Bitcoin has lead the crypto world for so long, and so
dominantly that the terms crypto and Bitcoin are often used interchangeably.
However, the truth is, the digital currency does not only comprise of Bitcoin.
There are numerous other crypto currencies that are part of the crypto world.
The purpose of this post is to educate our readers on cryptocurrencies other
than Bitcoin to provide them with a wide range of options to choose from - if
they intend on making crypto-investments.
So let's get started with the first name on our list,
that is:
Litecoin:
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 a decentralized, open
source payment network which functions without a central authority.
Litecoin is similar to Bitcoin in many ways and often
leads people to think: "Why not go with Bitcoin? Both are similar!".
Here's a catch: the block generation of Litecoin is much faster than that of
Bitcoin! and this is the main reason why merchants around the world are becoming
more open to accepting Litecoin.
Ethereum:
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 can be used to trade, secure, and decentralize just about
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 popular and is right behind Bitcoin.
Zcash:
Zcash came out in the later part of 2016. The currency
defines itself as: "if Bitcoin is like http for money, Zcash is
https".
Zcash promises to provide transparency, security, and
privacy of transactions. The currency also offers the option of 'shielded'
transaction so the users can transfer data in the form of encrypted code.
Dash:
Dash is originally a secretive version of Bitcoin. It
is also known as 'Darkcoin' due to its secretive nature.
Dash is popular for offering an expanded anonymity
which allows its users to make transactions impossible to trace.
The currency first appeared on the canvas of digital
market in the year 2014. Since then, it has experienced a large fan following
over a very short span of time.
Ripple:
With a market capitalization of over $1bn, Ripple is
the last 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 feature which makes it different from Bitcoin and other mainstream crypto
currencies.
The lack of mining reduces the computing power which
ultimately minimizes the latency and makes transactions faster.
Wrap Up:
Although Bitcoin continues to lead the pack of crypto,
the rivals are picking 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 stay and will soon be
giving Bitcoin a real tough time to maintain its stature.
Article Source: http://EzineArticles.com/9755913
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