Apart from bitcoin, currently the world of virtual currencies is crowded with alternatives of bitcoins also referred as altcoins. It’s the explosion of bitcoin which led to the uprising of other cryptocurrencies. Meanwhile, business enthusiasts believe that blockchain; the underlying bitcoin technology might greatly change the economy resulting in a flow in blockchain projects.
Most of the altcoins are blockchain experiments that utilize the sale of “coins” to fuel the network and finance the project. Thus, before buying any altcoin, it’s recommended to do your research. Following is the list of some of the leading altcoins:
Zcash is priced at $135.94 with the market capitalization of $634 million. Part of the altcoins appeal is its improved privacy and security. Transactions are listed on a blockchain, but amount, sender and recipient details stay private. Like bitcoin, users can send private and public payments.
Ethereum is priced at $277.46 with the market capitalization of $28 billion. Ether (currency) or Ethereum (network) is the one closest to the bitcoin. Companies are especially enamored with the system due to its smart contract features.
Ripple is priced at $0.32 with the market capitalization of $12.92 billion. It’s the altcoin which has not been in defiant with the conventional banking and has the objective of primarily facilitating world payments. Indeed, the top three companies in the world are expected to start using the coin from this year.
4. Bitcoin Cash
This is priced at $527.78 with the market capitalization of $9.1 billion. Instead of using a central decision making an entity, it’s the community of miners who vote on crucial matters such as on how to enhance the system.
Cardano is priced at $0.10 with the market capitalization of $2.47 billion. Like most digital currencies, the coin is used to transfer money digitally although its developers have the plan to create a platform that can operate smart contracts and financial applications. Presently, there are plans to balance regulation privacy and the objective to promote financial inclusion.
Litecoin is priced at $57.37 with the market capitalization of $3.32 billion. Similar with Bitcoin Cash, the coin was created as a fork from bitcoin and has the quicker settlement objective of settling transactions in two-and-a-half minutes as compared to 10 minutes for bitcoin.
NEM is priced at $0.10 with the market capitalization of $940 million. It’s another blockchain project that’s seeking to aid industries and companies to improve on matters like logistics and payments. It’s highly customized blockchain a feature which makes all the difference.
Stellar is priced at $0.21 with the market capitalization of $4 billion. The coin is eyeing the pattern of moving money by payment networks, banks, and people. It was co-founded by Jed McCaleb, the same person who created and sold Mt. Gox.
NEO is priced at $18.32 with the market capitalization of $1.19 billion. It’s all about the establishment of the system for the “smart economy” – that’s where digital assets are moved easily, digital identity is safe and smart contracts facilitate smooth working of everything.
IOTA (Internet of Things Application) is priced at $0.58 with the market capitalization of $1.63 billion. The coin is betting on the future of linked devices as the name implies. While the number of internet devices increases, so is the number of micropayments and the payment system which will need a system to ensure quick transactions.
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