Bitcoin has been built on decentralized peer-to-peer network, it’s become the standard for all cryptocurrencies. Altcoins are currencies that have been inspired by Bitcoin and have tried to present themselves as modified or improved versions of Bitcoin. Some of these currencies are easier to mine than Bitcoin. Since Bitcoin prices are soaring new highs, we look at six cryptocurrencies, picked from over 700 (in no specific order) that could be worth your while.Here are the 6 cryptocurrencies:
- Ethereum
Etherium was launched in 2015, it is a decentralized software platform.It enables Smart Contracts and Distributed Applications to be built and run without any downtime, fraud, or interference from a third party. Ether is like a vehicle for moving around on the Ethereum platform, and is sought by mostly developers looking to develop and run applications inside Ethereum. According to Ethereum, it can be used to “codify, decentralize, secure and trade just about anything.” . Ethereum has a market capitalization of $4.46 billion.
- Dash
Dash is a more secretive version of Bitcoin. Dash offers more anonymity as it works on a decentralized mastercode network. Itwas launched in January 2014. This cryptocurrency was created and developed by Evan Duffield and can be mined using a CPU or GPU. In March 2015, ‘Darkcoin’ was rebranded to Dash.
- Ripple
Ripple is a real-time global settlement network that offers instant, certain and low-cost international payments. Ripple “enables banks to settle cross-border payments in real time, with end-to-end transparency, and at lower costs.” It was launched in 2012, Ripple currency has a market capitalization of $1.26 billion.. Ripple believes that ‘distributing value is a powerful way to incentivize certain behaviors’ and thus currently plans to distribute XRP primarily “through business development deals, incentives to liquidity providers who offer tighter spreads for payments, and selling XRP to institutional buyers interested in investing in XRP.”
- Monero
Monero is a secure, private and untraceable currency. This open source cryptocurrency was launched in April 2014. The development of this cryptocurrency is completely donation-based and community-driven. Monero enables complete privacy by using a special technique called ‘ring signatures.’ With this technique, there appears a group of cryptographic signatures including at least one real participant – but since they all appear valid, the real one cannot be isolated.
- Zcash
Zcash, a decentralized and open-source cryptocurrency. It was launched in 2016. Zcash offers privacy and selective transparency of transactions. Thus, like https, Zcash claims to provide extra security or privacy where all transactions are recorded and published on a blockchain. Zcash offers its users the choice of ‘shielded’ transactions, which allow for content to be encrypted using advanced cryptographic technique called a zk-SNARK.
- Litecoin
Litecoin was launched in 2011. It was among the initial cryptocurrencies following bitcoin. It was often referred to as ‘silver to Bitcoin’s gold.’ It was created by Charlie Lee. Litecoin is based on an open source global payment network that is not controlled by any central authority. That means Litecoin is decentralized. It uses "scrypt" as a proof of work. Litecoin is like Bitcoin in many ways but it has a faster block generation rate.
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