptocurrencies (by market cap)

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 uncensorable and permanent programs which 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 than other blockchains

XRP (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

Well, that’s a wrap. Hope you enjoyed this introduction to the top 11 cryptocurrencies. Leave your thoughts below and subscribe to follow my journey on becoming the top blockchain lawyer in Canada.

Cheers - Jacob

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