Yes, we know, Bitcoin is the king when it comes to Cryptocurrencies. Nevertheless, there are other coins out there that deserve a mention and here are they;
Litecoin was launched back in the year 2011 and is counted among the pioneer cryptocurrencies. In the Cryptocommunity, the Bitcoin is often called internet gold which makes the Litecoin solver. Like the Bitcoin, the Litecoin is open source and uses what is known as “scrypt” as proof of work and as a method for verification and confirmation of transaction. Unlike the Bitcoin the Litecoin needs much lesser processing power which means consumer grade CPU’s can help in the verification of transactions. The Litecoin also generates blocks at a rate that is faster than usual which means transaction confirmation times are way faster than those of Bitcoin.
2. Ethereum (ETH)
Ethereum was launched back in 2015 as a decentralized software platform whose primary role is to enable smart contracts and distributed application, popularly referred to as DApps to be both built and run without having to experience any downtime. Put simply, we can say Ethereum is an open software platform that is based in a block chain technology which enables users to develop and deploy decentralized apps. Ethereum has a cryptocurrency called ether that is transferable between accounts and used to compensate participant nodes for performed computations.
3. Zcash (ZEC)
Zcash is yet another decentralized cryptocurrency with features much similar to Bitcoin and was launched back in 2016. We can safely say that Zcash is the improved and modified version of Bitcoin even if the names seem to be quite similar. Unlike Bitcoin which is always private, Zcash gives you the opportunity to either go totally transparent on transactions of your choosing. Apart from that, cash offers its users the choice of ‘shielded’ transactions, which allow for content to be encrypted using advanced cryptographic technique or zero-knowledge proof construction called a zk-snark developed by its team.
Previously, this cryptocurrency was referred to as Darkcoin. We can say Dash is like a more selective Bitcoin version. The only difference being that Dash offers the user with more anonymity. In itself, it works on a decentralized mastercode network that makes transactions untraceable. It was launched in 2014, January and received wide acclaim including getting a huge following in it’s first few months. In case you’re asking what Dash is, it’s short for Digital Cash.
This is one currency that has been gaining a lot of traction especially last year and this year. Ripple is a Cryptocurrency but it’s complicated. Here is the official definition of ripple, ‘It is a real-time global settlement network that offers instant, certain and low-cost international payments.’ Ripple makes it possible for banks to settle cross-border payments in real time with end to end transparency at no extra cost. Yes, you guessed right, it is not decentralized which is why I initially said it’s complicated.
Apart from Bitcoin and bitcoin cash, what other cryptocurrencies do you think are for the future? Kindly share them with us.