The Bitcoin is an amazing technology invented by Satoshi Nakamoto in Japan. Satoshi Nakamoto is the name used by the unknown person or people who designed bitcoin and created its original reference implementation. As part of the implementation, they also devised the first blockchain database. In the process, they were the first to solve the double-spending problem for the digital currency. In line with this, I have listed the 5 Most Important Cryptocurrencies Other than Bitcoin.
Here’s are the Top 5 Most Important Cryptocurrencies Other Than Bitcoin
Litecoin is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. Creation and transfer of coins are based on an open source cryptographic protocol and is not managed by any central authority. While inspired by, and in most regards technically nearly identical to Bitcoin (BTC), Litecoin has some minor technical differences compared to Bitcoin and other major cryptocurrencies. Litecoin also has almost zero payment cost.
Litecoin was released via an open-source client on GitHub on October 7, 2011, by Charlie Lee, a former Google employee. The Litecoin network went live on October 13, 2011. It was a fork of the Bitcoin Core client, differing primarily by having a decreased block generation time (2.5 minutes), increased maximum number of coins, the different hashing algorithm (scrypt, instead of SHA-256), and a slightly modified GUI.
Launched in 2015, Ethereum is a decentralized software platform that enables Smart Contracts and Distributed Applications (ĐApps) to be built and run without any downtime, fraud, control or interference from a third party. During 2014, Ethereum had launched a pre-sale for ether which had received an overwhelming response. The applications on Ethereum are run on its platform-specific cryptographic token, ether. Ether is like a vehicle for moving around on the Ethereum platform, and is sought by mostly developers looking to develop and run applications inside Ethereum. According to Ethereum, it can be used to “codify, decentralize, secure and trade just about anything.” Following the attack on the DAO in 2016, Ethereum was split into Ethereum (ETH) and Ethereum Classic (ETC). Ethereum (ETH) has a market capitalization of $41.4 billion, second after Bitcoin among all cryptocurrencies. (Related reading: The First-Ever Ethereum IRA is a Game-Changer)
Zcash is a cryptocurrency that grew out of the Zerocoin project, aimed at improving anonymity for Bitcoin users. The Zerocoin protocol was initially improved and transformed into Zerocash, which thus yielded the Zcash cryptocurrency in 2016. The founder and CEO of Zcash is Zooko Wilcox-O’Hearn. Its founding team includes cryptographer Matthew D. Green from Johns Hopkins University. Roger Ver was one of Zcash’s initial investors.
Zcash payments are published on a public blockchain, but users are able to use an optional privacy feature to conceal the sender, recipient, and amount being transacted. Like Bitcoin, Zcash has a fixed total supply of 21 million units. In the first 4 years, 20% of the coins created in that period are allocated to a “founders’ reward” shared between investors, developers, and a non-profit foundation.
Dash (originally known as Darkcoin) is a more secretive version of Bitcoin. Dash offers more anonymity as it works on a decentralized master code network that makes transactions almost untraceable. Launched in January 2014, Dash experienced an increasing fan following in a short span of time. This cryptocurrency was created and developed by Evan Duffield and can be mined using a CPU or GPU. In March 2015, ‘Darkcoin’ was rebranded to Dash, which stands for Digital Cash and operates under the ticker – DASH. The rebranding didn’t change any of its technological features such as Darksend, InstantX.
Ripple is a real-time global settlement network that offers instant, certain and low-cost international payments. Ripple “enables banks to settle cross-border payments in real time, with end-to-end transparency, and at lower costs.” Released in 2012, Ripple currency has a market capitalization of $1.26 billion. Ripple’s consensus ledger — its method of confirmation — doesn’t need mining, a feature that deviates from bitcoin and altcoins. Since Ripple’s structure doesn’t require mining, it reduces the usage of computing power and minimizes network latency. Ripple believes that ‘distributing value is a powerful way to incentivize certain behaviors’ 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.”
Bitcoin keeps on standing out of cryptographic forms of cryptocurrencies, regarding market capitalization, client base, and prominence. By the by, virtual monetary forms, for example, Ethereum and Ripple which are being utilized more for big business arrangements are getting to be noticeably mainstream, while some altcoins are being supported for prevalent or propelled highlights versus Bitcoins. Passing by the present pattern, cryptographic forms of money are digging in for the long haul however what the number of them will develop pioneers in the midst of the developing rivalry inside the space might be uncovered with time.