BTC – EC-Pay
ETH – EC-Pay
LIO – EC-Pay
LTC – EC-Pay
BTC – EC-Pay
ETH – EC-Pay
LIO – EC-Pay
LTC – EC-Pay
Description of listed coins:
Project Name: Bitcoin
Token Name: BTC
What is Bitcoin?
Bitcoin is a cryptocurrency. It is a decentralized digital currency that is based on cryptography. As such, it can operate without the need of a central authority like a central bank or a company. Bitcoin is unlike government-issued or fiat currencies such as US Dollars or Euro in which they are controlled by the country’s central bank. The decentralized nature allows it to operate on a peer-to-peer network whereby users are able to send funds to each other without going through intermediaries.
Who created Bitcoin?
Bitcoin was created by an unknown individual or group that goes by the name Satoshi Nakamoto with the idea of an electronic peer-to-peer cash system as it is written in a whitepaper. Until today, the true identity of Satoshi Nakamoto has not been verified though there has been speculation and rumor as to who Satoshi might be.
When was Bitcoin launched?
Bitcoin was launched in January 2009 with the first genesis block mined on 9th January 2009.
How does Bitcoin work?
While the general public perceives Bitcoin as some kind of physical looking coin, it is actually far from that. Under the hood, Bitcoin is actually a distributed accounting ledger that is stored in a form of a chain of blocks, hence the name blockchain.
In a centralized system like the ones operated by a commercial bank, given a situation where Alice wants to transact with Bob, the bank is the only entity that holds the ledger that describes how much balance Alice and Bob has. As the bank maintains the ledger, they will do the verification as to whether Alice has enough funds to send to Bob. Finally when the transaction successfully takes place, the Bank will deduct Alice’s account and credit Bob’s account with the latest amount.
Bitcoin conversely works in a decentralized manner. Since there is no central figure like a bank to verify the transactions and maintain the ledger, a copy of the ledger is distributed across Bitcoin nodes. A node is a piece of software that anybody can download and run to participate in the network. With that, everybody has a copy of how much balance Alice and Bob has, and there will be no dispute of fund balance.
Now, if Alice were to transact with Bob using Bitcoin. Alice will have to broadcast her transaction to the network that she intends to send $1 to Bob in equivalent amount of Bitcoin. How would the system be able to determine that she has enough Bitcoin to execute the transaction and also to ensure she does not double spend that same amount.
Here is where mining takes place. A Bitcoin miner will use his or her computer rigs to validate Alice’s transaction to be added into the ledger. In order to stop a miner from adding any arbitrary transactions, they will need to solve a complex puzzle. Only if the miner is able to solve the puzzle (called the Proof of Work), which happens at random, then he or she is able to add the transactions into the ledger and the record is final.
Since running these computer rigs cost money due to capital expenditure for buying the rigs and the cost of electricity, miners are rewarded with new supply of Bitcoins that is part of its monetary system and some amount of fees paid by the person who wishes to transact (in this case it is Alice).
This makes the Bitcoin ledger resilient against fraud in a trustless manner. While it is resilient, there are still some risks associated with the system such as the 51% attack where by miners control more than 51% of the total computation power and also there can be security risks outside of the control of the Bitcoin protocol.
How to keep your Bitcoin safe?
If you are going to be keeping some Bitcoin, is it important to learn how to keep them safe from theft.
When working with transacting Bitcoin, you would typically be doing it on your personal computer. Since your personal computer is connected to the internet, it has the potential to be infected by malware or spywares which could compromise your Bitcoin.
One of the ways of mitigating that risk is to use hardware wallets such as Trezor and Ledger. Hardware wallets are essentially external devices that look like USB sticks. A hardware wallet secures your private key that holds your Bitcoin into an external device outside of your personal computer. When you intend to transact, you would connect the hardware wallet into your personal computer, and all the key signing in order to transact would be done in the hardware itself outside of your computer.
However, if you physically lose your hardware wallet without a key phrase backup, there is no other way of recovering your Bitcoin ever. As such when setting up your hardware wallet, always remember to keep a copy of the key phrase and put it somewhere safe from fire or flood.
Bitcoin Halving or sometimes also known as the Halvening, refers to the reduction of block reward to miners by half. This is part of the Bitcoin monetary policy, in which after every approximately 4 years, the mining reward will be halved towards the limited capped supply of 21 million Bitcoin. Once 21 million of Bitcoin have been minted, there will no longer be new supply of it rewarded to miners, and miners are expected to earn revenue by way of transaction fees.
This is seen as a significant event for couple of reasons. Firstly, traders may speculate on the possible scarcity of Bitcoin making way to high volatility. Secondly, as miners’ rewards will be reduced, we may see some miners exiting the market as they could not sustain the lower profitability. This in turn may cause the hashing rate to reduce and mining pools may consolidate. Due to this, the bitcoin network may be a little unstable during the halving period.
Total Circulation: 21 million
Project Name: Ethereum
Token Name: ETH
What is Ethereum?
Ethereum is a global, open-source platform for decentralized applications. In other words, the vision is to create a world computer that anyone can build applications in a decentralized manner; while all states and data are distributed and publicly accessible. Ethereum supports smart contracts in which developers can write code in order to program digital value. Examples of decentralized apps (dapps) that are built on Ethereum includes token, non-fungible tokens, decentralized finance apps, lending protocol, decentralized exchanges, and much more.
What is a Smart Contract?
A smart contract is a programmable contract that allows two counterparties to set conditions of a transaction without needing to trust another third party for the execution.
For example, if Alice wants to set up a trust fund to pay Bob $100 at the start of each month for the next 12 months, she can program a smart contract to:
Check the current date
At the start of each month, send Bob $100 automatically
Repeat until the fund in the smart contract is exhausted
Using a smart contract, Alice has bypassed the need to have a trusted third-party intermediary (lawyers, escrow agents etc) to send the trust fund to Bob and made the process transparent to all involved parties.
Smart contracts work on the “if this, then that” principle. Whenever a certain condition is fulfilled, the smart contract will carry out the operation as programmed.
What are the programming languages that are used to write smart contracts on Ethereum?
Who created Ethereum?
Unlike bitcoin in which the creator who is known as Satoshi Nakamoto is unknown. The founding team of Ethereum are known individuals which includes Vitalik Buterin, Mihai Alisie, Anthony Di lorio, Charles Hoskinson, Amir Chetrit, Joseph Lubin, Gavin Wood, and Jeffrey Wilke. Not all the founding members are still with the Ethereum Foundation, as some has moved on to work on other projects. For example, Charles Hoskinson has moved on to work on Cardano, while Gavin Wood has moved on to work on Polkadot.
What is Ether?
While Ethereum refers to the blockchain network. The native currency that flows within the Ethereum economy is called Ether (ETH). Ether is typically used to pay for transaction fees called Gas, and it is the base currency of the network.
What is Gas?
On Ethereum, all transactions and smart contract executions require a small fee to be paid. This fee is called Gas. In technical terms, Gas refers to the unit of measure on the amount of computational effort required to execute an operation or a smart contract. The more complex the execution operation is, the more gas is required to fulfill that operation. Gas fees are paid entirely in ETH.
The price of gas can fluctuate from time to time depending on the network demand. If there are more people interacting on the Ethereum blockchain such as transacting in ETH or executing a smart contract operation, due to the limited amount of computing resources on the network, Gas price can increase. Conversely when the network is under utilized, the market price of gas would decrease.
What options are there to store Ether and ERC-20 tokens?
The 3 most popular Ethereum based wallets are Metamask, MyEtherWallet, and MyCrypto. However there are many other options available as well .
I heard that a new version is launching called Ethereum 2.0. What is that about?
Ethereum 2.0 is an upgrade that aims to solve the blockchain trilemma – security, scalability, and decentralization. In alternative smart contract platforms, they are designed to be highly scalable but compromises on decentralization. Whereas a highly secured and decentralized blockchain network would have the trade off being highly unscalable. Ethereum 2.0 brings a very different flavor of design that aims to addresses those issues by way of using Proof-of-Stake (POS), Beacon Chain, Sharding, and Execution Environment. Due to the complexity of the project, the developement will take place in 3 phases.
Total Supply: 107,100,935
Official Website: https://ethereum.org/
Project Name: LIO Coin
Token Name: LIO
LIO coin is a decentralised blockchain that works using the crypto node and Litecoin algorithm. The crypto-module offers cryptographic functionality, which includes a series of wrappers for open hash, HMAC, cipher, decipher, sign, block explorer and special algorithms for checking POW & POS functions for access to this module. It is important to the operator of the LIO coin blockchain, Global Cybersecurity Summits Limited (henceforth referred to as GCS), to show the opportunities for innovation that the development of the Internet and especially blockchain technology will provide for the future. LIO coin is the first European blockchain-based coin to stand out for its energy efficiency, transaction speeds and high security standards. GCS will therefore be investing in the future in innovative and sustainable projects and start-ups in the field of artificial intelligence or sustainable transport and energy projects. GCS believes that only by promoting these future-oriented projects is it possible for our world to develop and sustain itself in a positive way
Circulating Supply: 4.2 Billion
Total Supply: 21 Billion
Official Website : https://www.liocoin.eu
Project Name: Litecoin
Token Name: LTC
What is Litecoin?
Litecoin (LTC) is a cryptocurrency that is largely similar to Bitcoin. Fundamentally, Litecoin is also a decentralized cryptocurrency which utilizes similar protocols as Bitcoin except for a few parameter tweaks. Much like Bitcoin, Litecoin also relies on proof-of-work for consensus and operates on a permissionless peer-to-peer network where users are able to transfer funds to one another without the need to rely on any central authority.
Who created Litecoin?
Charlie Lee during an interview with Coin Congress. Source: everipedia.org
Litecoin was created by Charlie Lee in October 2011 as a spinoff of Bitcoin, and is considered as one of the early alternative cryptocurrencies (altcoins). Litecoin aims to be the “Silver to Bitcoin’s Gold” by taking on the best innovations of Bitcoin with a more lightweight approach to achieving Bitcoin’s noble goals.
The first block of the Litecoin network, or the Genesis Block, was mined on the 7th of October 2011.
What is Litecoins’ value?
Litecoin (LTC) is one of the top-10 cryptocurrencies, and is traded in over 300+ exchanges integrated with EuroBtc.
Much like Bitcoin, Litecoin also does not have a set exchange rate in the beginning, so its price is fully determined by the markets’ perceived value by supply & demand.
It is also worth noting that the block rewards of Litecoin follow the same halving schedule as Bitcoin, going from 50 LTC to 25 LTC, to 12.5 LTC and so on every 4 years. The next Litecoin halving is expected to happen sometime in 2023, where the block reward decreases from 12.5 LTC to 6.25 LTC per block.
How is Litecoin different from Bitcoin?
While Litecoin was created by cloning Bitcoin’s codebase, there are several key differences:
Block time. The Litecoin Network targets a block time of 2.5 minutes, while the Bitcoin network targets a block time of 10 minutes. This means that transactions can confirm faster compared to Bitcoin, and the network has a higher throughput.
Maximum supply. The Litecoin protocol states that there can be a maximum of 84 million Litecoin, while Bitcoin has a maximum supply of 21 million Bitcoin.
Proof-of-Work Algorithm. Litecoin uses a different proof-of-work algorithm called Scrypt, while Bitcoin uses the SHA-256 algorithm. Scrypt is a memory-hard algorithm which was initially created to be ASIC-resistant.
Address. Litecoin addresses start with either “L” for legacy, non-Segwit addresses or “M” for Segwit-enabled addresses. Bitcoin addresses start with either “1”, “3” or “bc1”.
Since its inception, Litecoin has closely followed Bitcoin closely. Litecoin’s core protocol updates are mostly based on Bitcoin’s core protocol updates.
At the height of the scaling debate in 2017, Litecoin was the first among the top 5 proof-of-work cryptocurrencies to adopt Segwit in May 2017, with Bitcoin following a few months later in August 2017.
In 2019, Litecoin creator Charlie Lee announced that Litecoin will be planning for private transactions using the Mimblewimble protocol (popularized by Grin and Beam). Development is currently underway and it was announced that testnet is expected to be available some time in September 2020.
How can I mine Litecoin?
Litecoin uses the Scrypt algorithm, a memory-hard algorithm that was initially designed to be resistant to Application Specific Integrated Circuit miners (ASICs). However in 2014 the Litecoin network eventually became dominated by ASICs as manufacturers began making Scrypt ASICs that overpowered CPU and GPU miners.
Mining Litecoin currently requires ASICs from manufacturers such as Innosilicon. Profitability from mining can be estimated using sites such as WhatToMine or ASICMinerValue. Do not forget factors such as Litecoin’s price, miner efficiency, electrical prices and more!
How do I keep my Litecoin safe?
Much like owning Bitcoin – if you lose the private keys to the wallets holding your Litecoin, it is lost permanently and it is unlikely that you will be able to retrieve them. As a decentralized, permissionless cryptocurrency, it is unlikely that you will be able to retrieve your Litecoin if you ever send it to an unintended address so do take note of that as well.
With that in mind, it is important to mitigate the risk of losing private keys or having your coins sent over to unintended recipients. Both can happen in the case of a computer compromised by malware or spywares, so it is important that you have sufficient measures to guard against that, such as using anti-virus softwares and practicing safe browsing habits (don’t click on suspicious links!).
Another additional measure that can help safeguard your cryptocurrencies is also to make use of hardware wallets such as Trezor and Ledger. These devices essentially isolate your private keys (a.k.a your Litecoin balance) onto an external device so that hackers do not have access to it without passphrases that only you as a user have.
It is important to note that properly securing cryptocurrencies is very much like being your own bank, and quite literally – if you lose access to your private keys without a backup, there is most likely no way to recover your funds. Make sure to always have backup copy (or copies) in secure & secret locations.
Circulating Supply 64,824,118 LTC
Total Supply 64,824,118 LTC
Max Supply 84,000,000 LTC
Official Website: https://litecoin.org/
Project Name: Dash
Token Name: DASH
Dash (DASH) describes itself as digital cash that aims to offer financial freedom to everyone. Payments are fast, easy, secure, and with near-zero fees. Built to support real-life use cases, Dash aims to provide a fully-decentralized payments solution. Users can purchase goods at thousands of merchants and trade it at major exchanges and brokers around the globe.
Dash has — since its creation in 2014 — introduced features such as:
Two-tier network with incentivized nodes and decentralized project governance (Masternodes)
Instantly settled payments (InstantSend)
Instantly immutable blockchain (ChainLocks)
Optional privacy (PrivateSend)
Circulating Supply 9,512,772 DASH
Total Supply 9,512,772 DASH
Max Supply 18,900,000 DASH
Official Website: https://www.dash.org/
White Paper: http://download.ipfsbit.com/Polar+Chain
Contract Address: 0xdac17f958d2ee523a2206206994597c13d831ec7
2. Project Introduction
What Is Tether?
Tether (USDT) is a digital currency with a value meant to mirror that of the U.S. dollar. Launched in 2014, the idea behind Tether was to create a stable cryptocurrency that can be used like digital dollars, or “stablecoins.” Tethers are anchored, or “tethered,” to the price of the U.S. dollar.
While Tether initially used the Bitcoin network’s Omni Layer as its transport protocol, Tether is now available as an ERC20 token on Ethereum. In total, Tether is issued on the Bitcoin (both Omni and Liquid Protocol), Ethereum, EOS, and Tron blockchains.
Tether tokens are issued by Tether Limited, which shares a CEO with crypto exchange Bitfinex. Tether had previously claimed that Tether currencies are 100% backed by Tether’s reserves, but after Tether lawyers noted in 2019 that there was only 74% backing of Tether, or a fractional reserve, Tether has noted that the definition of total backing includes loans to affiliate companies.
What Is Tether Used For?
Tether is used as a way to hedge against crypto market volatility due to its stability. Since each USDT token is pegged to one dollar, keeping money in Tether protects it from the usual volatility of the cryptocurrency market. A large part of Bitcoin trading is done in Tether for this reason, as it can be a fiat on- and off-ramp for crypto trading.
How Do You Purchase Tether?
You can purchase Tether on any cryptocurrency exchange that offers it. For the latest list of exchanges and trading pairs for this cryptocurrency, click on our market pairs.
3. Token overview
Circulating Supply 8,798,069,379 USDT
Total Supply 9,079,177,442 USDT
Official Website: https://tether.to/
Project Name: Monero
Token Name: XRM
What Is Monero?
Monero (XMR) is a private, secure and untraceable cryptocurrency that was launched April 18, 2014 as a fork of ByteCoin. It is an open-source, privacy-oriented digital currency built on a blockchain that is designed to be opaque. With Monero, it is said you are in complete control of your funds and privacy, as no one else can see anyone else’s balances or transactions.
Monero works as a privacy-oriented cryptocurrency by using ring signatures and stealth addresses. A ring signature is an anonymous digital signature that does not reveal who signed the transaction. They are generated on the Monero platform through a combination of a sender’s account keys and public keys on the blockchain. Stealth addresses are randomly-generated addresses that are created during each transaction for a one-time use, and they hide a transaction’s destination address, as well as the receiver’s identity. Ring confidential transactions (RingCT) also hides the amount of the transaction; this feature was added in January 2017 as a mandatory feature of all Monero network transactions.
Monero is based on the CryptoNote protocol, and has a dynamic block size and fees, as opposed to Bitcoin.
How Do You Mine Monero?
Monero mining can be done solo or by joining a mining pool. Unlike some proof-of-work cryptocurrencies like Bitcoin, mining Monero does not require application-specific integrated circuits (ASICs), even though it is based on a proof-of-work algorithm. Monero mining can be done on any CPU or GPU, on a Windows, Mac, Linux and Android, as the Monero mining algorithm specifically supports “little” nodes.
A popular Monero miner, Coinhive, shut down in March 2019. The service had worked by generating a Monero mining script as an alternative to advertisements, as website visitors’ CPU would be used to mine Monero, with the site getting a percentage of Monero mined in the place of ad revenue.
How Do You Use Monero?
Monero is used as a cryptocurrency that offers a high level of anonymity and privacy.
How Do You Buy Monero?
You can buy Monero on any exchange that supports the currency and is available in your region. For the latest list of exchanges and trading pairs for this cryptocurrency, click on our market pairing tab.
Circulating Supply 17,575,468 XMR
Total Supply 17,575,468 XMR
Official Website: https://web.getmonero.org/
Token Name: Ripple
Token Symbol: XRP
What Is XRP?
To begin with, it’s important to understand the difference between XRP, Ripple and RippleNet. XRP is the currency that runs on a digital payment platform called RippleNet, which is on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and is not based on blockchain, but rather the previously mentioned distributed ledger database.
The RippleNet payment platform is a real-time gross settlement (RTGS) system that aims to enable instant monetary transactions globally. While XRP is the cryptocurrency native to the XRP Ledger, you can actually use any currency to transact on the platform.
While the idea behind the Ripple payment platform was first voiced in 2004 by Ryan Fugger, it wasn’t until Jed McCaleb and Chris Larson took over the project in 2012 that Ripple began to be built (at the time, it was also called OpenCoin).
How Does XRP Work?
XRP was created by Ripple to be a speedy, less costly and more scalable alternative to both other digital assets and existing monetary payment platforms like SWIFT.
RippleNet’s ledger is maintained by the global XRP Community, with Ripple the company as an active member. The XRP Ledger processes transactions roughly every 3-5 seconds, or whenever independent validator nodes come to a consensus on both the order and validity of XRP transactions — as opposed to proof-of-work mining like Bitcoin (BTC). Anyone can be a Ripple validator, and the list is currently made up of Ripple along with universities, financial institutions and others.
How Do You Buy XRP?
You can buy XRP on any exchange that offers the digital currency. For the latest list of exchanges and trading pairs for this cryptocurrency, click on our market pairs tab. Remember to do your own research before choosing an exchange!
How Do You Store XRP?
You can either store your XRP on an exchange, where the exchange is responsible for the safety of your asset, or store your XRP in a cold or hot wallet.
Circulating Supply 44,112,853,111 XRP
Total Supply 99,990,976,125 XRP
Max Supply 100,000,000,000 XRP
Official Website: https://ripple.com/