Apart from Bitcoin, what are the top 5 cryptocurrencies?

Bitcoin has been leading the field of cryptocurrency for a long time, and dominates so much that the terms “cryptocurrency” and “bitcoin” are often used interchangeably. However, the truth is that digital currency includes more than Bitcoin. There are many other cryptocurrencies in the crypto world. The purpose of this article is to educate our readers about cryptocurrencies other than Bitcoin, and if they plan to invest in crypto, they can provide them with multiple options.

So let’s start with the names on the list, namely:

Litecoin:

Litecoin was launched in 2011 and is often referred to as “the silver of Bitcoin gold.” Charlie Lee is an MIT graduate and a former Google engineer-the founder of Litecoin.

Similar to Bitcoin, Litecoin is a decentralized, open source payment network that can operate without central authorization.

Litecoin is similar to Bitcoin in many ways, and it often makes people think: “Why not choose Bitcoin? Both are similar!”. There is one thing to note: Litecoin’s block generation is much faster than Bitcoin’s generation! This is the main reason why merchants around the world have become more open to accepting Litecoin.

Ethereum:

Another open source, decentralized software platform. The currency was launched in 2015, enabling the construction and operation of smart contracts and distributed applications without downtime.

Applications on the Ethereum platform require a specific encryption token-Ether. According to the core developers of Ethereum, the token can be used for transaction, protection and decentralization of almost anything.

Ethereum suffered an attack in 2016 that divided the currency into two parts: Ethereum and Ethereum Classic.

In the leading cryptocurrency competition, Ethereum ranks second, second only to Bitcoin.

Zcash:

Zcash came out in the second half of 2016. The currency defines itself as: “If Bitcoin represents money like http, Zcash is https”.

Zcash promises to provide transparent, safe and confidential transactions. The currency also offers the option of “shielding” transactions, so users can transmit data in the form of encrypted codes.

sprint:

Dash was originally the secret version of Bitcoin. Due to its secret nature, it is also called “Darkcoin”.

Dash is popular for providing extended anonymity, which allows its users to make transactions untraceable.

The currency first appeared on the canvas of the digital market in 2014. Since then, it has been sought after by many fans in a short period of time.

ripple:

Ripple has a market value of more than $1 billion and is the last name on our list. The currency was launched in 2012 and provides instant, secure and low-cost payments.

Ripple’s consensus ledger does not require mining, which makes it different from Bitcoin and other mainstream cryptocurrencies.

Lack of mining reduces computing power, which ultimately minimizes waiting time and makes transactions faster.

wrap up:

Although Bitcoin continues to lead the cryptocurrency group, competitors are accelerating their pace. Currencies such as Ethereum and Ripple have surpassed Bitcoin in enterprise solutions and are becoming popular every day. Following trends, other cryptocurrencies will continue to exist and will soon give Bitcoin a really difficult period to maintain its position.

Password history

The emergence of cryptocurrency has taken over our daily transactions. Cryptocurrency is a digital asset that exists in the crypto world, and many people call it “digital gold.” But what is the real cryptocurrency? You must be thinking.

This is a digital asset designed to be used as a medium of exchange. Obviously, this is a substitute for money. However, it uses strong encryption technology to protect financial transactions, verify asset transfers and control the creation of other units. All cryptocurrencies are virtual currencies, digital currencies or alternative currencies. It must be noted that compared to centralized systems of banks and other financial institutions, all cryptocurrencies use a decentralized control system. These decentralized systems work through distributed ledger technology that serves public financial databases. Usually, the blockchain is used.

What is blockchain?

This is a growing list of records that are linked and protected with passwords. This list is called a block. Blockchain is an open, distributed ledger that can be used to record transactions between two parties in a verifiable and permanent manner. In order for a block to be used as a distributed ledger, it is managed by a peer-to-peer network that collectively abides by the protocol for validating new blocks. Once the data is recorded in any book, all other blocks cannot be changed. Therefore, the blockchain is secure in design and can be used as an example of a distributed computing system.

The history of cryptography

American cryptographer David Chaum (David Chaum) discovered an anonymous cryptographic electronic currency called ecash. This happened in 1983. In 1995, David implemented it through Digicash. Digicash is an early form of encrypted electronic payment that requires user software to withdraw banknotes from the bank. It also allows a specific encryption key to be specified before sending to the recipient. This attribute makes the government, issuing bank or any third party unable to trace the digital currency.

In the following years, after continuous efforts, Bitcoin was created in 2009. This is the first decentralized cryptocurrency, created by the pseudonym Satoshi Nakamoto. Bitcoin uses SHA-256 as its cryptographic hash function (Proof of Work Scheme). From the issuance of Bitcoin, the following cryptocurrencies were also issued.

1. Namecoin (April 2011)

2. Litecoin (October 2011)

3. Peercoin

These three coins and many other coins are called Altcoin. The term is used to refer to alternative variants of Bitcoin or other cryptocurrencies.

It must also be noted that cryptocurrencies are exchanged via the Internet. This means that their use is mainly outside the banking system and other government agencies. Cryptocurrency exchange includes cryptocurrency exchange with other assets or other digital currencies. Regular fiat currencies are examples of assets that can be traded in cryptocurrency.

Atomic swap

These refer to a proposed mechanism through which one cryptocurrency will be able to be exchanged directly from another cryptocurrency. This means that through atomic swaps, there will be no need for a third party to participate in the exchange.