8 Important Cryptocurrencies Other Than Bitcoin
Today, Bitcoin is ruling the world of cryptocurrencies and has a great capitalization value among various other cryptocurrencies. This digital currency is based on a decentralized peer-to-peer network and was developed by Satoshi Nakamoto to purchase products electronically. Even, a new user can use this cryptocurrency without comprehending its technical details. You just have to install the bitcoin wallet on your computer or phone and it will give you the first Bitcoin address and you can make use of currency for all kinds of real transactions. So let’s have a look at some emerging cryptocurrencies that are here to stay.
Monero is an open source cryptocurrency that came into limelight in April 2014. This currency was developed on donation-based and community-driven approach. It provides comprehensive privacy by means of a special method called ‘ring signatures.’ It is also regarded as a private, secure and undetectable currency.
Dash, previously known as Darkcoin is basically a guarded version of Bitcoin. It works on a decentralized mastercode network that makes the transaction private. After its launch in January 2014, it got a massive number fan following in small time. It was created by Evan Duffield and mined easily via GPU or CPU. The ‘Darkcoin’ was again rebranded as Dash, which is known Digital Cash but this rebranding didn’t amend any of its technological features such as InstantX and Darksend.
Ripple is a real-time global agreement network that provides immediate and low-priced international payments. It allows banks to settle cross-border payments in real time along with end-to-end transparency at lesser costs. It was launched in 2012 and has gained a market capitalization of $1.26 billion. The structure of Ripple does not need any mining so the use of computing power and network latency is quite less.
Ethereum is a decentralized software platform that allows Smart Contracts and Distributed Applications that came into the picture in 2015. It can be used to decentralize, secure, codify and trade about anything. The capitalization value of Ethereum is $41.4 billion just next to Bitcoin.It offers Ethereum Virtual Machine (EVM), which is a decentralized virtual machine that performs peer-to-peer contracts via a cryptocurrency called as ether.
Launched in 2011, this cryptocurrency was one of best the cryptocurrencies that came after bitcoin and mostly known as a silver to Bitcoin’s gold. It was developed by Charlie Lee, who was a former Google engineer and an MIT graduate. It is an open source global payment that makes use of scrypt as an evidence of work that can be decrypted with the assistance of consumer grade.
Litecoin is much similar to Bitcoin in various ways but has higher block generation rate and provides quicker transaction confirmation. Today, there are many developers who also accept Litecoin.
It is an open-source and decentralized cryptocurrency started at the end of 2016.Zcash provides privacy and discerning lucidity of transactions. In Zcash, an additional privacy and security are offered on all the transactions that are recorded and published on a blockchain.
Zcash is just like https as it provides a kind of guarded transaction to the users by hiding details such as recipient, amount, and sender remains private. It enables content to be encrypted via an advanced cryptographic method or zero-knowledge proof construction which is known as zk-SNARK.
Chinacoin is a litecoin-based digital currency that makes use of the scrypt password-based key derivation function. It produces 60-second blocks to around 88 coins per block.
It is a global digital currency that was created to enable trade among members of Hub Culture. It was launched in 2007 to lessen the risk of inflation. Its value is identified on the basis of financial markets from carbon futures, the basket of merchandise and currencies.