Bitcoin is seen as the trendsetter for other cryptocurrencies, that is why most that have been launched are developed on the Bitcoin network with minor modifications. Those cryptocurrencies that are not Bitcoin are called "altcoins". Most of them are trying their best to show that they are more advanced versions of Bitcoin. Although, most of these cryptocurrencies are quite better than Bitcoin when it comes to certain features, especially scalability and block time processing. This article will discuss certain cryptocurrencies that have proven to be important as well.
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They include :
Litecoin (LTC)
During the early days of its launch in 2011, Litecoin was described by people worldwide as Bitcoin's silver. Developed by Charlie Lee, Litecoin became one of the earliest followers of Bitcoin. Litecoin happens to be a true decentralized open source digital assets or currency platform that was developed to cater for all global payment issues. As the name decentralized applies, Litecoin ensures the successful, fast and cheap processing of payment without any central authority structure.
Litecoin makes use of the proof of work scrypt algorithm. Although being like Bitcoin, Litecoin happens to offer better and more advanced features than Bitcoin. For example, Bitcoin has a block time of 10 minutes, while Litecoin has a block time of 2.5 minutes. Also, Litecoin offers fast execution and processing of transactions than Bitcoin.
Ethereum (ETHER)
Ethereum is a truly decentralized cryptocurrency platform that runs decentralized applications (DApps) and smart contracts. Ethereum was developed by Vitalik Buterin in 2015, it ensures that Decentralized Applications can be created on a platform without the interference of any third party.
All applications on the Ethereum network run on its Cryptographic token called "Ether". This token has been likened to gas which is needed to run on the Ethereum network. Ether is sought mostly by developers who are seeking to build Decentralized Applications on the Ethereum network. With a market capital value of $41.4 billion, Ethereum happens to be the second largest cryptocurrency platform after Bitcoin.
Ripple (XRP)
Ripple is a fully decentralized system that ensures the successful transfer of cash across borders. The Ripple network enables traditional banks to make payments across several countries. Ripple does this in a secure and transparent network and charges little or no fee. With a market capital value of $1.26 billion, Ripple has grown to be one of the most sought-after cryptocurrencies in the world.
Zcash (ZEC)
Zcash is a decentralized system that offers private transactions. This cryptocurrency has been likened to Bitcoin in so many ways. The only difference between Zcash and Bitcoin is that the latter seeks to ensure that users can carry out private and anonymous transactions where the transaction details cannot be seen by anyone on the platform. This platform makes use of the ZK-SNARKS technology to ensure that users are offered shielded transactions. This platform happens to be one of the most secure platforms around. Launched in 2016, this altcoin has gone on to be of interest to thousands of people worldwide.