There is no doubt that Bitcoin is the leading digital currency in the market. It has grown by more than ten times after it started though it sometimes faces huge plunges. In fact, Bitcoin has actually set the standard that various other cryptocurrencies are following. But the exploration of blockchain technology and cryptocurrency is not complete without looking at the different other players who are also running at top speed. By 2017 over more than 1200 cryptocurrencies have spread in the market and new companies are also entering the market simultaneously. There are loads of new digital currencies that are being launched every week by investors. So, here are the top 5 cryptocurrencies other than Bitcoin
- Litecoin (LTC)
Being launched in the year 2011, LTC was regarded as ‘silver to Bitcoin’s gold’. Developed by Charlie Lee, an MIT graduate, it has many similarities with Bitcoin. But there are some differences that include the rate of generation of the block which is faster and it ultimately results in faster transactions. For these reasons, a number of merchants and developers face no problem to accept LTC. It is actually developed on an open sourced, decentralized payment platform. This platform of Litecoin works ‘scrypt’ as evidence of work which can be decoded with the help of consumer graded CPUs.
- Ripple (XRP)
Ripple is both an open payment network and a digital currency (XRP) within which the currency actually gets transferred. Initially released in the year of 2012, XRP is being used all over the world by various commercial institutions. Ripple focuses on utilizing the scalable technology of blockchain so that businesses, digital asset exchanges, banks and payment providers can be connected without any problem. Ripple also sell to various organizations that are actually interested in investing in XRP.
- Ethereum (ETH)
Launched only in 2015, Ethereum prompted the rise of initial coin offering. It is actually built on a platform that is decentralized which again helps in activating Smart contracts. On this platform, it is also possible to develop and execute various distributed apps without worrying any kind of downtimes. Ether is the way to go around Ethereum and a developer has to use it to build any program.
Launched in the year of 2014 and originally named Darkcoin, it is a concealed version of BTC. Dash got huge followers as soon as it was launched and the name was changed from Darkcoin to Dash in 2015. Dash is an abbreviation that actually applies to Digital Cash which is possible to mine with the use of a CPU and a GPU. Dash gives the miner anonymity by working on a master code that is decentralized.
HCX, the native digital asset on HC NET managed by California based company HashCash facilitates the easy transfer or exchange of payments in a secured manner. HCX assists network participants in currency exchange and cross-border payments. It uses the crypto assets of the company to process different transactions. HCX has gained popularity in a very short time and its clients include global merchants, corporate houses, fintechs, payment networks, and some of the largest banks and currency exchanges.
These are few of the most demanded top five cryptocurrencies other than Bitcoin which is trending in the cryptocurrency trading world.