In this document, we presented the blockchain technology while targeting the statistics of some of the most wide known public cryptocurrencies - Bitcoin, Litecoin and Bitcoin cash. The comparison included their common characteristics, as well as their different points. Our work includes graphical representation of the data analysis conducted while looking at five different metrics, including the daily transactions, the number of coins traded, the total number of active addresses and the market share for each of the three cryptocurrencies.

The potential of blockchain can undoubtedly be the foundation of a whole new era whereby our basic right to privacy is protected, because identity is the foundation of freedom and it needs to be managed responsibly.

In rare cases, such as with the Bank of France, the central bank has already fully deployed blockchain technology. [32] [33] It’s greater promise for humanity combined with the many areas of application, starting from cross-border payments, identity management to video games and energy trading, [34] will have a pervasive impact on the future of many sectors of our socio-economic systems. [35]

While blockchain is considered the biggest innovation in computer science nowadays, it is still in its emergent technological phase and there are challenges to be tackled. It remains uncertain of how well it shall integrate into policymaking, as well as current legal frameworks and information protection and the integration or migration to the system will be feasible. [36] [37]

Our research proves that Bitcoin remains the dominant name in cryptocurrencies since 2009 and the most fairly distributed on the market share, but Litecoin and hundreds of others have joined the fray too. While Litecoin can produce a greater number of coins and has a faster transaction speed, there are other psychological factors that influence investors for the value and usability of the currency. Cryptocurrencies, in general, have been praised and criticised by the world, including by several Nobel laureates. [38]

Apart from the skepticism and mistrust, critics noted its use in illegal transactions, the large amount of electricity used by miners, price volatility, and thefts from exchanges as some of the major challenges. Still, they are used as investments, even though several regulatory agencies have issued investor alerts. [39]

It is yet to see whether these challenges are to be tackled and what risks is our society prepared to accept towards moving to a promising, decentralised, free tomorrow.