The world of cryptocurrency has for the longest time been synonymous with Bitcoin (BTC). Being a global pacesetter in this scene, it enjoys massive popularity, a fact that has seen it remain top in world rankings.
Over the years, similar cryptocurrencies have made a debut with a view of creating a niche in the market. The constant attempts by the developers of these alternative cryptocurrencies to capture a slice of the market share have bore some fruit. The defacto status long enjoyed by this crypto coin is slowly fading. Altcoins have received some acclaim owing to the fact that they are easier to mine as compared to their superior counterpart. But with these advantages comes myriad downsides: Altcoins have long been dogged by acceptance challenges by the public coupled with massive value depreciation incidences.
In this article, we seek to explore six other cryptocurrencies that have shown steady growth in performance since inception. They are us under:
Litecoin made an entry into the market a little after its predecessor, BTC. It was seen as a suitable alternative to the latter owing to its low cost of acquisition. A creation of Charlie lee, Litecoin runs on an open source global payment network with no central authority control. It uses “scrypt” as an encryption. This can only be decoded by consumer grade CPUs. Litecoin banks on its fast block generation rate which in turn means quicker transaction confirmation times. In recent times, this altcoin has seen a growing approval rating from merchants.
Z cash (ZEC)
Zcash made an entry into the cryptocurrency space in 2016. Just like its earlier entrants, it is a decentralized and open-source currency. It borrows heavily from its predecessors in terms of features and product offerings but has gone a step further in boosting its security and privacy fronts. Through its shielding security feature, it allows subscribers to conceal their transactions, making them impossible to access. Only through advanced cryptographic technique and zero knowledge proof construction, otherwise referred to as zk-snark, can one be able to access the nature and details of a transaction. Its high levels of privacy and selective transparency make it a big bet for individuals who value discretion in their financial undertakings.
With privacy as its uttermost concern, Dash runs on a decentralized master code network that guarantees untraceability. This cryptocurrency which was initially known as Darkcoin, is a brainchild of Evan Duffield. Upon its inception in early 2014, dash received a huge following owing to its security and privacy features that resonated well with many cryptocurrency fans. The change of name did not change its fortunes neither did the earlier technological features. This crypto coin can be mined by either a CPU or GPU.
Ripple is a cryptocurrency with a twist: unlike its predecessors, it does not require mining to acquire. Its developers believe that through its structure, they significantly cut down on computing power and network downtime. Ripple remains a major player in international payment services and cross-border transactions. This is due to its rapid, transparent and low-cost nature. With a billion dollar market capitalization, XRP believes in incentivizing desired behaviors through rewards. It seeks to create a market awareness of the product through business development agreements, incentives to finance providers and selling their innovation to institutional investors who are keen on buying into ripple.
Monero created a huge buzz when it was launched in April 2014. Its secure, private, and untraceable nature endeared it to the masses. The idea conceived by the creators of this currency was to drive growth and development through donations and a community driven approach. The unwavering focus on decentralization and ambitious scalability has proven to be rewarding. Through its ring-signature technique, clients have been able to enjoy high security and privacy levels. The cryptographic signatures incorporated in this security feature make it virtually impossible to breach the system and access transaction details.
Ethereum is a smart platform that provides an environment where smart contracts and distributed applications can be built and run without any downtime, fraud, control or interference from any unauthorized personnel. Ethereum is a 2014 creation which owns ether- a highly valued cryptographic token. In order to run your applications on ethereum’s platform, one has to first buy into ether which is a specific custom made coin that is unique to only Ethereum. Ether plays a significant role in codifying sensitive transactional details, decentralization of the currency, offering security and enabling trade. It is important to note that the high security levels and sophisticated features of this innovation have made it a valuable cryptocurrency player second to only Bitcoin.
It is without doubt that the future of digital currency is bright. The inception of altcoins in the digital currency space will definitely raise the bar in terms of competition. Similarly, availability of more currencies will certainly offer more variety from which to choose from. Only time will tell who the market leaders will be in the foreseeable future.
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