The explosion in the price, as well as prominence of bitcoin, has led to the proliferation of dozens of other cryptocurrencies. No doubt companies are claiming that blockchain, the underlying technology of bitcoin, could also fundamentally change the economy thus leading to a surge in given blockchain projects.
The rise of the altcoins
Of all the non-bitcoin cryptocurrencies, ether (as the currency is called) or Ethereum (the name for the network) is quite known. Companies are indeed enamored with this system on account of its so-called smart contract based features.
Ripple was meant to aid the banking sector, primarily by facilitating global payments.
In 2017, on account of a disagreement within the community over how to address the scaling issues, opinion got divided and Bitcoin Cash was created.
Like most cryptocurrencies, Ada, Cardano’s coin, can be made use of for transferring funds digitally, but its developers do plan to build a platform that can indeed run the financial applications as well as smart contracts.
Similar to Bitcoin Cash, Litecoin was also created as a split from Bitcoin. Litecoin does aim to settle transactions in two-and-a-half minutes, compared to 10 minutes for Bitcoin.
Litecoin can indeed be purchased as well as sold on mainstream exchanges such as Coinbase.
NEM happens to help companies as well as industries to improve things such as payments and logistics.
Stellar lays emphasis upon banks and payment networks that move money.
NEO focus is on creating the framework for the “smart economy” whereby digital assets are easily moved, where digital identity is safe and where smart contracts make everything work smoothly.
IOTA, which means Internet of Things Application, involves the number of devices that are connected to the Internet.
Dash is meant to be used by people to buy goods as well as services.
Monero aims to be totally opaque.
TRON is hoping to face up to challenges from giants such as Facebook and YouTube.