The value of bitcoin has incredibly soared in the past one year and it has indeed done an incredible job. However, there are several other kinds of cryptocurrencies in the market which also brings increases the worth of cryptocoins worth more than a hundred billion. Let’s take a look at some of them.
The first name that pops in our minds when we think of cryptocurrency is bitcoin. Now this one started the whole game of cryptocurrency years ago and is considered the biggest market cap for the past seven to eight years. All across the globe, bitcoin is used widely and there is no weakness in this method at all. It is however, important to understand the concept of blockchain in order to understand what cryptocurrencies are about.
The next popular cryptocurrency is called litecoin. It comes right after bitcoin and resolves several issues. It was earlier seen as a second fiddle of Bitcoin but has been changing throughout the course of this year. Initially adopted by Coinbase along with bitcoin and other cryptocurrency, Litecoin was the one that solved the bitcoin issue by using Segregated Witness, another latest top technology. The reason behind this was that the founder Charlie Lee wanted to focus on Litecoin and left Coinbase later on too. Because of this reason, Litecoin rose to power and within a short period of time, it became a better alternative than Bitcoin and is till date.
A famous programmer named Vitalik Buterin came up with Ethereum. This one is capable of doing everything that bitcoin does and the whole purpose of formulating this was to build applications that are centralized. The blockchain of Bitcoin has a certain contract type, one which shows whether funds are in the same place or have been moved to a different address. There is however, some expansion as it has become an advanced language script and has a much bigger scope of applications.
We have Monero too on the list. Monero solves the problem of anonymous transactions. Although this currency was understood as a method that simply launders money, Monero tried its level best to change the scenario and it successfully did. The difference between Bitcoin and Monero is that it has a transparent blockchain with all transactions recorded and public. When you are using bitcoin, anyone will be able to see how and where the money is being moved. But with Monero, the whole process is opaque instead of Bitcoin that comes with such transparency. Not a lot of people like this method but since there are some people who like their privacy, Monero is still a popular trend.
Monero and Zcash are actually quite the same. It solves the same problems that Bitcoin comes with. The only difference is that instead of being totally transparent, Monero is public partially. Zcash also tries to solve the problems of those transactions that comes from anonymous sources. After all, no person likes to show how much money they are spending on their groceries or at the mall while shopping. Therefore, this cryptocurrency does have a certain demand amongst the masses but it’s still hard to tell which one out of these will emerge on top.
Bancor is also not to be missed out on. Bancor is perfect for the new generation as it can hold not just one but several tokens on reserve. It tries to make trade easy and manages and creates tokens by boosting the level of liquidity. It also lets them have an automated market price. Currently, Bancor helps one to discover a price along with a mechanism for liquidity purposes. With the help of a small contract, you can easily purchase or even liquidate ay of the tokens found in Bancore reserves. Bancore helps you create new cryptocurrencies and we guess, that is quite beneficial for most.
EOS is a competitor of Ethereum and can solve scaling issues of Ethereum with the help of a provision which uses a set of tools which are good enough to create apps and run them on the platform.
Tezos are also important. They are one of the best alternatives to Ethereum and can be updated at ease, without having to stress much. It boosts security through its special features and manages a mathematical technique called formal verification as well.
Which one will emerge on top?
Now that is quite a difficult question to answer. We cannot tell which cryptocurrency will emerge as a superstar in the near future. However, user adoption can really determine as to who can lead the race later on. After all, it is a key success factor that decides several things. Both Bitcoin and Ethereum possess this and though there is a whole lot of support from different adopts belonging to every currency, some are yet to prove their ability to star.