Bitcoin is quite the trailblazer ushering in waves of new Cryptocurrencies built on their decentralized peer to peer networks. Bitcoin has become the standard by which all other Cryptocurrencies are measured and inspiring a massive following and spin-offs.
what is a cryptocurrency?:
Before we go further, let’s look at what Cryptocurrencies and altcoins are by definition. The general meaning of Cryptocurrency is virtual or digital money. Although some Cryptocurrencies have made their way into the tangible world in the form of Credit or Debit cards, for the most part, they remain intangible.
In Cryptocurrencies, the “Crypto” refers to the complicated Cryptography used in the creation and processing of digital currencies and their transactions on decentralized platforms. Doing so goes along with a joint commitment to keep the theme of decentralization. Cryptocurrencies are typically developed by teams of coders who also build in the means of their issuance. Quite often, this is through “mining,” “Staking,” or some other control.
Although Cryptocurrencies are nearly all designed to be free of government interference, manipulation, and control, they are for this very reason, it seems, to be under constant scrutiny. Any cryptocurrency that has come on the scene after Bitcoin are collectively called Altcoins and usually try to present themselves as a new and better version of Bitcoin. So far, even though some are easier to “mine,” they have fallen short of acceptance, liquidity, and value retention.
With more than 2,000 of these “altcoins” on the market (as of January 2020), it would be impossible to describe them all comprehensively. So we will list a few for your consideration.
1. Ethereum (ETH)
The first altcoin on our list is Ethereum. Ethereum’s claim to fame is that is is a decentralized software platform for enabling Smart Contracts and Decentralized Applications (DApps) to be built can run without any downtime, fraud, control or interference from a third party. Applications on Ethereum are set to run on its cryptographic token, “Ether.” This token is sought after by developers who want to create and run various applications on the Ethereum Platform and also now by those wishing to invest or make other “coin” purchases using “Ether.” Ether was launched in 2015. Following the DAO attack in 2016, Ethereum was split into Ethereum (ETH) and Ethereum Classic (ETC).
Though the spread is far apart from the 1st most popular Cryptocurrency Bitcoin, Ethereum holds the 2nd rank on the chart at https://www.crypto-rating.com/ (6/23/2020)
2. Ripple (XRP)
Ripple (XRP) is next on the list and is a real-time global settlement network that offers instant, precise, and low-cost international payments. Ripple was launched in 2012 and was created so that banks could settle or make international payments in end to end transparency and for lower fees. Ripple is unique in that it doesn’t require mining for creation and issuance of coins as all of Ripple’s tokens were pre-mined before they launched. This mechanism allows them to control the market by adding or removing XRP from the market supply. This process is different from Bitcoin and many other altcoins. A considerable plus means that since no mining is done to create XRP, it reduces computing power and will also minimize network latency. Ripple enjoys popularity with businesses who seek a solution to cross-border payments.
Ripple (XRP) holds the 4th Rank on the chart at https://www.crypto-rating.com/ (6/23/2020)
3. Litecoin (LTC)
Launched in 2011, Litecoin is the first altcoin to follow in Bitcoin’s footsteps and actually has a faster block generation rate and, therefore, a faster transaction confirmation time than Bitcoin. Litecoin referred to as Silver to Bitcoin’s Gold. Litecoin, created by MIT graduate and Google engineer, Charlie Lee. Litecoin designed to be an open-source global payment network (meaning the copy write holder allows others to use, study, change, and distribute to anyone for any purpose.) Litecoin is decentralized and uses “Scrypt” as “proof of work,” decoded with the help of a personal computer’s CPUs and no special equipment. Other than developers, there are a growing number of merchants who accept Litecoin.
Litecoin currently holds the 7th Rank on the chart https://www.crypto-rating.com/ (6/23/2020)
4. Tether (USDT)
Tether, next on our list, is a “Stablecoin,” which is a coin that seeks to “peg” its value to some external reference such as the USD or Gold to help reduce volatility and attract the cautious investors.
Tether launched in 2014 and describes itself as “a blockchain-enabled platform designed to digitally facilitate the use of fiat currencies.” Tether. “FAQs,” which allows for utilization of the blockchain network and other technologies to reduce volatility by transacting in the traditional currencies.
Tether currently holds the 3rd Rank on the chart https://www.crypto-rating.com/ (6/23/2020)
5. Bitcoin Cash (BCH)
Bitcoin Cash (BCH) was noted as one of the earliest altcoins to make a successful hard fork of the original Bitcoin. A Hard Fork happens when developers and miners disagree and argue. Because of the decentralized nature of digital currencies, any changes made to code the underlying token or Coin must be from a general consensus, which means a solution that may not be agreed to by all but accepted as the best option for the whole.
IF the group fails to reach an agreement, then sometimes the Cryptocurrency is split with the original staying with the unique code and the other “splitting off” and thereby becoming a new version of the Coin and taking on the latest coding. BCH began its life in a “split” or Fork in August of 2017. Scalability was the debated issue because of the strict one-megabyte size of the Blocks. No agreement reached, and BCH after the split increased the block size from one MB to eight MB, with thoughts that would increase transaction speed. It also removed the Segregated Witness protocol, which impacts block space.
Bitcoin cash currently holds the 5th Rank on the chart https://www.crypto-rating.com/ (6/23/2020)
6. Libra (LIBRA) – hasn’t launched but keep in mind.
In mid-2018, there were many rumors that Facebook would be launching its own Cryptocurrency called LIBRA. Because of its long reach and massive user base, speculators have predicted Facebook would do this.
Then on June 18, 2019, Facebook released the white paper for Libra, and the rumors were confirmed with the tentative launch date for the token being in later 2020. A subsidiary of Facebook, Calibra will manage Libra. To be sure, Libra will gather much attention when it does finally launch.
7. EOS (EOS)
In June 2018, EOS launched by a cryptocurrency pioneer and creator, Dan Larimer. Before the launch of EOS, Larimer founded the digital currency exchange known as Bitshares and the blockchain-based social media platform Steemit. EOS designed like Ethereum, so it too offers a platform for developers to build and run decentralized applications. EOS has many other notable characteristics as well described by INVESTOPIA at https://www.investopedia.com/tech/most-important-cryptocurrencies-other-than-bitcoin/ :
- EOS had the most extended and most profitable initial coin offerings in history, pulling in a record $4 billion-ish through crowdsourcing. The initial coin offering of EOS was one of the most extended and most profitable in history. It raked in a record $4 billion or so in investor funds through crowdsourcing efforts lasting a year.
- EOS consists of EOS.IO, similar to the operating system of a computer. Thus acts as a blockchain network for the digital currency, as well as EOS coins.
- EOS offers a delegated proof-of-stake mechanism which it hopes to be able to offer scalability beyond its competitors.
- EOS is also revolutionary because of its lack of a mining mechanism to produce coins. Instead, block producers generate blocks and rewarded in EOS tokens based on their production rates.
- EOS includes a complex system of rules to govern this process, with the idea being that the network will ultimately be more democratic and decentralized than those of other cryptocurrencies.
EOS holds the 9th Rank on the chart at https://www.crypto-rating.com/ (6/23/2020)
8. Bitcoin SV (BSV)
Bitcoin SV (BSV) is a fork of the original Bitcoin network with the “SV” representing “Satoshi Vision” “A network upgrade in November of 2018 ended up with debate between miners and developers within the BCH community, leading to a hard fork and the creation of BSV.” With developers insisting that Bitcoin SV restored the original Bitcoin protocol by Satoshi Nakamoto and adding more security and increasing the scalability to the network. The vision is to increase faster transaction time
Currently Bitcoin SV holds the 6th rank on the chart at https://www.crypto-rating.com/ (6/23/2020)
9. Binance Coin (BNB)
Binance Coin (BNB) is the official token of the Binance cryptocurrency exchange platform. Founded in 2017, Binance has risen in popularity, and for its high volume of trade, Binance has become the largest exchange of its type. Using Binance Coin token allows Binance traders to trade in dozens of different cryptocurrencies efficiently on the Binance platform. BNB is used to pay transaction fees on the exchange and can also be used to pay for certain goods and services, including travel fees.
Currently Binance Coin holds the 8th rank on the chart at https://www.crypto-rating.com/ (6/23/2020)
10. Chainlink (LINK)
The last coin we are going to discuss (but again, this is certainly not all of the cryptocurrencies you’ll find) is Chainlink (LINK) This Author is very excited about the possibilities of this coin!!
This information refers to https://www.crypto-rating.com/crypto-currencies/link/, where you can read more.
ChainLink virtual currency is one of those tokens that facilitate the interaction of the consumer with the supplier of goods or services. Given the active integration of blockchain technologies into the life of an ordinary person, recently, such currencies are in high demand.
Smart Contracts provide the ability to execute tamper-proof digital agreements, which are considered highly secure and highly reliable. To maintain a Contract’s overall reliability, the inputs, and outputs the Contract relies on also need to be protected. Chainlinks provide a reliable connection to external data that is provably secure end-to-end.
ChainLink project has elaborated on a technology that creates secured channels between various data providers with the usage of the blockchain system. In simple words, they have developed so-called oracles that make it possible to implement a smart contract between the blockchain infrastructure and third-party data sources. Allowing customers to build big data networks between various companies. Such Networks governed by nobody or nothing other than a Smart Contract and are substantially decentralized.
- Connect to Any External API. Easily connect smart contracts to the data sources and APIs they need to function.
- Send Payments Anywhere. Send Payments from your contract to bank accounts and payment networks.
The Chainlink network provides reliable tamper-proof inputs and outputs for complex smart contracts on any blockchain. Easily connect smart contracts to the data sources and APIs they need to function. Send Payments from your Contract to bank accounts and payment networks.
Chainlink (LINK) currently holds the 13th Rank on the Chart at https://www.crypto-rating.com/ (6/23/2020)