Bitcoin has become a standard for cryptocurrencies and has inspired its ever-growing followers. A comprehensive definition of cryptocurrency is the currency that takes the form of a ‘coin’ or coin and is contained in a decentralized and distributed ledger. These cryptocurrencies, which were formed after Bitcoin, promoting themselves as improved or modified versions of Bitcoin, are called ‘shitcoin’ or ‘altcoin’. Here we listed the 9 most important cryptocurrencies other than Bitcoin.
Although some altcoins have different impressive features than Bitcoin, the level of security in Bitcoin networks seems difficult to see in an altcoin.
1. Ethereum (ETH)
Although it is known as Ethereum altcoin, which was introduced by Vitalik Buterin at the North American Bitcoin Conference, it is actually an innovative system that tries to develop blockchain technology and increase its usage area. Ethereum for short is a Crypto Operating System that takes the Ether (ETH) cryptocurrency as its power source. The aim is to enable users to create new software on the blockchain system to which Bitcoin is connected. The purpose of the Ethereum system is to prevent the storage of information such as personal data by third parties and their use for different purposes. With the Ethereum system, these transactions are stored on many different devices in a completely dispersed and anonymous manner. Thus, access to this information becomes impossible and turns the entire internet into a decentralized platform.
2. Litecoin (LTC)
It was developed in 2011 by Google employee Charlie Lee.. Although there are some differences between them, they basically have the same working principle as bitcoin. It emerged in order to eliminate some errors in the Bitcoin system and has been successful in this area. It is a crypto currency that is not affiliated to any center and is traded on an open code blockchain system. During its first release, it achieved great success and gained an important place among other crypto money values. Litecoin, which is the first sub-coin, currently has a market value of over $ 1 billion. It has emerged with the aim of transferring money at very low costs. It offers more storage possibilities than other cryptocurrencies. Litecoin blockchain creates blocks faster than the Bitcoin blockchain. Block generation speed enables Litecoin to be faster in confirming transactions. Litecoin was among the first cryptocurrencies to follow in the footsteps of Bitcoin and has often been referred to as “silver to Bitcoin’s gold.”
3. Polkadot (DOT)
Polkadot (DOT) aims to establish a completely decentralized internet chain that connects websites that do not have a center to which they are connected, networks that are open to the public or that do not require special permission, via blockchain. The main component of Polkadot is the relay chain that allows different networks to work together. It also allows parallel blockchains or “parachain” with their native tokens for some use cases. There are many advantages of the Polkadot system. Polkadot consists of many fragmented networks. Thanks to many parallel networks, there are no problems such as slowing down of transactions. Users operating over the Polkadot network have privatization powers that they can redesign according to their own needs. Developers can create blockchains with Ethereum, creating their own security measures to prevent smaller and new projects from attacks, because the size of a blockchain is parallel to its security. This concept in Polkadot is known as shared security.
4. Stellar (XLM)
Founded in 2014 by Jed and Joyce McCaleb, Stellar (XLM) emerged as an alternative to asset transfers. Lumens, the crypto currency of the system, was launched 1 year after Stellar’s debut. Stellar (XLM) is a distributed and open code payment system. Its main purpose is to provide international asset transfers between banks. When international asset transfers are made through banks, it becomes useless in terms of both time and cost. With Stellar (XLM), the goal is to make these asset transfers fast and at low fees. Stellar (XLM) makes these transfers using decentralized servers and distributed ledger technology. It is transferred much faster than Bitcoin and Ethereum systems.
Although Stellar originated for asset transfer purposes, it is also possible to create and execute smart contracts in the multi-tier Stellar system. Thanks to this system, new tokens can be generated and transferred on the Stellar network.
5. Cordano (ADA)
Cardano is an “proof of proof” cryptocurrency created by mathematicians, engineers and cryptographers researched.. Charles Hoskinson, one of the five founders of ethereum, founded Cordano..After having a few disagreements with the way Ethereum was taking, he left and created to create Cardano. Cardano is a platform with the ADA crypto system used to receive and send cryptocurrencies. Representing the future of money, this cryptocurrency provides fast, direct transfers that are guaranteed to be secure with cryptography. As a technological platform that can run financial applications used by organizations, individuals and governments around the world every day, Cordona is not just a crypto.. They built the platform in blocks to make it easy to ascend and update the system with soft bifurcations. The new computing layer will be created after the completion of the basic layer that will manage the ADA to manage smart contracts future trade and digital legal agreements that support business.. Cardano will also run any decentralized applications or dapps services that run on a blockchain instead.
6. Bitcoin Cash (BCH)
Bitcoin Cash is a cryptocurrency created in 2017 by splitting off the Bitcoin blockchain and is denoted by BCH. It is among the most traded crypto money values. The debate that led to the creation of BCH had to do with the issue of scalability; the Bitcoin network has a limit on the size of blocks: one megabyte (MB). BCH increases the block size from one MB to eight MB, with the idea being that larger blocks can hold more transactions within them, and therefore the transaction speed would be increased. It also makes other changes, including the removal of the Segregated Witness protocol which impacts block space. Bitcoin developers preferred to produce a new coin on the same blockchain instead of changing the Bitcoin system as a solution to these problems. When Bitcoin Cash was first launched, users’ accounts were defined as Bitcoin Cash as much as the amount of Bitcoin.
7. Binance Coin (BNB)
BNB was made available with an Initial Coin Offering (ICO) between June 26 and July 3, 2017, 11 days before the Binance Exchange opens for trading. When it was launched, its price was 1 ETH for 2,700 BNB or 1 BTC for 20,000 BNB. Although BNB is made available through an ICO, it does not give users the right to take a share of Binance’s profits and does not represent an investment in Binance. Although Ethereum-based at first, ERC-20 BNBs were later traded for BEP-20 BNBs at a 1 to 1 ratio. BEP-2 BNB is Binance Chain’s native coin, and its mainnet launch was announced on April 18, 2019.
8. Tether (USDT)
Tether operates on the blockchain connected to the cryptocurrency ERC-20 protocol. Tether cryptocurrency was launched by Tether Limited in 2015. Tether (USDT) is a stable coin that is the virtual version of the US dollar. Its value is always fixed as 1 USDT = 1 $. The company claims that for each Tether (USDT) coin available on the market, it has $ 1 in its safe. Users can transfer their Tether (USDT) balances with the blockchain system and store them in virtual wallets suitable for the ERC-20 blockchain system. Tether (USDT) real money-backed cryptocurrency is tied to the US dollar. The price is fixed and there is a dollar equivalent in the company’s safe. The ability to transfer real currency at low costs is one of its most important advantages. It was supported by Omni Layer, which is a separation in the Bitcoin blockchain system, but the transition to the ERC-20 system began when the Omni Layer blockchain network could not meet the desired. It offers the opportunity to trade in dollars on crypto money exchanges.
9. Ripple (XRP)
Ripple is a cryptocurrency value (XRP) and cryptocurrency that emerged in 2012. Ripple is a centralized cryptocurrency. Besides being traded in the blockchain system, the traded ledgers are under the management of the company..With Ripple, the target is to transfer large amounts of money and assets quickly, cheaply and reliably , through the blockchain system. Brad Garlinghouse, CEO of Ripple and has offices around the world. Ripple is currently the third-most market cap among cryptocurrencies, after Bitcoin and Ethereum. Since Ripple has a corporate center, its value has become a preferred transfer system and cryptocurrency by banks and payment systems provider companies.
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