Bitcoin has not just been a trendsetter, ushering in a wave of cryptocurrencies built on decentralized peer-to-peer network, it’s become the dew factor standard for cryptocurrencies. The currencies inspired by Bitcoin are collectively called altcoins and have tried to present themselves as modified or improved versions of Bitcoin. While some of these currencies are easier to mine than Bitcoin is, there are trade offs, including greater risk brought on by lesser liquidity, acceptance and value retention. Since Bitcoin prices are soaring new highs, we look at six other promising cryptocurrencies, that could be worth your while.
Litecoin is based on an open source global payment network that is not controlled by any central authority and uses “scrypt” as a proof of work, which can be decoded with the help of CPUs of consumer grade. Although Litecoin is like bitcoin in many ways, it has a faster block generation rate and hence offers a faster transaction confirmation.
Ethereum is a decentralized software platform that enables Smart Contracts and Distributed Applications (DApps) to be built and run without any downtime, fraud, control or interference from a third party. According to ethereum, it can be used to codify, decentralize, secure and trade just about anything.
Zcash is a decentralized and open-source cryptocurrency. Zcash claims to provide extra security or privacy where all transactions are recorded and published on a blockchain, but details such as the sender, recipient, and amount remain private.
Dash experienced an increasing fan following in a short span of time as it works on a decentralized mastercode network that makes transactions almost untraceable. This cryptocurrency was created and developed by Evan Duffield and can be mined using a CPU or GPU.
Ripple has been designed as a centralised transaction network to be used by banks for money transfers in much the same way as, say, SWIFT. So far, it remains one of the most enticing digital currencies among traditional financial institutions looking for ways to revolutionize cross-border payments.
Monero has been launched with a strong focus on decentralization and scalability, and it enables complete privacy by using a special technique called “ring signatures.” It’s a way to let users transact privately, and its mining process is designed to be “egalitarian.”