The Bitcoin network was developed with the blockchain technology as well as the proof of work algorithm which ensures that a selected few on the network would be able to verify transactions and earn rewards for those transactions verified. The launch of the Ethereum network in 2014 proved to be a turning point in the world of crypto. This is because most of the platforms developed prior to the Ethereum network were just advanced models of the Bitcoin network. Vitalik Buterin the developer of the Ethereum network proved to be as innovative as possible and designed this network into what has become a foundation for the development and launch of dozens of platforms, hundreds of applications and hundreds of ICO projects. The Ethereum network makes use of the proof of stake algorithm which unlike the Bitcoin network does not give the verification of blocks to a special few. The proof of stake algorithm on the Ethereum network ensures that random people are chosen on the network to mine cryptocurrencies. In this article, we will discuss some of the various popular cryptocurrencies that make use of the proof of stake algorithm. They include;
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NEO
This crypto platform was formerly called Antshares and has been referred to as the Chinese Ethereum. This is because of its resemblance to the Ethereum network. Like the Ethereum network, it makes use of the proof of stake algorithm and it has gone on to tag itself as the network for the smart economy. Aside from its native NEO coin, this crypto platform has NEO GAS which as the name implies runs the entire network. This platform ensures that developers are able to create decentralized platforms as well as handle smart contracts on its network just like the Ethereum network.
Dash
This happens to be one of the first crypto platforms to implement and begin making use of the proof of stake algorithm. This crypto platform is quite unique in the sense that it was built on the core of the Bitcoin network at the same time seeking to offer its users the opportunity to carry out anonymous transactions that cannot be traced back to them. This crypto platform refers to itself as a peer to peer network. On the Dash network, holders of the DASH coin would be able to earn huge dividends when they run the master node on the network. The only problem is that to begin running the nodes on the Dash network, you would have to possess about 1,000 DASH coins. Asides the fact that that this crypto platform makes the proof of stake algorithm, it happens to be one of the most profitable as well.
PIVX
Like the Dash network, this crypto makes use of the proof of stake algorithm at the same time seeking to offer its users anonymous and untraceable transactions. This crypto platform happens to be a fork of the Dash network and it was officially introduced in 2016.