What are AltCoins?
AltCoins are alternative cryptocurrencies to Bitcoin, which was the first crypto to exist. Alternate currencies such as Ethereum, Ripple and Litecoin have their own blockchains. You can trade Altcoins in the same way you buy and sell Bitcoin. Each AltCoin may offer a different product or service than the last and only the widely supported survive. Altcoins are also forms of digital assets and can be utilised in the same way as Bitcoin.
This was launched in 2015. Ethereum is a decentralised software platform that allows Decentralised Applications (DApps) and Smart Contracts to be built and run without any fraud, control, downtime, or interference from a third party. The applications on Ethereum work on its platform-specific cryptographic token which is called ether.
According to Ethereum, it can be used to “codify, decentralise, secure and trade just about anything.” Ethereum was split into Ethereum (ETH) and Ethereum Classic (ETC) following the attack on the DAO in 2016. Currently, Ethereum (ETH) has a market cap of $17.57 billion and a per token value of USD $160.81, as of January 16th.
Launched in 2012, Ripple “allows banks to settle cross-border payments in real-time, with end-to-end transparency, and at lower costs.” Ripple’s consensus ledger (its method of conformation) is distinctive as it doesn’t require mining. Thus, Ripple sets itself apart from bitcoin and many other altcoins. As Ripple’s structure does not require mining, it reduces the usage of computing power and minimises network latency.
So far, Ripple has been successful with its current business model. Currently, Ripple has a market cap of $9.82 billion and a per token value of $0.225, as of January 16th.
These are two cryptocurrencies that are outperforming the rest as of when this article was written.