Top 10 cryptocurrencies other than Bitcoin
April 15, 2021
Bitcoin is more than just a fashion pioneer, it has unleashed a wave of cryptocurrencies built on decentralized peer-to-peer networks, becoming the de facto standard for cryptocurrencies and inspiring growing groups of followers and subsidiaries ..
Main gap
- Cryptocurrencies are, broadly speaking, currencies that take the form of tokens or "coins" and are in decentralized and decentralized ledgers.
- In addition, the field of cryptocurrencies has expanded dramatically since Bitcoin was launched more than a decade ago, with the potential for the next great digital token to be released tomorrow.
- Bitcoin continues to lead crypto packs in terms of market value, user base and popularity.
- Other cryptocurrencies, such as Ethereum, are being used to create decentralized financial systems for people who do not have access to traditional financial products.
- Some altcoins have been adopted because they have newer features than Bitcoin, such as the ability to increase the number of transactions per second and the ability to use various consensus algorithms such as Proof of Stake.
What is a cryptocurrency?
Before taking a closer look at some of these alternatives to Bitcoin, let's take a step back and briefly explore the meaning of terms such as cryptocurrencies and altcoin. Cryptocurrencies are, in the broadest sense, virtual or digital money in the form of tokens or "coins". Some cryptocurrencies have entered the real world with credit cards and other ventures, but most of them are still completely intangible.
The term "cryptocurrency" in cryptocurrencies refers to complex encryption that allows the creation and processing of digital currencies and their transactions through decentralized systems. In addition to the important "cryptographic" features of these currencies, there is a common commitment to decentralization. Cryptocurrencies are usually developed as tokens by teams building issuance mechanisms (often, if not always, through a process called "mining") and other controls.
Cryptocurrencies, which have always been designed to be free from manipulation and government control, are becoming more and more popular, but this basic aspect of the industry has been criticized. Bitcoin-style coins are collectively called altcoins, sometimes called "sit coins", and are often referred to as modified or improved versions of Bitcoin. Some of these currencies may contain some impressive features that Bitcoin does not have, but most of them match the level of security achieved by the Bitcoin network. Not seen by.
Below, we will look at some of the most important digital currencies other than Bitcoin. However, be careful first. It is impossible to completely cover such a list. One reason for this is the fact that as of January 2021, there are over 4,000 cryptocurrencies. Many of these cryptocurrencies have little or no follow-through or trading volume, but some are very popular among communities dedicated to supporters and investors.
In addition, the field of cryptocurrencies is constantly expanding and the next great digital token may be released tomorrow. Bitcoin is widely regarded as a pioneer in the cryptocurrency world, but analysts have adopted many methods to evaluate tokens other than BTC. For example, analysts typically attach great importance to the relative placement of coins in terms of market capitalization. With this in mind, there are other reasons to include numeric codes in the list.
1. Ethereum (ETH)
Ethereum, the first Bitcoin alternative on our list, is a decentralized software platform that allows you to create smart contracts and decentralized applications (DApps) to run without downtime, fraud, control or interference from third parties. is. Ethereum's goal is to create a decentralized set of financial products that anyone in the world can access for free, regardless of nationality, race or religion. This aspect has a more compelling impact on people in some countries, as people without government infrastructure and state identities have access to bank accounts, loans, insurance, or a variety of other financial products. Give
Ethereum apps run on the platform's crypto token, Ethereum. Ethereum is a way to navigate the Ethereum platform and is sought after by developers looking to develop and run applications within Ethereum, or investors currently looking to buy other digital currencies on Ethereum. Launched in 2015, Ether is the second largest digital currency in market value after Bitcoin, but far behind the major cryptocurrencies. As of January 2021, Ether's market capitalization is about 19% of Bitcoin's volume.
In 2014, Ethereum launched the first marketing offer for Ethereum, which was overwhelmingly popular. This helped usher in the era of the Initial Coin Offering (ICO). According to Ethereum, it can be used to "codify, decentralize, protect, and trade everything." After the attack on DAO in 2016, Ethereum was split into Ethereum (ETH) and Ethereum Classic (ETC). As of January 2021, Ethereum (ETH) has a market capitalization of $ 138.3 billion and each token is worth $ 12185.59.
In 2021, Ethereum plans to change the consensus algorithm from proof of work to proof of stake. Not only will this move allow Ethereum networks to run on much less power, but it will also improve transaction speed. Proof of stake allows network participants to "share" their Ether within the network. This process helps protect your network and handle the transactions that occur. A person who rewards Ether like interest. This is an alternative to Bitcoin's proof of work mechanism, as miners will be rewarded with more Bitcoin to process transactions.
2. Litecoin (LTC)
Launched in 2011, Litecoin was one of the first cryptocurrencies to follow in the footsteps of Bitcoin and is often referred to as "silver".
o Bitcoin gold. Created by Charlie Lee, a MIT graduate and former Google engineer. Litecoin is based on a global, open-source payment network that is not under the control of any central authority and uses "scrypt" as evidence of action, which can be decoded with the help of CPUs from Consumer category. Although Litecoin is similar to Bitcoin in many ways, it has a faster rate of block generation and thus provides a faster time for transaction confirmation. Other than developers, there are an increasing number of merchants accepting Litecoin. As of January 2021, Litecoin's market value reached 10.1 One billion dollars and the value of each token is 153.88 dollars, making it the sixth largest cryptocurrency in the world.
3. Cardano (ADA)
Cardano is a "Europorous Proof of Stake" cryptocurrency created with a research-based approach by engineers, mathematicians and cryptographers. The project was co-founded by Charles Hoskinson, one of the first five founding members of Ethereum. After disagreements about the direction of Ethereum, he left and later helped create Cardano.
The team behind Cardano created their own blockchain through extensive experimentation and peer-reviewed research. The researchers behind the project have written more than 90 research treatises on blockchain technology across a variety of topics. This study is the backbone of Cardano.
Due to this rigorous process, Cardano appears to stand out among the Proof of Stakes and other large cryptocurrency buddies. Cardano is also known as the "Etherium Killer" because its blockchain is said to have more capabilities. However, Cardano is still in its infancy. We have defeated Ethereum on the Proof of Stake consensus model, but we still have a long way to go when it comes to decentralized financial applications.
Cardano aims to become the global financial operating system by creating decentralized financial products similar to Ethereum and providing solutions such as serial interoperability, fraudulent voting and legal contract tracking. As of January 2021, Cardano has a market capitalization of $ 9.8 billion and one ADA is trading at $ 0.31.
4. Polkadot (DOT)
Polka Dot is a unique stake-proof cryptocurrency aimed at providing interoperability between other blockchains. The protocol is designed to link licensed blockchains with unauthorized blockchains and Oracle so that systems can work together under one roof.
The core component of Polka Dots is a relay chain that enables interoperability of various networks. You can also use "parachains" or parallel blockchains with tokens for specific use cases.
This system differs from Ethereum in that developers can not only build distributed apps with Polkadot, but also create their own blockchain while using the security that Polkadot already has. Ethereum allows developers to create new blockchain chains, but the larger the blockchain, the better the security, so create your own security measures that could expose new or smaller projects to attack. need to do it. At Polka Dots, this concept is known as shared security.
Polka Dot was created by Gavin Wood, one of the founders of the Ethereum project, who has mixed opinions about the future of the project. As of January 2021, Polka Dots have a market capitalization of $ 11.2 billion and DOTs are trading at $ 12.54.
5. Bitcoin Cash (BCH)
Bitcoin Cash (BCH) occupies an important position in the history of altcoin as it is one of the oldest and most successful hard forks of the original Bitcoin. In the world of cryptocurrencies, forks arise as a result of discussions and discussions between developers and miners. Due to the decentralized nature of cryptocurrencies, for general consensus, it is necessary to make major changes to the tokens on hand or the base code of the currency. The mechanism of this process depends on the cryptocurrency.
If different factions cannot reach an agreement, the digital currency may be split, the original chain remains in line with the original symbol, the new series begins to function as a new version of the previous currency, the symbol Will be changed.
Biosafety Clearing-House was born in August 2017 as a result of one of these divisions. The debate that led to the establishment of the Biosafety Clearing-House was related to scalability issues. The Bitcoin network has a block size limit of 1 megabyte. BCH has increased the block size from 1MB to 8MB. Larger blocks allow more transactions to be performed within the block, resulting in faster transaction speeds. We also make other changes, such as removing isolated witnesses that affect the block space. As of January 2021, Biosafety Clearing-House has a market capitalization of $ 8.9 billion and each token is worth $ 513.45.
6. Excellent (XLM)
Stellar is an open blockchain network designed to provide enterprise solutions by connecting financial institutions for large-scale transactions. Huge transactions between banks and investment firms, which usually cost a lot of intermediaries for a few days and cost a lot, cost the person doing the transaction almost or not almost instantly without an intermediary. You can do it without calling.
Although Stellar has established itself as an enterprise blockchain for corporate transactions, it is still an open blockchain that anyone can use. This system allows cross-border transactions between any currency. The original coin of Stellar Lumen is Lumen (XLM). The network requires users to hold Lumens in order to be able to execute transactions on the network.
Founded by Ripple Labs and the founding member of de, Stellar Jed McCaleb The latest ripple protocol. He eventually left his role at Ripple and co-founded the Stellar Development Foundation. Stellar Lumens has a market capitalization of $ 6.1 billion and is worth $ 0.27 as of January 2021.
7. Chain link
Chainlinks are decentralized Oracle networks that bridge the gap between smart contracts such as Ethereum and their external data. The blockchain itself does not have the ability to communicate with external applications in a reliable way. Distributed Oracle ChainLink allows smart contracts to communicate with external data so that Ethereum itself can execute contracts based on data that it cannot connect to.
The Chainlink blog outlines some of the use cases for that system. Among the many use cases described are monitoring water supplies for pollution and illegal water intake occurring in a particular city. Sensors can be configured to monitor corporate consumption, and Water Flow Chainlink Oracle can track this data and enter it directly into smart contracts. You can set up smart contracts to fine, issue flood alerts to cities, and use Oracle data to charge companies that use large amounts of tap water.
Chainlink is being developed by Sergeinazarov along with Steve Ellis. As of January 2021, Chainlink has a market capitalization of $ 8.6 billion and one LINK is valued at $ 21.53.
8. Binance Coin (BNB)
Binance Coin is a convenient cryptocurrency that acts as a payment method for fees associated with transactions on the Binance platform. Those who use the symbol as a payment method on the exchange can trade at a discounted price. Binance Coin's blockchain is also a platform for operating decentralized exchanges on Binance. Binance Exchange was founded by Changpeng Zhao. This exchange is one of the most used exchanges in the world based on trading volume.
Binance Coin was initially an ERC-20 token running on the Ethereum blockchain. Finally, its main network was launched. The network uses a consensus model to prove its interests. As of January 2021, Binance has a market capitalization of $ 6.8 billion and one BNB is worth $ 44.26.
9. Strap (USDT)
Tether was one of the first and most popular stable coin groups aimed at fixing market value to currencies or other external reference points to reduce volatility. This is because in most cryptocurrencies, even major currencies like Bitcoin, tether prices are directly linked to the US dollar. This system makes it easier for users to use. The price of tether is directly related to the US dollar. Makes more timely transfers from other cryptocurrencies to the US dollar than actually converting to regular currencies.
Launched in 2014, Tether claims to be a "blockchain-enabled platform designed to digitally facilitate the use of fiat currencies." In effect, this cryptocurrency allows individuals to trade with traditional currencies using blockchain networks and related technologies, while reducing the volatility and complexity often associated with digital currencies. In January 2021, Tether was the third largest cryptocurrency in the market cap, with a total market cap of 24.4. $ 1 billion, each token is valued at $ 1.00.
10. Monero (XMR)
Monero is a safe, private and untraceable currency. The open source cryptocurrency was launched in April 2014 and soon attracted a great deal of attention from the crypto community and enthusiasts. The development of this cryptocurrency depends entirely on donations and is paid by the community. Monero is now on sale. With a focus on decentralization and scalability, we use a unique technology called "ring signature" to achieve complete privacy.
This technique displays a set of encrypted signatures that contain at least one real participant, but they all appear to be valid, so you can't isolate the real person. Due to these exceptional security mechanisms, Monero has developed something bad-this is a prime candidate for anonymous criminal transactions, but Monero's unique privacy is oppressive around the world. It is also beneficial for opponents of the government. As of January 2021, Monero had a market capitalization of $ 2.8 billion and a symbolic value of $ 158.37 each.
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