Bitcoin has lead the crypto world for such a lengthy time, and so dominantly that the terms crypto and Bitcoin tend to be used interchangeably. However, the stark reality is, the digital currency does not merely comprise of Bitcoin. There are many other crypto currencies which are part of the crypto world. The objective of this post would be to educate our readers on cryptocurrencies besides Bitcoin to offer them with a wide range of options to pick from - if they intend on making crypto-investments.
Launched in 2011, Litecoin is often referred to as'silver to Bitcoin's gold.' Charlie Lee - MIT graduate and former engineer at Google - is the founder of Litecoin.
Similar to Bitcoin, Litecoin is really a decentralized, open source payment network which functions without a main authority.
Litecoin is similar to Bitcoin in plenty of ways and often leads people to believe: "You will need to go with Bitcoin? Both are similar! ".Here is a catch: the block generation of Litecoin is considerably faster than that of Bitcoin! and that is the key reason why merchants all on the world are becoming more open to accepting Litecoin.
Another open source, decentralized software platform. The currency was launched in 2015 and enables Smart Contracts and Distributed Applications to be built and run without any downtime.
The applications on Ethereum platform require a specific cryptographic token - Ether. According to the core developers of Ethereum, the token may be used to trade, secure, and decentralize pretty much anything.
Ethereum experienced an attack in 2016 which saw the currency split into two parts: Ethereum and Ethereum Classic.
In the race of leading cryptocurrencies, Ethereum is second most widely used and is directly behind Bitcoin.
Zcash arrived on the scene in the later part of 2016. The currency defines itself as: "if Bitcoin is similar to http for cash, Zcash is https ".
Zcash promises to offer transparency, security, and privacy of transactions. The currency also offers the choice of'shielded'transaction therefore the users can transfer data in the form of encrypted code.
Dash is originally a secretive version of Bitcoin. It can also be called'Darkcoin'because of its secretive nature.
Dash is popular for offering an extended anonymity allowing its users to produce transactions impossible to trace.
The currency first appeared on the canvas of digital market in the year 2014. Ever since then, it's experienced a big fan following over an extremely short span of time.
With a market capitalization of over $1bn, Ripple is the final name on our list. The currency was launched in 2012 and offers instant, secure, and low-cost payments.
The consensus ledger of Ripple doesn't require mining, a characteristic rendering it distinctive from Bitcoin and other mainstream crypto currencies.
Having less mining reduces the computing power which ultimately minimizes the latency and makes transactions faster.
Although Bitcoin continues to lead the pack of crypto, the rivals are picking right up the pace. Currencies like Ethereum and Ripple have surpassed Bitcoin in enterprise solutions and are growing in popularity each day. Going by the trend, the other cryptos are here to remain and will be giving Bitcoin a genuine tough time to steadfastly keep up its stature.