Ever since the launch of Bitcoin cryptocurrency in 2008, there has been a humongous change in the way people access to finance and conduct business. Entire industries have been built around Bitcoin leading to mammoth social and economic gains.
But, in this wave of cryptocurrency, though Bitcoin has been trendsetting and is considered to be the biggest crypto in the world, there are newer players in the market that promise faster and more economical transactions. It is worth looking at some of these altcoins, their features, and the gains that they promise.
Ethereum (ETH): Ethereum is a blockchain technology powered platform that has its native currency referred to as Ether or Ethereum. Amongst the most popular cryptocurrencies in the world, Ethereum has a market capitalization just second to Bitcoin. Its decentralized platform enables smart contracts and applications that run faster with minimal risk of fraud or third party interference. Launched in 2013 by Vitalik Buterin, its coin circulation is unlimited and it continues to be adopted by major companies around the world. You can get to know the current ETH to INR conversions
Litecoin (LTC): Launched in 2011 as ‘silver’ to the ‘gold’ of Bitcoin, Litecoin is amongst the most-valued cryptocurrencies in the world. Derived from the open-source code of Bitcoin, Litecoin has several great features due to which it is known as the lighter version of Bitcoin. Litecoins are generated up to four times faster than Bitcoin making the transactions quicker. The number of transactions processed is also much more than other altcoins. However, despite all these features, there are only 84 million Litecoins available to be mined.
Dogecoin (DOGE): What was created in 2013 as a meme to Bitcoin, has gained quite a huge popularity around the world with thousands of people adopting it as a method of payment and investment. With a Shiba Inu dog as its logo, this is where the light-heartedness ends. It is now the fifth-largest crypto around the globe by market capitalisation. Using scrypt technology, Proof-of-Work (PoW), and an unlimited supply of coins, Dogecoin can handle a higher number of transactions much faster than even Bitcoin.
Ripple (XRP): Ripple was founded in 2012 both as a cryptocurrency and a digital payment method that was used by banks to make monetary transfers around the world. What sets Ripple apart is that instead of blockchain mining, it uses a consensus mechanism to complete transactions. Under this, a group of servers owned by different banks confirm and complete the transactions. You can get more details about Ripple price INR here.
PolkaDot (DOT): This is a multi-chain environment in its truest sense that not just allows the transfer of tokens but also data across public, open, and private blockchains. Its technology makes cross-chain computations and registries possible. It runs on the concept of shared security that makes it impervious to cyber attacks. It has a market capitalisation of around $19 billion and is amongst the most preferred cryptos in the world.
Stellar (XLM): This is an open blockchain ecosystem that provides enterprise solutions to financial enterprises. It makes big-ticket transactions easier and faster by helping institutions do away with the need for intermediaries or high transaction fees. Stellar’s currency Lumen has a market capitalisation of around $5 billion that continues to grow.
The ones mentioned here are only some of the altcoins available around the world today. The list is huge and all have their unique propositions and features. With so many different classes of altcoins available, investors need to understand their technical capacities and associated risk before putting any money in them.