itecoin (LTC)
Litecoin, launched in the year 2011, was among
the initial cryptocurrencies following bitcoin and
was often referred to as ‘silver to Bitcoin ’s gold.’
It was created by Charlie Lee, a MIT graduate
and former Google engineer. Litecoin is based on
an open source global payment network that is
not controlled by any central authority and uses
"scrypt" as a proof of work, which can be
decoded with the help of CPUs of consumer
grade. Although Litecoin is like Bitcoin in many
ways, it has a faster block generation rate and
hence offers a faster transaction confirmation.
Other than developers, there are a growing
number of merchants who accept Litecoin.
- Ethereum (ETH)
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 (ZEC)
Zcash, a decentralized and open-source
cryptocurrency launched in the latter part of
2016, looks promising. “If Bitcoin is like http for
money, Zcash is https," is how Zcash defines
itself. Zcash offers privacy and selective
transparency of transactions. Thus, like https
Zcash claims to provide extra security or privacy
where all transactions are recorded and.
published on a blockchain, but details such as
the sender, recipient, and amount remain private.
Zcash offers its users the choice of ‘shielded’
transactions, which allow for content to be
encrypted using advanced cryptographic
technique or zero-knowledge proof construction
called a zk-SNARK developed by its team.
(Related reading, see: What Is Zcash?
)
- Dash
Dash (originally known as Darkcoin) is a more
secretive version of Bitcoin. Dash offers more
anonymity as it works on a decentralized
mastercode network that makes transactions
almost untraceably. 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. (Related reading, see: Top Alternative
Investments for Retirement )
- Ripple (XRP)
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 conformation -- 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.”
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