The year 2017 is the year for Bitcoin, Bitcoin is able to reach its highest point of $ 20,000. Even in some South Korean exchanges, the price was raised above $ 20,000. But in early 2018 appeared other crypto currencies called the Altcoin (Alternative Bitcoin) are populaer and also also follow tail rises and fast. Some Altcoins are surprisingly capable of achieving a higher percentage increase than Bitcoin's achievements
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On this topic of discussion, I will discuss 5 crypto currencies of Bitcoin's major competitors who have the possibility of defeating its adoption and global use. That's because in general, Altcoin is aimed at achieving perfection that can not be achieved Bitcoin before, such as the problem of Scalability that led to inaction of transaction confirmation and swelling Fee
Ethereum
Ethereum is a public data-based Blockchain that has a variety of intelligent features, such as Scripting and Smart Contracts related to cryptographic transaction processing. Ethereum has an EVM (Ethereum Virtual Machine) that allows developers to adopt Blockchain Ethereum, and apply it to DApps (Decentralized Applications) that can be developed very easily. This allows the adoption of Smart Contracts that have other objectives such as Supply Chain as well as E-Commerce based. The unit of the crypto value of Ethereum is widely known as Ether (ETH).
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Main Advantages of Crypto Ethereum
As the main competitor of Bitcoin who currently fancies it in number 2, Ethereum has many advantages. Some of them are:
- Simple, easy and fast to create token with ERC20 standard.
- A solid and active development team working on new technology to continuously improve the stability, security, functionality and scalability of Blockchain Ethereum.
- The Ethereum development team is currently working on an upgraded version of ERC20 called ERC223, with many advantages that other crypto blockchains do not yet have.
- Developers and Businesspeople can save their time, money and effort by synchronizing the system to Blockchain Ethereum.
Ripple
Ripple has the main goal as a crypto currency that wants to connect conventional banking as a whole, with an emphasis on speed and ease of use. Ripple's motto is "One System Without Friction to Send Money Globally". Ripple also claims to be the world's only corporate Blockchain solution for global payments.
While almost all crypto currencies want to compete with Bitcoin directly, whether in terms of popularity, adoption, or capitalization growth, Ripple has taken a global approach to a new level, with an emphasis on being a vehicle for the banking system worldwide.
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Excess Main Crypto Ripple
- Long-term Stability: Investing in any form of crypto currency is a risky thing. But due to strong relationships with banking institutions, Ripple is considered a relatively safer investment and able to offer long-term protection.
- Want To Be A Companion Instead of Rivals Bitcoin: Any discussion of the popular Altcoin value, we always associate it with the most popular coins today, Bitcoin . However, Ripple did not attempt to form a "Zero Sum Games". Ripple is designed for large-scale adoption that financial institutions can use and involve multiple currencies.
Litecoin
If Bitcoin is a crypto market gold, then Litecoin is commonly touted as silver. Its creation base is purely derived from Blockchain Bitcoin, which was later modified by its developer, Charlie Lee, to produce crypto currency with greater functions and benefits.
Different from Bitcoin, Litecoin uses an algorithm named Scrypt. The algorithm is intended to facilitate the process of mining new coins (transaction confirmation and block creation).
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Excess Main Crypto Litecoin
Transaction Processing Speed: Although technically involved, it can happen instantly, either on Bitcoin or Litecoit networks, but it takes time for the transaction to be confirmed by other network participants. According to data from Blockchain.info, the average transaction confirmation time of the Bitcoin network is more than 10 minutes per transaction. Litecoin slashed the need for that time to just 2.5 minutes.
In addition, there is a special option in Litecoin, which is Private Send which makes the transaction no need to wait for confirmation at all. But there are risks that the dealer must bear, because they are anonymous (not traceable and identifiable).
The Mining Process Is Easier: Because Litecoin uses Scrypt algorithms designed to be less sensitive to custom hardware solutions such as ASIC, the mining process is more accessible for users who also want to participate in networks as miners.
EOS
EOS is a decentralized Blockchain-based crypto currency created for business scale, and provides key business functions needed. EOS allows businesspeople to build their own Blockchain applications very easily
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Excess Main Crypto EOS
- No Scalability Problems: While Bitcoin and Ethereum can only process about 3 to 14 transactions per second, EOS comes with the ability to offer millions of transactions per second confirmation process. The convenience is made possible by the DPOS (Distributed Proof of Stake) consensus mechanism.
- Almost No Transaction Fees: By storing multiple EOS units in the Wallet, you can transact at very low cost up to the micro level, without being limited by the nominal amount of money being traded .
- Upgradable: Unlike other Blockchain like Bitcoin and Ethereum which always make Hardfork the solution of every problem, EOS is able to apply Soft Fork system by separating old Chain, and produce new Chain which is more perfect. Thus, upgrading the network function will never interfere with the existing ecosystem. Such a system can guarantee the continuity of the network, as well as be able to follow further technological developments in the future.
Cardano
Cardano is a platform similar to Ethereum Blockchain, which also features Smart Contracts and focuses on security through layered architecture. Cardano uses the Haskell programming language, which has a high level of fault tolerance. Being made with the Haskell programming language, Cardano also has the ability to upgrade Softfork, without the need to disrupt the main network ecosystem.
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Excess Main Crypto Cardano
- Use of Second Generation Ethereal Block Blocks For Lower Transaction Costs: When a user transfers a value, there are two sets of information transmitted, Core information (from and to whom funds are sent, total amount of funds sent), as well as metadata (the entity involved, transfer terms , why money is transferred, etc.).
- In other Blockchain such as Bitcoin and Ethereum, the above two pieces of information are made together and sent simultaneously. The more metadata that is sent, the GAS (transaction costs) to be paid more and more.
Well, the use of Cardano as a Second Generation Ethnicum Blockchain enables the integration of all core information and metadata. Cardano is capable of separating the two into two different layers, so the cost to be paid is only on the Confirmation of the Core.
- Ugradable: Like the EOS advantages described earlier, Cardano's network can also apply Softfork to upgrade network functionality, without the risk of disruption of major network ecosystems. This function also allows the network to adopt the latest technology that is currently undiscovered.