Some of the unheard cryptocurrencies launched after Bitcoin.
Blockchain Technology is undoubtedly revolutionizing the financial world along with other prominent sectors. It’s distributed nature has invested acquired security through its consensus algorithm. The transparency provided by the Blockchain Technology is unmatchable.
It is like a feather on the cap of Bitcoin, to be the first cryptocurrency which implemented the Blockchain Technology for its working. The Blockchain Technology got the People’s attention throughout the world due to the in capabilities of the centralized financial authorities and governments, in addition to the disregards and anger that the people had towards them. Bitcoin is the most prominent form of cryptocurrency which is dominating the cryptocurrency market even today but it has some inherent drawbacks with just cannot be overcome. This is the reason why a number of other cryptocurrencies were subsequently developed as the researchers and scientists understood the potential of the Blockchain Technology.
Below are some of the cryptocurrencies launched after Bitcoin with aim of filling the gap that Bitcoins had created.
Founded by a former Google employee, Charlie Lee, in October 2011, Litecoin was originally designed to decrease the transaction time from 10 mins to 2.5 mins. It incorporated the scrypt hashing algorithm rather than the SHA-256. The cryptocurrency coin reached 1 billion market capitalization in November 2013. It is one of the first cryptocurrencies launched after bitcoin.
Inspired by a discussion on Bitcointalk regarding the BitDNS system, Namecoin was introduced by Vincent Durham in April 2011. The Blockchain was capable of storing information apart from the transactional details. Keeping the Scalability issue in mind with such huge amounts of information on a block, a parallel concept was also proposed simultaneously. The coin was unable to gain popularity among the masses with its concept. It is one of the first ten cryptocurrencies launched after bitcoin.
The first proprietary cryptocurrency was developed by Daniel Bruno team in 2011. Even it incorporates the proof of work and Blockchain concept. The cryptocurrency allows for a dynamic circulation which keeps the volatility under check. It is worth mentioning that the blockchain of this particular cryptocurrency is not public. It is one of the first ten cryptocurrencies launched after bitcoin.
Intended to provide an anonymous cash settlement and privacy, Bytecoin incorporates the Cryptonote algorithm. It allows for instantaneous payments throughout the world where the transactions take about 2 minutes for verification on an average. The transactional enormity is maintained through the obfuscation of the transaction. Bytecoin is one of the first ten cryptocurrencies launched after bitcoin.
The first cryptocurrency to incorporate both Proofs of Work, as well as Proof of Stake algorithm, doesn’t have a limited market capitalization but the inflation rate is constant which is set at 1% per year. Peercoin is one of the first ten cryptocurrencies launched after bitcoin. Inspired by the concept of Bitcoin, its white paper was released in August 2012, with the authors being Scott Nadal and Sunny King. Its transaction volume is self-regulated as the transaction fees which is obtained is destroyed by the system automatically.
Casually introduced in December 2013, Dogecoin based on the famous internet Meme, featuring Shiba Inu, experience an unexpected mainstream adoption and reached a market capitalization of $16 million by January 2016. The market capitalization was earlier set at 100 billion, but later the founder Jackson Palmer decided to set an unlimited market capitalization. Dogecoin was made to show coins as a joke and is one of the first ten cryptocurrencies launched after bitcoin.
In April 2014, a successful Litecoin fork was initiated resulting in the creation of the genesis block of Feathercoin. The community is based in the crypto valley Zug, Switzerland attained a lot of hikes, yet couldn’t gain mainstream adoption. Its algorithm led to a 25% increase in the mining difficulty relative to Bitcoin. Feathercoin is one of the first ten cryptocurrencies launched after bitcoin.
The environmental friendly coin aimed at replacing the computations for the creation of Bitcoin, with the same computations done on the Berkeley Open Infrastructure for Network Computing for scientific breakthroughs and rewarding them with Gridcoins. This is known as proof of Research Paradigm. Gridcoin is one of the first ten cryptocurrencies launched after bitcoin.
Using a unique proof of work concept which searches for a chain of prime numbers. The total supply of the coin is dynamic and is proportional to its adoption by the community members. Primecoin is one of the first ten cryptocurrencies launched after bitcoin.
Ripple, the most popular payment protocol was introduced back in 2013. It provides for a real-time gross settlement system which is effectively being applied by some of the most prominent Centralised financial institutions around the world. It is one of the top cryptocurrencies launched after bitcoin. The protocol is inherently designed to tackle the scalability issues and can confirm 1500 transactions per second and is also eligible to reach up to 50,000 transactions per second which are the same limit as the Visa. Also, a transaction cost of 0.00001 XRP makes it one of the most reliable cryptocurrencies.