The CryptoMajors basket is a unique product that combines Bitcoin (BTC/USD), Ether (ETH/USD), Ripple (XRP/USD), Litecoin (LTC/USD) and Bitcoin Cash ABC (BCH/USD) into one instrument and is a benchmark designed to reflect the change in value of some of the world’s top digital currencies.
Bitcoin is a global frame of digital currency. Even though traditional currencies, which were frequently backed by gold and silver, cryptos are based on distributed computing. As you know, currencies are printed by central banks, and cryptos are mined by distributed computer networks.
Ethereum is an intelligent contract platform that provides developers all the infrastructure to build decentralized applications. Vitalik Buterin designed it in 2013. ETH is the native currency for the Ethereum platform and also behaves as a fee for the transactions between miners on the Ethereum network.
Litecoin is a peer-to-peer cryptocurrency created by Charlie Lee. It was established following the Bitcoin protocol but differed when it comes to the hashing algorithm used. Litecoin uses the memory intensive Scrypt proof of work mining algorithm. Scrypt allows consumer-grade hardware such as GPU to mine those coins.
BITCOIN CASH (BCH/USD)
Bitcoin Cash is delivered from a modification that is done to the original code of Bitcoin. It was hard forked twice. First, on August 1st, 2017, and increased the block size to 8 MB, to help them scale the underlying technology of Bitcoin. Second, on November 16th, 2018, and it was split into Bitcoin SV and Bitcoin ABC. Bitcoin ABC dominated the chain and took over the BCH ticker as it dominates more of the nodes in the network.
Ripple is an independent digital asset, and it has proven governance and the fastest confirmation for the transactions of its kind. It is the most efficient settlement option for financial institutions and liquidity providers seeking global reach, accessibility, and fast settlement finality for interbank flows.