Ever since Bitcoin’s rise in popularity, many other high profile cryptocurrencies too have made themselves felt in the market. These cryptocurrencies, like Ethereum and Ripple are being considered to be the next Bitcoin. But Ethereum and Ripple are well known. What about the lesser known cryptocurrencies which are slowly creeping in? Are they scams? Or legitimate coins? Let us look at 5 lesser known cryptocurrencies which are often in the news.
Created in 2014, Monero is another open-source cryptocurrency. Just like Bitcoin, it focuses on decentralisation and transactions are recorded in a public ledger. Privacy is certainly greater than Bitcoin as the sender, recipient as well as the details of the transaction are all hidden. Even the transaction speed is greater than Bitcoin – a new block is added every 2 minutes. Its egalitarian mining mechanism (ASIC resistant) and great amount of fungibility is a great attraction for investors.
Named after Internet of Things Applications, Iota is designed to perform speedy transactions between IoT devices (especially when they take over the world in the coming future). It doesn’t work on blockchain technology, but the transactions are stored in a Direct Acrylic Graph called ‘Tangle’.
Buy Altcoins. (Source: bitrazzi.com)
Tron is yet another blockchain based cryptocurrency. Its main focus is to compensate application creators. With the help of Tron, the team claims people can access any form of media and entertainment eliminating assistance from Apple Store or Google Play Store. Founded recently in 2017, Tron reached its maximum price in December 2017.
Cardano, a distributed computing platform runs blockchain technology for its token – Ada. Released in 2017, its ICO came in 2015 itself. It uses the proof-of-stake (coins are mined by ones who hold the maximum coins) algorithm instead of proof-of-work (miners need to compete to solve mathematical problems for mining coins) which makes its transactions faster and energy efficient. Even though a new performer, it has able to attain the fifth position in terms of total market cap.
With a Bitcoin like interface, Vertcoin was launched in 2014 and still stands on the lesser known front. Features like ASIC resistance and Stealth Address Technology make it different from Bitcoin. Vertcoin mining is not difficult like other cryptocurrencies and it’s quite easy for even a novice to mine – which happens to be the most distinguished feature of Vertcoin.
If you’re looking to explore different cryptocurrencies, browse through them on Unocoin.