Bitcoin is the most popular Crypto currency in the World. After the cyber attack i.e. Bitcoin has gain more popularity than any other crypto currency. Due to this there are so many alternatives of Bitcoin that are not known to more people.
Top cryptocurrency list Other than Bitcoin
The currencies which are alike Bitcoins are collectively known as altcoins. These altcoins have been modified as an improved version of Bitcoins. Some of these currencies are easy to mine than Bitcoin is. The tradeoff for Bitcoin includes great risk , Liquidity & acceptance.
Here we are going to describe the six Crypto currencies which can be the alternative of Bitcoin.
Litecoin was launched in 2011. It is one of the initial cryptocurrencies following bitcoin & is referred as ‘silver to bitcoin Gold’. Litecoin was created by Charlie Lee who was a Ex-Google Employee and a MIT Graduate.
Litecoin works upon open source global payment network that is outside the control of any central authority. It uses scrypt as a proof of work , that is decrypted with CPUs of consumer level.
Litecoin is similar to Bitcoin in many aspects. Both have faster block generation rate & hence offers a faster transaction confirmation. There are many merchants who accept Litecoin other than developers.
Ethereum is a decentralised software platform that enables Smart Contracts & Distributed Applications (DApps) to build & run without any downtime. There is no problem in fraud, control or interference from a third party.
In 2014, Ethereum has launched a pre sale which got an amazing response. The applications on Ethereum runs on platform specific cryptographic token i.e. ether. Ether can be think as a Ethereum platform & seen by many developers who develop & run applications inside Ethereum.
Ethereum states that ” it can be used to codify, decentralise , secure & trade about anything.” After the Attack on the DAO in 2016, Ethereum was split into Ethereum & Ethereum Classic. Ethereum has a market capitalisation of $ 4.46 Billion which is second after Bitcoin.
Zcash is a decentralised & open source cyptocurrency which is launched in 2016. Zcash is way too secure from Bitcoin. According them “Bitcoin is http & Zcash is https”. It offers privacy & less transparency in the transactions.
As they said like https , Zcash provides extra security & privacy where all the transactions are recorded & published on a block chain. During the transaction , the details f sender , recipient & amount stays private. Zcash offers the users to choose ‘shielded transaction’ that encrypts advance cryptographic technique or zero proof construction called zk-SNARK developed by Developers Team.
Dash or DarkCoin
Dash or DarkCoin is a secret version of Bitcoin. Dash has a upper hand on anonymity as compared to Bitcoin. It works on a decentralised master code network that makes transactions almost untraceable.
Dash was launched in 2014, and it has went through a long fan following. It was developed by Evan Duffield. Dash can be mined using a CPU or GPU. In 2015, the name of DarkCoin was changed to Dash which means digital cash & work under the name DASH. The technology behind its working is still the same.
Ripple is a real time global settlement network which provides fast and low cost international payments. It enables banks to settle cross border payments in real time with transparency & lower costs.
Ripple was launched in 2012. It has market capitalisation of $ 1.26 billion. Ripple is not meant for mining.This is a major difference between Bitcoins & altcoins.
As there is no need to mine Ripple , the use of computers & Network latency is minimum. Ripple believes that ‘distributing value is a powerful way to incentivize certain behaviours and thus currently plans to distribute XRP primarily “through business development deals, incentives to liquidity providers who offer tighter spreads for payments, and selling XRP to institutional buyers interested in investing in XRP.”
It is a secure , private & non-traceable currency. It was launched in April 2014 & become popular in cryptocurrency enthusiasts. It was development on the community & donation based. The main of Monero was decentralization and scalability, and enables complete privacy by using a special technique called ‘ring signatures.
This technique appears a group of signatures including at least one real participant , all appear real & the real one can’t be isolated.
Every Currency has its own market
Bitcoin will always the leading cryptocurrency for common people,Market capitalisation , user base & popularity. Other currencies like Ethereum & Ripple are more used for enterprise solutions. Some altcoins are being used for endorse for advance features. Cryptocurrency are going to be used for a long time, but how many of these will be leaders in growing competition. This will only be known after some time.
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