5 Potential Cryptocurrencies That Can Beat Ethereum
Ethereum is the second most valuable cryptocurrency in the world after Bitcoin, but it is projected to lose that position in 2018. There are many other cryptocurrencies that are rising up in the rankings. The following 5 cryptocurrencies are rising for several reasons including faster transactions, lower fees, and scalability.
1) Ripple (XRP)
What is ripple cryptocurrency?
Ripple was launched in 2012 with the intention to create a faster, cheaper, and more reliable monetary system for banks. Unlike Bitcoin, Ripple is not decentralized. The company has control over all 100 billion tokens that were released into the market. A small amount of Ripple can be transferred between individuals or companies at any time. It can also be converted into other currencies without any fees since it does not require miners to validate transactions.
Ripple is a real-time gross settlement system (RTGS), currency exchange, and remittance network by Ripple. It is also called the Ripple Transaction Protocol (RTXP) or Ripple protocol.
The Ripple Transaction Protocol (RTXP) or Ripple protocol is a universal settlement system, currency exchange, and remittance network. It is an open-source protocol and anyone can participate in the network. Ripple Cryptocurrency is not backed by any government or financial institution, but because it has been approved for various transactions, it has seen an increase of more than 6200% since last year.
2) Litecoin (LTC)
Litecoin is a cryptocurrency, created in 2011. It was created by developer Charlie Lee with the goal of being the “silver” to Bitcoin’s “Gold.”
Litecoin is a peer-to-peer electronic currency that enables instant payments to anyone in the world. Litecoin features faster transaction confirmation times and improved storage efficiency than the major cryptocurrency, bitcoin. Litecoin uses a memory-hard, scrypt-based mining proof-of-work algorithm to target the regular computers with graphical processing units (GPU) of the time.
3) Dash (DASH)
Dash is a form of cryptocurrency that was created in 2014. It is now one of the most popular cryptocurrencies on the market with a market cap of over $1 billion.
Dash has managed to be successful because it offers users what other currency does not. It offers anonymity, instant transactions, and low fees. Dash also provides “self-funding,” which means that any projects by the currency are paid for by the currency’s network instead of outside investors.
Dash uses a two-tier network that consists of “miners” who are paid to secure the blockchain and “masternodes” who provide governance and voting power within Dash. The currency is capped at 18 million coins for mining purposes to maintain scarcity, but will never reach this limit due to the design of its token mechanics.
4) IOTA (MIOTA)
The IOTA cryptocurrency is a new and emerging technology in the world of cryptocurrencies. The main aim of the IOTA cryptocurrency is to revolutionize the world of internet-of-things and provide a secure and scalable transaction settlement system.
IOTA (MIOTA) is not based on blockchain technology like Bitcoin, instead, it uses a different type of DLT known as Directed Acyclic Graphs (DAG), which doesn’t require mining. IOTA, the 9th largest cryptocurrency in the world, is a next-generation public decentralized ledger that uses a novel invention, called a “Tangle”.
IOTA has a market capitalization of $4.0 billion and has a total supply of 2,779,530,283 MIOTA tokens.
5) NEM (NEM)
NEM is a blockchain platform that is designed to help enterprises launch their own coins on the NEM blockchain in an easy manner. NEM stands for New Economy Movement and it was launched on March 31, 2015. It was developed by a team of Japanese programmers who were developing Bitcoin applications in 2013.
NEM started with the goal of creating an improved version of what they see as Bitcoin’s shortcomings. Some of these improvements are that NEM has faster transactions, without the need for mining. NEM also has better security capabilities with its Proof-of-Importance algorithm. The NEM system is both public and decentralized. It uses the POI (Proof-of-Importance) algorithm which ensures that high-importance accounts don’t control most of the NEM coins.
— NEM (@nemofficial) May 8, 2022
The system’s design enables not just speed but also guarantees consistency, reliability, and security.
Blockchain Magazine doesn’t give any advice or recommendations to buy, hold or trade in cryptocurrencies. The views are informative and educational purpose.