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virtual currencies

Top Virtual Currencies 2016

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Top Virtual Currencies 2016

There are quite a few virtual currencies, but these are the top cryptocurrencies for 2016.

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ipfrontline.com

Bitcoin

The original cryptocurrency is Bitcoin and even though it is not as valued as high as it once was, it is still the most valuable virtual currency. Bitcoin uses a proof of work verification system that is resistant to fraud, but it does use a lot of power.

BlackCoin

BlackCoin was created so that the reliability of proof of stake valuation could be proved. BlackCoin was launched strong with integration into some real world point of sales systems. However, recently the growth of BlackCoin has come to a stand still. This virtual currency is only accepted in a few businesses across the world, but these businesses are diverse and include shaving products, landscaping and yoga classes.

Dash

Evan Duffield and Kyle Hagan introduced Dash and this virtual currency uses some key innovations that are aimed at increasing anonymity and to improve how the system functions. The main function of Dash is to act like electronic cash whilst providing a high level of anonymity. Dash is not widely accepted by retailers but a good number of independent businesses accept it.

Dogecoin

Dogecoin has not been widely accepted like other cryptocurrencies, but there are a number of retailers that have accepted the currency. There are over 200 companies that accept Dogecoin as a form of payment. Holders of the currency have also engaged in several charity campaigns to establish the legitimacy of Dogecoin.

Litecoin

The main purpose of Litecoin was to improve the proof of work currencies through some powerful tweaks. Litecoin has maintained a good portion of its value and is accessible to first time investors. Litecoin is accepted by independent businesses that include gaming, electronics, apparel and advertising. However, Litecoin has struggled to gain widespread acceptance due to its innovation and its lack of first mover advantage.

dash

Darkcoin has been Rebranded to Dash

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Darkcoin has made the decision to rebrand themselves as Dash in order to disassociate it from the illicit activities of the dark web.

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Darkcoin is the anonymity focused cryptocurrency is set to change their name to Dash so that they are able to represent their platform better and to make it more accessible to users.

Evan Duffield, the lead developer of Darkcoin has said that this change has come about in part because of the unwanted association with dark web.

It has never been the goal of Darkcoin to support the dark web; the goal was to fix all of the problems that have plagued bitcoin since the beginning and to create a decentralized, private, trustworthy and fast payment platform.

Dark web is a section of the internet that requires specialist software tools to access. It was originally designed to protect privacy and has often been associated with illicit activities.

This is often confused with deep web, which is in fact a large section of the open internet not indexed by search engines.

It then became apparent to Darkcoin that their branding was getting in the way of their mission, so they started to look at ways to rebrand. They believe Dash, which stands for digital cash is a great representation of who they want to become.

They also said that they are just changing their name and no technology will be affected. The coin, the blockchain and the team will be the same.

Darkcoin has become popular on the dark web because of its advanced privacy features and fast transaction times.

The technology has wider applications than the dark web. It has been praised among the cryptocurrency community for overcoming many flaws that come with bitcoin.

Post sponsored by Finance Man Personal Finance