Types of Cryptocurrencies — 2
In our previous article we have covered about Ecosystem coins, Stable coins. In this article will cover some more categories which are adapted by large number of people
Binance is one the largest exchanges across the world to provide a platform to trade crypto currencies. Along with trading, Binance also provides many financial services around cryptocurrencies.
BNB is cryptocurrency created by Binance using their Binance smart chain. It allows users to buy/sell cryptocurrencies using BNB along with USDT, and Fiat currencies.
FTX is also one of the cryptocurrency exchanges provides ability to buy/sell cryptocurrencies. FTX also provide services such as staking, swapping of cryptocurrencies. FTX also have a NFT marketplace.
Huobi Token (HT) is the native token of the cryptocurrency exchange Huobi Global. It is a decentralized digital asset based on the Ethereum blockchain and is ERC-20 compliant.
One key function of the token is to reduce commissions for trading operations on the exchange, which are usually paid from users’ wallets.
Meme tokens are cryptocurrencies created out of humor or some incidents. Major ones are Doge and Shiba Inu coins.
Doge coin is the token created by two developers as a mocking to the volatile nature of cryptocurrency. Doge coin is considered as a meme token created out of the Shiba Dog from meme template. Logo of the coin is the face of the dog. Doge coin is gaining prominence whenever Elon Musk tweets related to Doge coin.
Shiba Inu is also another meme token which launched as a joke or a parody rather than based on actual utilities, to “create something out of nothing” with more than 500,000 community members.
Shiba Inu is an ERC20 token based on the Ethereum blockchain. The founders chose to base the token on Ethereum because of its reliable security protocols and well-established network.
The name ‘Shiba Inu’ is based on a Japanese breed of dog originating in the Chūbu region, the same dog breed depicted in the Dogecoin (DOGE) logo.
We have traditional Exchanges like Binance, FTX and Huobi where we can trade, swap cryptocurrencies. This works with Fiat Currencies.
But when we see in the Decentralized Finance, there are some projects created for these swapping protocols where this tokens power a platform which allows users to swap from one crypto to another crypto in web3 space.
Uniswap Protocol is an open-source protocol for providing liquidity and trading ERC20 tokens on Ethereum. It eliminates trusted intermediaries and unnecessary forms of rent extraction, allowing for safe, accessible, and efficient exchange activity. The protocol is non-upgradable and designed to be censorship resistant.
The Uniswap Protocol and the Uniswap Interface were developed by Uniswap Labs. It eliminate the Centralized permission based system with Permission less system by providing the liquidity of assets.
Pancake Swap is protocol designed to allow users to securely trade Binance Coin (BNB) and a massive variety of BEP-20/Binance Smart Chain tokens without relying on centralized services or traditional exchanges. As a decentralized exchange, all trades on Pancake Swap are automatically executed via smart contracts
Thanks for reading 😊
Will meet you in the next part