The 10 Most Important Cryptoccoins Other Than Bitcoin
Not only has Bitcoin been a trend setter, ushering in a wave of cryptocurrencies built on a decentralized peer-to-peer network, it has also become the de facto standard for cryptocurrencies, inspiring a legion of followers and derivatives growing.
10 Most Important Best Cryptocurrencies list Other Than Bitcoin
Bitcoin Cash (BCH)
Binance Coin (BNB)
What are cryptocurrencies?
Before we take a closer look at some of these alternatives to Bitcoin, let’s go back and briefly examine what we mean by terms like cryptocurrency and altcoin. A cryptocurrency, broadly defined, is virtual or digital money that takes the form of tokens or “coins.” While some cryptocurrencies have ventured into the physical world with credit cards or other projects, the vast majority remain completely intangible.
The “crypto” in cryptocurrencies refers to a complicated cryptography that enables the creation and processing of digital currencies and their transactions through decentralized systems. Alongside this important “crypto” feature of these currencies is a common commitment to decentralization; Cryptocurrencies are typically developed as code by teams that incorporate issuance mechanisms (often, but not always, through a process called “mining”) and other controls.
Cryptocurrencies are almost always designed to be free from government manipulation and control, although as they have become more popular, this fundamental aspect of the industry has come under fire. Coins modeled after Bitcoin are collectively called altcoins, and in some cases “shitcoins,” and they have often tried to present themselves as modified or enhanced versions of Bitcoin. While some of these currencies may have some impressive features that Bitcoin does not have, an altcoin has yet to see the level of security that Bitcoin networks largely achieve.
Next, we will examine some of the most important digital currencies besides Bitcoin. First, however, a caveat: it is impossible for a list like this to be completely complete. One reason for this is the fact that there are over 4,000 cryptocurrencies in existence as of January 2021. While many of these cryptocurrencies have little to no tracking or trading volume, some enjoy immense popularity among the dedicated sponsor and investor communities.
Beyond that, the field of cryptocurrencies is always expanding, and the next big digital token could launch tomorrow. While Bitcoin is widely viewed as a pioneer in the world of cryptocurrencies, analysts take many approaches to evaluating tokens other than BTC. It is common, for example, for analysts to attach great importance to ranking currencies against each other in terms of market capitalization. We have taken this into account in our consideration, but there are other reasons why a digital token can also be listed.
1. Ethereum (ETH)
Ethereum is a decentralized open source blockchain system that features its own cryptocurrency, Ether. ETH works as a platform for many other cryptocurrencies, as well as for the execution of decentralized smart contracts.
Ethereum was first described in a 2013 whitepaper by Vitalik Buterin. Buterin, along with other co-founders, secured funding for the project in an online public sale in the summer of 2014 and officially launched the blockchain on July 30, 2015.
Ethereum’s purported goal is to become a global platform for decentralized applications, enabling users around the world to write and run software that is resistant to censorship, downtime, and fraud.
- Current Price: $1,197.60
- Market Cap: $146,573,171,414
2. Litecoin (LTC)
The cryptocurrency was created based on the Bitcoin (BTC) protocol, but it differs in terms of the hashing algorithm used, maximum limit, block transaction times, and some other factors. Litecoin has a lock time of only 2.5 minutes and extremely low transaction fees, making it suitable for micro transactions and payments at the point of sale.
Litecoin was launched via an open source client on GitHub on October 7, 2011, and the Litecoin network went live five days later, on October 13, 2011. Since then, it has skyrocketed in both use and use. acceptance among traders and has counted in the top ten cryptocurrencies by market capitalization for most of its existence.
The cryptocurrency was created by Charlie Lee, a former Google employee, who intended Litecoin to be a “lightweight version of Bitcoin” as it exhibits many of the same properties as Bitcoin, albeit lighter.
- Current Price: $68.63
- Market Cap: $4,938,085,624
3. Cardano (ADA)
Cardano is a proof-of-stake blockchain platform that says its goal is to enable “change-makers, innovators, and visionaries” to drive positive global change.
The open source project also aims to “redistribute the power of irresponsible structures to the margins of individuals”, helping to create a society that is more secure, transparent and just.
Cardano was founded in 2017 and the ADA token is designed to ensure that owners can participate in the operation of the network. Because of this, those who own the cryptocurrency have the right to vote on any proposed changes to the software.
The team behind the layered blockchain says there have already been some compelling use cases for their technology, which aims to enable decentralized applications and smart contracts to develop with modularity.
Agricultural companies use Cardano to track fresh produce from field to table, while other products built on the platform allow educational credentials to be stored tamper-proof and retailers to crack down on counterfeit products.
- Current Price: $0.2469
- Market Cap: $8,519,974,119
4. Polkadot (DOT)
Polkadot is an open source fragmentation multichain protocol that facilitates cross-chain transfer of any type of data or assets, not just tokens, making a wide range of blockchains interoperable with each other.
This interoperability seeks to establish a totally decentralized and private web, controlled by its users, and to simplify the creation of new applications, institutions and services.
The Polkadot protocol connects public and private chains, permissionless networks, oracles and future technologies, allowing these independent blockchains to share information and transactions without trust through the Polkadot relay chain (explained later).
Polkadot’s native DOT token has three clear purposes: to provide network governance and operations, and to create parachutes (parallel chains) through bonding.
Polkadot has four main components:
Relay Chain: the “heart” of Polkadot, which helps create consensus, interoperability and shared security on the network of different chains;
Parachains: independent chains that can have their own tokens and be optimized for specific use cases;
Parathread: similar to parachutes but with flexible connectivity based on an economical pay-per-use model;
Bridges – Allows parachutes and parathreads to connect and communicate with external blockchains like Ethereum.
- Current Price: $4.35
- Market Cap: $5,010,061,071
5. Bitcoin Cash (BCH)
Bitcoin Cash is a peer-to-peer electronic cash system that aims to become solid global money with fast payments, micro fees, privacy, and high transaction capacity (large blocks). In the same way that physical money, such as a dollar bill, is delivered directly to the person being paid, Bitcoin Cash payments are sent directly from one person to another.
As a decentralized and permissionless cryptocurrency, Bitcoin Cash does not require a trusted third party or a central bank. Unlike traditional fiat money, Bitcoin Cash does not depend on monetary intermediaries such as banks and payment processors. Governments or other centralized corporations cannot censor transactions. Similarly, funds cannot be seized or frozen, because financial third parties have no control over the Bitcoin Cash network.
- Current Price: $97.77
- Market Cap: $1,886,002,976
6. Stellar (XLM)
Simply put, Stellar is an open network that allows you to move and store money. When it launched in July 2014, one of its goals was to drive financial inclusion by reaching the world’s unbanked, but soon after, its priorities shifted to help financial companies connect with each other through blockchain technology.
The network’s native token, Lumens, serves as a bridge that makes it less expensive to exchange assets across borders. All of this is aimed at challenging existing payment providers, who often charge hefty fees for a similar service.
If all of this sounds familiar, it’s worth noting that Stellar was originally based on the Ripple Labs protocol. The blockchain was created as a result of a hard fork, and the code was subsequently rewritten.
- Current Price: $0.07181
- Market Cap: $1,875,069,918
7. Chainlink (LINK)
Founded in 2017, Chainlink is a blockchain abstraction layer that enables universally connected smart contracts. Through a decentralized oracle network, Chainlink enables blockchains to securely interact with external data sources, events, and payment methods, providing the critical off-chain information that complex smart contracts need to become the way. dominant digital agreement.
Chainlink Network is powered by a large community of open source data providers, node operators, smart contract developers, researchers, security auditors, and more. The company focuses on ensuring that decentralized participation is guaranteed for all node operators and users looking to contribute to the network.
- Current Price: $5.57
- Market Cap: $2,828,902,070
8. Binance Coin (BNB)
Launched in July 2017, Binance is one of the largest cryptocurrency exchanges in the world. With the aim of bringing cryptocurrency exchanges to the forefront of financial activity worldwide. The idea behind the name of Binance is to show this new paradigm in global finance: Binary Finance or Binance.
In addition to being the largest cryptocurrency exchange in the world, Binance has launched an entire ecosystem of functionalities for its users. The Binance network includes the Binance Chain, Academy, Trusted Wallet and Research projects, which employ the powers of blockchain technology to bring new age finance to the world. Binance Coin is an integral part of the successful operation of many of Binance’s sub-projects.
- Current Price: $246.81
- Market Cap: $39,482,719,481
9. Tether (USDT)
USDT is a stablecoin (stable value cryptocurrency) that reflects the price of the US dollar, issued by a Hong Kong-based company, Tether. The binding of the token with the USD is achieved by maintaining a sum of dollars in reserves that is equal to the amount of USDT in circulation.
Originally launched in July 2014 as Realcoin, a second layer cryptocurrency token built on top of the Bitcoin blockchain using the Omni platform, it was later renamed to USTether and eventually USDT. In addition to Bitcoin, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains.
The stated purpose of USDT is to combine the unrestricted nature of cryptocurrencies, which can be sent between users without a trusted third party intermediary, with the stable value of the US dollar.
- Current Price: $0.9997
- Market Cap: $66,246,370,584
10. Monero (XMR)
Monero was launched in 2014 and its goal is simple: to allow transactions to be carried out privately and anonymously. Although it is commonly thought that BTC can hide a person’s identity, it is often easy to trace payments back to their original source because blockchains are transparent. On the other hand, XMR is designed to hide both senders and recipients through the use of advanced cryptography.
The team behind Monero say that privacy and security are their top priorities, with ease of use and efficiency second. Its goal is to provide protection to all users, regardless of how technologically competent they are.
Overall, XMR aims to allow payments to be made quickly and cheaply without fear of censorship.
- Current Price: $146.67
- Market Cap: $2,672,170,564
Disclaimer: The information provided in this article is solely the opinion of the author and not investment advice; It is provided for educational purposes only. By using this, you agree that the information does not constitute any investment or financial instruction. Please do your own research and contact financial advisors before making any investment decisions.