Today, cryptocurrencies are revolutionizing the traditional payment method. Since 2008, when pseudonym Satoshi Nakamoto unveiled Bitcoin (a blockchain based cryptocurrency), a rapid increase of codebases and digital cash companies is observed. The rapid increase in cost of Bitcoin mining is what lures a horde of investors to this cryptocurrency. Now, utilizing Bitcoin’s public distributed ledger, hundreds of cryptocurrencies have come into existence. However, only some cryptocurrencies have actually proven themselves Bitcoin’s contenders. Continuing the discussion, here is a blog post that describes the top 10 Bitcoin’s contenders. Read on!
Microsoft, Intel, and J.P Morgan Chase are some of the renowned technology companies that allied Ethereum or Ethereum Gold in order to create it as rival to Bitcoin. The purpose of doing so was to program the agreements binding into blockchain and all this incarnated in smart contract feature. Now, Ethereum is much more than a currency. Powered by Ether, it is a platform based on Blockchain technology. Ethereum was described by The New York Times as “a single shared computer that is run by the network of users and on which resources are parceled out and paid for by Ether.” So, if you planning to invest in Ethereum Classic, first you should check Ethereum Mining Profit Calculator.
Litecoin was invented by Charles Lee (a former Google engineer) in order to improve Bitcoin. When making transactions through Litecoin, it is observed that new block generation speed has been increased drastically. Transactions speed have been increased to a great extent. However, this increased speed expanded the Litecoin blockchain network and created new blocks.
During the inception, Ripple lured a venture capital. This Google-backed cryptocurrency startup planned to earn 50 Million Dollars from banking institutions and gathered an impressive amount of 90 Million Dollars as funding.
This cryptocurrency is unique in its way as it allows transactions even in other units like fiat currency. As per the official company of this cryptocurrency ‘Ripple provides global financial settlement solutions to enable the world to exchange value like it already exchanges information giving rise to an Internet of Value (IoV). Ripple solutions lower the total cost of settlement by enabling banks to transact directly, instantly and with certainty of settlement.’ In this year, Ripple has suddenly gained momentum and experienced 100% value increase.
Dash is a cryptocurrency that is a combination of cash and digital, and referred as internet money. It offers instant and quick transactions. It has claimed that, ‘InstantSend payments have been confirmed in just a second’. On the contrary, transactions with Bitcoin can take around an hour to get confirmed. To mine Dash, CPU/GPU mining is not cost effective; therefore for Dash mining, specialized ASICs are needed in order to solve cryptographic puzzles successfully.
NEM is completely based on new codebase and written in Java language. If you compare it with Bitcoin, then there are various things that you will get to know, such as in NEM, instead of mining you harvest and this is similar to Bitcoin mining . It is the cryptocoin that introduced Proof of Importance algorithm that started timestamp the transactions made on the network. Since initial time of 2017, NEM has seen value rise and it is currently has been embraced as legal virtual coin in Japan.
6. Ethereum Classic
Ethereum Classic is a parallel platform to Ethereum that sustains a good market cap of around $430 Million. The reason for existing Ethereum Gold and Ethereum classic is that community of Ethereum has not accepted the funds’ legal theft and almost all users wanted a change in code of Ethereum so that they can get lost funds back. In addition, some people also believed that cryptocurrency does not want its alteration includes third parties. Therefore, considering all these points, Ethereum Classic version is created. If you planning to invest in Ethereum Classic, first you should check Ethereum Classic Mining Profitability Calculator.
Monero is the cryptocurrency that has an aim of great anonymity. It allows the sending and receiving of funds without making your transaction details visible on the blockchain to public. Owing to leverage of ring signatures of Monero, all transactions made on the network becomes totally untraceable. The negative part is that as this cryptocurrency focuses on privacy, criminal organizations and darknet market has accepted it.
Similar to Monero, Zcash too offers utmost anonymity to its users. Its transactions are secured instead of completely private. It means transaction details, including traded amount and users are hidden on Zcash network. It makes use of zero-knowledge proof that helps two parties make the transactions without even revealing the identity to both of them.
The main aim of Decred is focus on development, community input, sustainable funding, and open governance. This cryptocurrency combines proof-of-stake and proof-of-work mining algorithms in order to ensure few users should not own major funds and decisions of the community that should be of early investors or developers.
The above-mentioned cryptocurrencies and Bitcoin has made revolutionary changes in the global economy. Based on blockchain technology, these digital currencies gives a peer-to-peer payment network with no involvement of third party, including any government and central bank. Few currencies like Litecoin and Ripple are focused on speed and currencies like Monero and Zcash on privacy. Therefore, if you are planning to invest in any of these or Bitcoin, you can choose from various cryptocurrency methods. To know the cost of Bitcoin mining and other cryptocurrency mining, read various information pieces on the internet related to Blockchain Technology News, Bitcoin, Ethereum News Today. For now, these 10 altcoins are on the top; however, coin can be flipped anytime.