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Beyond Bitcoin: The Other Cryptos

, December 19, 2017, 0 Comments

bitcoin-cryptocurrencies-marketexpress-inBitcoin has been a synonym for cryptocurrencies and also been a trend setter since Satoshi Nakamoto published the white paper in 2008. It has started a wave for cryptocurrencies built on a decentralised P2P network. With Bitcoin hitting USD 11000 it seems to be out of reach of many investors who wish to hold this darling new asset or investment.

The world of cryptocurrencies doesn’t end at Bitcoin. There are various other cryptocurrencies, which are inspired by the Bitcoin, collectively known as ‘altcoins’ some even claiming to be the improved version of the Bitcoin itself.

While some of the currencies may be easier to mine, will they attain the same shine as the Bitcoin, it is still difficult to gauge. Here are a few other cryptocurrencies that could be the next Bitcoin in making.

  1. Ethereum (ETH) Launched in 2015, ETH is an open source, public block chain, decentralized computing platform that allows Smart Contracts and Distributed Applications to be built and run without any failures, downtime, fraud, control, invasions or interference from a third party. Ethereum is different than Bitcoin in a way that it allows smart contracts which can be described as highly programmable digital money. Ether is like a vehicle or as many call it the crypto-fuel for moving around on the Ethereum platform, and is pursued by developers looking to develop and run applications inside Ethereum. ETH has the highest market cap after bitcoins.
  2. Dash: Dash as it is also known as Darkcoin is a hidden version of Bitcoin which was Launched in January 2014. Since then Dash has experienced an increasing fan base in such a short period of time. This cryptocurrency was created and developed by Evan Duffield and can be mined using a CPU or GPU. Post 2015 Dark coin was rebranded as DASH but that did not take it features away. What makes Dash different from flaws of Bitocin is it has 1. Master nodes to incentivize users with payments to secure the network 2. Instasend to send and confirm transactions in seconds and PrivateSend to help users maintain full privacy in their transactions
  3. Ripple (XRP): Ripple is a payments network built on block chain that provides one, frictionless experience to send money globally. Ripple controls payments across networks with unmatched global reach for real-time payments at the lowest cost which is very different from the other existing player. XRP is a digital asset that can be used on the Ripple network to lower liquidity costs and also minimize settlement risk,delays and failures. Also, since Ripple’s structure doesn’t require mining, it reduces the usage of computing power, and minimizes network latency.
  4. Litecoin: Litecoin was created by Charlie Lee, a MIT graduate and former Google engineer. Litecoin uses “scrypt” as a proof of work. It is based on an open source global payment network that is not controlled by any central authority. It can only be decoded with the help of CPUs of consumer grade. It is considered very close to bitcoins but has a faster block generation rate and has faster order confirmations

Bitcoin still sustains its leadership over other cryptocurrencies, but others, especially Ethereum and Ripple are catching up, as enterprise solutions in on the rise. Also a lot of these are considered more modern and advanced in features compared to Bitcoins. If Cryptocurrencies are to stay it wouldn’t be a surprise a lot of these currencies catch up with Bitcoins to be market leaders.