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Published Nov 15, 21
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While some of these currencies may have some impressive features that Bitcoin does not, matching the level of security that Bitcoin’s networks achieve largely has yet to be seen by an altcoin. Below, we’ll examine some of the most important digital currencies other than Bitcoin. First, though, a caveat: It is impossible for a list like this to be entirely comprehensive.

We’ve factored this into our consideration, but there are other reasons why a digital token may be included in the list as well. 1. Ethereum (ETH) The first Bitcoin alternative on our list, Ethereum is a decentralized software platform that enables smart contracts and decentralized applications (dapps) to be built and run without any downtime, fraud, control, or interference from a third party.

This aspect makes the implications for those in some countries more compelling, as those without state infrastructure and state identifications can get access to bank accounts, loans, insurance, or a variety of other financial products. The applications on Ethereum are run on ether, its platform-specific cryptographic token. Ether is like a vehicle for moving around on the Ethereum platform and is sought mostly by developers looking to develop and run applications inside Ethereum, or now, by investors looking to make purchases of other digital currencies using ether.

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This move is intended to allow Ethereum’s network to run itself with far less energy and improved transaction speed as well as to make for a more deflationary economic environment. Proof-of-stake allows network participants to “stake” their ether to the network. This process helps to secure the network and process the transactions that occur.

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Where Polkadot differs from Ethereum is that rather than creating just decentralized applications on Polkadot, developers can create their own blockchain while also using the security that Polkadot’s chain already has. With Ethereum, developers can create new blockchains but need to create their own security measures, which can leave new and smaller projects open to attack, as the larger a blockchain, the more security it has.

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Polkadot was created by Gavin Wood, another member of the core founders of the Ethereum project who had differing opinions on the project’s future. As of September 2021, Polkadot has a market capitalization of roughly $35 billion and one DOT trades for $35. 25. 5. Bitcoin Cash (BCH) Bitcoin Cash (BCH) holds an important place in the history of altcoins because it is one of the earliest and most successful hard forks of the original Bitcoin.

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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 MBs, with the idea being that larger blocks can hold more transactions within them, and the transaction speed would therefore be increased.

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The system allows for cross-border transactions among any currencies. Stellar’s native currency is Lumens (XLM). The network requires users to hold Lumens to be able to transact on the network. Stellar was founded by Jed Mc, Caleb, a founding member of Ripple Labs and developer of the Ripple protocol. He eventually left his role with Ripple and went on to co-found the Stellar Development Foundation.



One of the many use cases that are explained would be to monitor water supplies for pollution or illegal siphoning going on in certain cities. Sensors could be set up to monitor corporate consumption, water tables, and the levels of local bodies of water. A Chainlink oracle could track this data and feed it directly into a smart contract.

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Binance Coin’s blockchain is also the platform that Binance’s decentralized exchange operates on. The Binance exchange was founded by Changpeng Zhao and is one of the most widely used exchanges in the world based on trading volumes. Binance Coin was initially an ERC-20 token that operated on the Ethereum blockchain.

Because of exceptional security mechanisms like this, Monero has developed something of an unsavory reputation—it has been linked to criminal operations around the world. While this is a prime candidate for making criminal transactions anonymously, the privacy inherent in Monero is also helpful to dissidents of oppressive regimes around the world.

Why are there so many cryptocurrencies? The majority of cryptocurrencies today are derived in some form or another from Bitcoin, which uses open-source code and a censorship-resistant architecture. This means that anybody can copy and tweak the code and create their own new coin. It also means that anybody is free to join its network or transact in it.

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