What altcoins are not only money?

#1
Hello, my name is Anna and I'm a journalist.
I'm doing an investigation about crypto universe, I started from scratch, didn't know anything about this world, but I'm happy with what I found here. So forgive me my amateurish level, I'm a journalist not a coder ;)
Forums like this gives a tremendous picture of existing coins, one can easily get lost inside, which happened to me.
For my research I'd like to figure out what coins are not only money, like ethereum for example that provide a platform for smart-contracts and political referendums?
And else I'd like to understand why generally there are so many of coins? What features makes one different to another?
Thank you!
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Re: What altcoins are not only money?

#2
AnnaSST wrote:
January 7th, 2018, 1:16 pm
Hello, my name is Anna and I'm a journalist.

Hello, Anna. Nice to meet you here!
Where do you work?


AnnaSST wrote:
January 7th, 2018, 1:16 pm
I'm doing an investigation about crypto universe, I started from scratch, didn't know anything about this world, but I'm happy with what I found here. So forgive me my amateurish level, I'm a journalist not a coder ;)

It's ok, we all have started from scratch.
Actually, the world of crypto is nascent today. There are no all-in-one places for newcomers to learn about Bitcoin & co.
Not so many thoughtful blogs, books, videos as well.
That is why people dig crypto mostly by talking to each other. Just like you did!
By the way, if you want to discover the best cryptocurrency resources around, have a look at this comprehensive list.



AnnaSST wrote:
January 7th, 2018, 1:16 pm
Forums like this give a tremendous picture of existing coins, one can easily get lost inside, which happened to me.
For my research, I'd like to figure out what coins are not only money, like ethereum for example that provide a platform for smart-contracts and political referendums?
And else I'd like to understand why generally there are so many of coins? What features makes one different to another?
Thank you!

Good questions!
There are 1300+ coins and tokens (see them all) on the market. Actually, launching your own token is a matter of just 15 lines of code:

Code: Select all

contract AnnaToken {
    string public constant symbol = "ANN";
    mapping (address => uint256) public balanceOf;
    function AnnaToken(
        uint256 initialSupply
        ) {
        balanceOf[msg.sender] = initialSupply;
    }
    function transfer(address _to, uint256 _value) {
        require(balanceOf[msg.sender] >= _value);
        require(balanceOf[_to] + _value >= balanceOf[_to]);
        balanceOf[msg.sender] -= _value;
        balanceOf[_to] += _value;
    }
}

That is one of the main reasons why there so many of them 😌
So why do we really need 1300 cryptocurrencies? Let's start by classifying them by purposes:

First, people create new currencies for payments - Bitcoin analogs. There are a handful of altcoins with its own unique properties: bCash, Litecoin, Dogecoin provides slightly different conditions for miners, Monero is fully anonymous, Dash focuses on speed etc etc.
Second, as you said, there are platforms for launching smart contracts. Ethereum has competitors on this field: NEO, XEM provides similar functionality.
Third, some tokens may be used as a fuel for a decentralized app (dApp). For example, you can pay with SC (SiaCoin) and borrow someones free storage on his iMac and host your photos! Or play a 100% fair gambling game.
Fourth, some companies create tokens because they can! They do not need the power of decentralization and cryptography to create their project, but they still want (see why below) to own a cryptocurrency. Example: SkinCoin (buy videogame assets with their coin). Can be done without the coin.

As you can see there are a lot of needs of creating your own coin or token. One of the main reason why everybody is rushing creating their own currency - greed 😌

It's much easier to earn money by talking everybody around that your product is "changing the world" and collect money from naive ones than make something truly valuable for people. By owning a coin/token you can speculate it: the higher demand, the higher it's price, the more dollars you have as a founder.
Sad to say, the main goal of a cryptocurrency startup is to create buzz, not value.

Cryptocurrency world today looks like Wild West. Be careful and trust no one 🙂
Learning the basics will always be the best way to get in crypto.
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Re: What altcoins are not only money?

#3
alexanderisora wrote: Hello, Anna. Nice to meet you here!
Where do you work?
Hello, Alexander, it's nice to meet you too.
Well, like majority of journalists I'm a freelance, mostly working for a paper magazine "Science and Technology" in Romania, this is a real old school)

alexanderisora wrote: First, people create new currencies for payments - Bitcoin analogs. There are a handful of altcoins with its own unique properties: bCash, Litecoin, Dogecoin provides slightly different conditions for miners, Monero is fully anonymous, Dash focuses on speed etc etc.
Second, as you said, there are platforms for launching smart contracts. Ethereum has competitors on this field: NEO, XEM provides similar functionality.
Third, some tokens may be used as a fuel for a decentralized app (dApp). For example, you can pay with SC (SiaCoin) and borrow someones free storage on his iMac and host your photos! Or play a 100% fair gambling game.
Fourth, some companies create tokens because they can! They do not need the power of decentralization and cryptography to create their project, but they still want (see why below) to own a cryptocurrency. Example: SkinCoin (buy videogame assets with their coin). Can be done without the coin.
Thank you for this detailed explanation, I need to re-read it couple of times now.
alexanderisora wrote: As you can see there are a lot of needs of creating your own coin or token. One of the main reason why everybody is rushing creating their own currency - greed 😌

It's much easier to earn money by talking everybody around that your product is "changing the world" and collect money from naive ones than make something truly valuable for people. By owning a coin/token you can speculate it: the higher demand, the higher it's price, the more dollars you have as a founder.
Sad to say, the main goal of a cryptocurrency startup is to create buzz, not value.

Cryptocurrency world today looks like Wild West. Be careful and trust no one 🙂
And this part of your reply is very similar to the intonation of the article I've just read: https://hackernoon.com/ten-years-in-nob ... e98c180100, which is a bit strange for the administrator of the cryptocurrency forum, but very frankly and highlights the forum against the background. Thanks!
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Re: What altcoins are not only money?

#4
the altcoins that are not only money number well over a 1,500 at this point.

many are stored value. many are utility devices.

many come and go.

you can easily track the market of coins at https://coinmarketcap.com from there you can see summaries of the companies and links to their sites, dapps, etc. go through any number of them. you'll find a huge mixed bag of different projects, coins, tokens with different aims. most of the really good ones go beyond just the purpose of creating another form of money. and so do many others that have smaller purposes and even more that have lesser goals.
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