'Three Prominent Cryptocurrencies'
Ripple is a digital currency designed to facilitate interbank transfers that replace current banking software SWIFT, which was written in 1973. 15 of the top 50 banks already use Ripple with daily Global interbank transfers reaching 3.7 trillion. The amount of Ripple in circulation is fixed with no mining or proof of work. These coins or tokens already exist as 80% of currency is kept in smart contracts that only release portions of the crypto quarterly. There are currently no competitors to Ripple.
Ethereum is a software that specifies contractual obligations. It processes contracts under predetermined conditions, called “Smart Contracts”. The cryptocurrency component is called “Ether”. When a contract is fulfilled, the other party is paid in Ether. Currently, B2B (Business to Business) technology is moving towards M2M (Machine to Machine) and thus requires smart contracts. There is no fixed supply. Every payment is released through proof of work. Ethereum is the platform for commercial contracts and application of AI amidst the Fourth Industrial Revolution.
Bitcoin is the first digital currency. It is a store of value or long-term investment and a system of exchange. There will only be 21 million coins released through mining/proof of work. Transactions are secured by military-grade cryptography and many consider Bitcoin “digital gold”, the reserve for all cryptocurrency transactions which are backed out into Bitcoin. Some major digital currency exchanges don’t accept fiat at all. Bitcoin is predicted to reach $1 million per Bitcoin in 5-10 years.