The quick guide to the cryptos listed on Abra

Abra a unique, all-in-one, crypto wallet that allows users to exchange between 28 cryptocurrencies, 50 fiat currencies, and the BIT10 crypto index.

More assets will be added in the future, but in the meantime, we pulled together this quick guide to provide an introduction to the cryptoassets currently available on the app.

Bitwise 10 Crypto Index | BIT10

The BIT10 is the world’s first easily accessible crypto index available to everyone, everywhere. Launched in October 2018, the BIT10 gives investors exposure to the top 10 cryptocurrencies that also meet the criteria developed by Bitwise Asset Managment. Bitwise rebalances the index every month to optimize for upside. Learn more

Bitcoin | BTC

Launched in 2009, Bitcoin is the first widely-adopted cryptocurrency. Bitcoin was developed to create a secure and trusted network that makes peer-to-peer financial transactions possible. The Bitcoin network is globally distributed and decentralized. Bitcoin’s ledger is constantly updated by a mining process that verifies transactions and creates new coins. Learn more.

Ethereum | ETH

Launched in 2015, Ethereum is a blockchain designed to support the building of decentralized applications. Individual units of Ethereum’s cryptocurrency are called ether. Learn more.

XRP | XRP

Ripple is the name of the company founded in 2012. They have created what is known as the Ripple protocol, as well as the XRP token. Ripple’s goal is to create a global, enterprise-scale blockchain solution for handling payments across borders with no chargebacks. This type of service is designed primarily for banks, payment providers, and other financial institutions. Learn more.

Bitcoin Cash | BCH 

Created as a hard fork of Bitcoin in August 2017, Bitcoin Cash is designed to increase block size (which increases the number of transactions that can be processed while reducing associated fees) to encourage its use as a form of digital cash-like payment. The hard fork continues to be controversial within Bitcoin’s development community. Learn more.

Stellar Lumens | XLM

Launched in 2014 by the nonprofit Stellar Development Foundation, the Stellar network is designed to create financial infrastructure for developing economies by enabling low-cost transactions. Units of Stellar are called lumens and enable micro-transactions and allow different financial platforms to become compatible.

Litecoin | LTC

Litecoin was launched in 2011 as a faster and cheaper alternative to Bitcoin. Litecoin is a fork, or modification, of Bitcoin’s network, and it is more cost-effective than Bitcoin to use for everyday transactions.

Cardano | ADA

Cardano is a layered blockchain that is designed to bridge the gap between emerging cryptocurrencies and traditional financial infrastructure. Cardano’s layered architecture allows for quick customization, upgrades, and scaling. Individual units of Cardano’s cryptocurrency are called ada. Learn more.

Monero | XMR

Launched in 2014, Monero is a privacy-centric coin and blockchain. Like Bitcoin, Monero uses a proof-of-work system to maintain its ledger and create new coins. Monero’s transactions are cloaked by algorithms that protect user identity and transaction details. Learn more.

Tron | TRX

Founded in 2017, Tron is a decentralized blockchain platform that is designed to make file sharing and storage easier for the global entertainment industry. The goal is to change the economics of content sharing by connection content producers and consumers in a distributed manner. Individual units of Tron are called Tronix.

Dash | DASH

Launched in 2014 as a fork of Bitcoin, Dash is trying to make smaller financial transactions possible on blockchain. Dash is also privacy-focused, and obscures details of users’ transactions, making them difficult to track or trace.

Neo | NEO

Rebranded as NEO in 2017, and previously known as Antshares, NEO is focused on building a distributed smart economy, organized by digital assets, the verification of digital identities, and smart contracts.

Ethereum Classic | ETC

Ethereum Classic is the original version of the Ethereum blockchain, which was forked in July 2016 to undo a digital heist of $50 million of ether (in 2016 values). Part of the community that supported recovering the hacked funds by reversing the transactions on the blockchain supported the fork that is now known as Ethereum. Proponents of maintaining the immutability of the project created Ethereum Classic.

NEM | XEM

Nem is a private blockchain system designed for companies and organizations that need to complete high volume and rapid transactions.

Zcash | ZEC

Launched in 2016, Zcash is another privacy-oriented blockchain that is a fork of the Bitcoin protocol. Zcash is based on zero-knowledge proofs, which protect user security and also enhance fungibility.

Dogecoin | DOGE

Created in 2013 and considered one of the original altcoins, Dogecoin was created as a fun, open-sourced peer-to-peer payment cryptocurrency. It has been widely used for tips on the internet. Relying on the scrypt algorithm, as Litecoin does, Dogecoin is not resource-intensive to mine. So far over 100 billion Dogecoins have been mined and are in circulation.

Ox Protocol | ZRX

The 0x (pronounced “Zero X”) protocol is designed as a decentralized exchange where users can trade tokens that are built on Ethereum (ERC20 tokens).

OmiseGo | OMG

OmiseGO is an offshoot of a payments company based in Thailand. After an Initial Coin Offering in 2017, OmiseGO launched as a platform that will allow different blockchains to interoperate with one another. The goal is to enable payments, trades, and other digital and financial transactions. OmiseGo is based on Ethereum.

Bitcoin Gold | BTG

Launched in 2017, Bitcoin Gold is a hard fork of Bitcoin. Bitcoin Gold developers selected Equihash as the coin’s mining algorithm. The goal is to distribute mining power by making it possible to mine Bitcoin Gold on ordinary computers with graphics processing units (GPUs), instead of complex and expensive mining hardware.

Qtum | QTUM

Launched in 2017, Qtum calls itself the world’s first blockchain made ready for business. Qtum can be best thought of as a hybrid between Bitcoin and Ethereum, taking good parts from both, and creating a new and accessible place for businesses to launch distributed applications built on smart contracts.

DigiByte | DGB 

Launched in 2014, DigiByte is designed as a fast blockchain that focuses on developing infrastructure for decentralized payment systems and decentralized app development. Learn more.

Verge | XVG

Originally launched as DogeCoinDark in 2014 and rebranded Verge in 2016, the project is building a privacy-focused blockchain that can be used for everyday transactions.

Basic Attention Token | BAT

The Basic Attention Token is part of a larger ecosystem looking to change the dynamics of how internet advertising works. The token, which runs on the Ethereum blockchain, is trying to monetize people’s attention and change the relationship between internet publishers, consumers, and advertisers.

Golem | GNT

Launched in April 2018, Golem is a way to share computing power on the Ethereum blockchain, with the goal of creating a shared and distributed global supercomputer. Golem’s tokens are called Golem Network Tokens.

Augur | REP

Launched in 2018, Augur is a decentralized oracle and prediction market that is built on top of the Ethereum blockchain. Augur’s token is called rep, which is short for reputation.

Stratis | STRAT

Stratis is a proof-of-stake platform that is designed to help businesses and organizations implement blockchain technologies using a “blockchain-as-a-service” model.

Status | SNT

Status is designed to turn a user’s mobile phone into a lightweight node for the Ethereum blockchain. This allows increased accessibility and functionality for Ethereum and allows a user to easily interact with decentralized applications.

Lisk | LSK

Launched in 2016, Lisk is designed as a modular blockchain platform where developers can build sidechains for specific functions but that still run on the platform.

Vertcoin | VTC

Created in 2014 as an alternative to other cryptocurrencies, Vertcoin seeks to keep mining simple and affordable. The project was created to address concerns over the increasingly complex and expensive hardware necessary to mine other forms of cryptocurrency.

Altcoin guide

If you are looking for more info on some of the coins listed on Abra, please consider checking out our Ultimate Altcoin Guide. The 35-page guide contains more background and details about how these cryptocurrencies work, and what problems they are trying to solve.

 

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