Bitcoin is a remarkable 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 digital currency. In line with this, I have listed the 5 Most Important Cryptocurrencies Other than Bitcoin.
Here 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. Litecoin has some minor technical differences compared to Bitcoin and other major cryptocurrencies. Litecoin also has almost zero payment costs.
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), an increased maximum number of coins, a different hashing algorithm (script instead of SHA-256), and a slightly modified GUI.
Launched in 2015, Ethereum is a decentralized platform for building and running Smart Contracts and Distributed Applications (ĐApps). It operates without downtime, fraud, control, or interference from third parties. Ethereum introduced a pre-sale for its cryptocurrency, ether, in 2014, receiving an overwhelming response. Ether serves as a token on the platform and is primarily sought by developers aiming to create and execute applications within Ethereum. After the DAO 2016 attack, Ethereum split into Ethereum (ETH) and Ethereum Classic (ETC). Ethereum (ETH) holds the second-largest market capitalization, valued at $41.4 billion, following Bitcoin among all cryptocurrencies.
Founded in 2016, Zcash emerged from the Zerocoin project, originally designed to enhance anonymity for Bitcoin users. Zerocoin evolved into Zerocash, culminating in the creation of the Zcash cryptocurrency. Zooko Wilcox-O’Hearn, the founder and CEO, leads the team, which includes cryptographer Matthew D. Green from Johns Hopkins University. Offering optional privacy features, Zcash allows users to conceal the sender, recipient, and transaction amounts on its public blockchain.
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. Evan Duffield created and developed this cryptocurrency, which miners can extract using a CPU or GPU. In March 2015, Evan Duffield rebranded ‘Darkcoin’ to Dash, representing Digital Cash and trading under the ticker DASH. The rebranding retained all of its technological features, including Darksend and InstantX.
Released in 2012, Ripple is a real-time global settlement network facilitating instant and cost-effective international payments. With a market capitalization of $1.26 billion, Ripple’s consensus ledger, which eliminates the need for mining, distinguishes it from Bitcoin and other altcoins. By forgoing mining, Ripple reduces computing power usage and minimizes network latency, promoting value through business development deals, incentives to liquidity providers, and sales to institutional buyers interested in XRP investment.
Bitcoin continues to distinguish itself in terms of market capitalization, user base, and prominence among cryptocurrencies. Nevertheless, enterprises are increasingly favoring other virtual currencies like Ethereum and Ripple as they gain significant popularity, and certain altcoins receive support for their superior or advanced features compared to Bitcoin. The evolving cryptocurrency landscape leaves the question of which ones will emerge as leaders amidst the growing competition in the space.