When it comes to cryptocurrency, the Bitcoin is just about the leader. But besides bitcoins, there also exists a number of other types of digital money. Do you know any other important cryptocurrencies other than bitcoin? Know now!
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Bitcoin haven't only been leading the way in ushering in a trend of cryptocurrencies built on decentralized peer-to-peer networks, Do you know 5 Important Cryptocurrencies Other than Bitcoin? Articles it has also get to be the standard for all cryptocurrencies. It has inspired an ever-growing group of followers and inventors who understand the ability of newer, safer, harder, fairer and faster money. When it comes to comments around all cryptocurrency globally, the first thing that springs to mind is understandably Bitcoin. Beyond the ability, profit, brand recognition and opportunity Bitcoin provides, it is one among so many cryptocurrencies that are changing the world for the better AAVE . There are currently about 3000 cryptocurrencies that have a purpose-built function to treat the security, storage and distribution challenges of data well beyond just money.
What are Cryptocurrencies?
Before we take a nearer look at some of these alternatives to Bitcoin, let’s step back and quickly examine what we mean by the terms cryptocurrencies and altcoins. Firstly, a cryptocurrency is broadly thought as virtual or digital money that takes the form of tokens or “coins. ” There is only one Bitcoin cryptocurrency and every other coin alternative to Bitcoin is called an altcoin.
While some cryptocurrencies have ventured into the physical world with credit cards or other projects, the large majority of cryptocurrencies remain entirely intangible. Just as you don’t need to touch a contact, digital image, file or video stream for it to have value and use, the same applies with money and information. However, the key difference between be sure you file and a digital currency is that cryptocurrencies like Bitcoin cannot be duplicated. That is, while one can copy and substance be sure you file, this is not the case with Bitcoin and other cryptocurrencies ensuring they maintain their value in shortage and preventing counterfeiting.
The field of cryptocurrencies is consistently growing, and the next big digital expression may be released tomorrow. While Bitcoin is a leading in the era of cryptocurrencies, experts adopt many ways of evaluating tokens or coins. Analysts, commentators and investors alike determine a great deal of importance to the ranking of coins relative together in terms of their monetary value within the crypto market. While a coin’s price and overall market value should be looked at, there are other reasons why a cryptocurrency attracts attention and subsequent investment. Let’s look at the following alt coins that are demonstrating their value through real-life use cases.
Ethereum (ETH)
The Ethereum cryptocurrency (ETH) first appeared in 2015 as an open software platform based on blockchain technology. It allows developers to build and deploy their own decentralized applications on top of the Ethereum blockchain. Beyond merely store of value or money network, Ethereum provides everyone with to be able to leverage off the power of blockchain technology with a programmable application. You may like to consider Ethereum to crypto as GoDaddy or Wix is to the internet. That is, before such sites existed, only qualified web inventors could build a website as there wasn’t a user-friendly program for the average person to do it themselves. Nowadays, through the power of sites such as GoDaddy and Wix, almost anyone can build their own website. This is synonymous to the power of Ethereum even as can see multiple projects built upon the Ethereum network due to its design, security, simplicity and reliability. At the time of this writing, the value of all Ethereum issued (known as a marketcap) reached $291 thousand USD, with one “ETH” costing $2, 524 USD per coin.
Ripple (XRP)
Ripple (with its cryptocurrency coin called XRP) was designed to speed up bank transactions while reducing the fees lived with by the customer. You may like to think as Ripple replacing the very slow and extremely expensive FAST network that facilitates the international remittance market. Ripple technology has already been being used by some banks. Unlike Bitcoin that was designed to replace banks, Ripple aims to help banks through faster transactions cheaper. Distinct to Bitcoin and Ether, you cannot my own Ripple. Although XRP operates through blockchain technology, it’s distinctive to Bitcoin as it is a centralized system where all the digital money (ie XRP) already exists and sits to an American company called Ripple Labs. Users, banks and investors can purchase XRP tokens to either hold like a stock, or use on the Ripple network to quickly and cheaply transfer value from user to another.
Litecoin (LTC)
Charlie Lee, a former Google Electrical engineer created and launched Litecoin in 2011. It was among the first cryptocurrencies to follow in the footsteps of Bitcoin and is often referred to as the “silver to Bitcoin’s gold. ” The speed of Litecoin transaction processing is faster than Bitcoin and acts as both a store of value and payment network. Litecoin also uses less power than the Bitcoin network due to just how it was designed.
Sprint
Sprint is a revolutionary digital money system that was launched in 2014. The network has exploded to 4, 1000 master nodes making it one of the largest peer-to-peer networks in the world. As a result of more nodes, the platform can offer more capacity and security for its users. Miners who support the Sprint network are paid for securing its blockchain and master nodes through the payment of Sprint coins.
Nem
The Nem cryptocurrency appeared at the end of 2015. Unlike most cryptocurrencies, it has its unique code. The most significant feature of Nem is that it works using the POI (proof of importance) criteria technology. This is a vastly different method of securing a network compared to Evidence of Work and Evidence of pole blockchains.