Comparison Experimental Analysis of Different Cryptocurrencies

Abstract

Cryptocurrencies have proliferated in recent years, and all of them have more or less optimized the shortcomings of bitcoin. This paper selected four representative cryptocurrencies including LiteCoin, ETH, Zcash, and Ripple, and made a comprehensive comparison of their advantages and disadvantages, attacks and defenses and other aspects, based on reading a significant volume of relevant papers. The comprehensive comparison can more easily highlight the advantages of cryptocurrencies on the market so far, and more importantly, more vulnerabilities will be discovered and more defense methods will be interpreted, which must have certain guiding significance for the future vulnerability repair and defense against attacks of cryptocurrencies to a large extent. This will greatly improve the security of future cryptocurrencies. By analyzing their generation mode, their working mechanism, their security capabilities and their algorithms, the strengths and weaknesses of the four popular cryptocurrencies mentioned above can be summed up very clearly. On the basis of these pros and cons, it will be very easy to delineate where each cryptocurrency is suitable. In addition, potential vulnerabilities could be found by studying the consensus algorithm of each cryptocurrency. What we did was looking for possible attacks based on those vulnerabilities, and trying to find the appropriate defense methods. We have done a very thorough study of the work mentioned above, and have finally achieved a very detailed comparison of the differences between several cryptocurrencies. Finally, we came to the conclusion that each cryptocurrency has different styles in terms of advantages and features, and is relatively easy to spot in terms of weaknesses, making it vulnerable to some large-scale attacks. By comparing these cryptocurrencies in all aspects, a more secure and more powerful cryptocurrency may be created soon.