After the launch and success of Bitcoin, there were a lot of cryptocurrencies that were conceptualized and launched. Most of them served a different purpose and opened up newer avenues. There has been fierce competition and although a lot of them are gaining popularity and success, none of them have come close to Bitcoin except Ethereum. Bitcoin is the pioneer and any other cryptocurrency besides Bitcoin is called an altcoin. Bitcoin price in India in the first month of 2022 is about 31, 80, 774 rupees.
Altcoins have made a name for themselves based on their applications and their contribution to the crypto economy. Bitcoin is still being traded in large volumes throughout the world but the volume of altcoins has also increased considerably. Here are a few altcoins that are making waves with their applications.
- Ethereum– Ethereum is one of the most successful altcoins. Ethereum is a blockchain that has been the base for developing digital infrastructure and digital marketplaces. The inclusion of smart contracts, powering the world of NFT, and many more such applications make Ethereum superior to most altcoins. The much-awaited launch of Ethereum 2.0 will prove to be beneficial for Ethereum.
- Dogecoin– 2022 is going to be a crucial year for meme currencies. Dogecoin is expected to thrive in 2022 thanks to its celebrity supporter Elon Musk. This meme-currency has a solid community that has taken to social media to make their community stronger. This cryptocurrency started as a joke but has gained popularity all over the world.
- Ripple– Ripple has managed to gain attention as it can meet the requirement of cross-border funds transfers with low costs. Another attractive trait of Ripple is the amazing speeds at which it can facilitate transactions. It takes as little as 5 seconds to finish a transfer as compared to Bitcoin which can take up to 10 minutes or more. Ripple is expected to disrupt and take over the traditional platforms of international funds transfer. Ripple price INR has ranged from 19 rupees to 159 rupees in the past year.
- Binance Coin– One of the main reasons why BNB is popular and has attracted attention since its launch in July 2017, is that it solves problems related to trading. Exchange platforms are used for buying and selling digital assets. The platform itself has no part in the exchange. They merely match buyers and sellers with the same expectations and earn by charging fees to both parties. With the growing market of cryptocurrency, the request for trades per second has gone up and that delays the execution of sales. Binance’s engine can conduct 1.4 million trades per second.
- DigiByte– DigiByte is a crypto that focuses on security, speed, and decentralization more than any other currency. Launched in 2014, it has yet to gain momentum like other altcoins. However, despite the lapsed time and ongoing efforts made towards development over the past four years, this project has not yet taken off as well as the developers would wish. DigiByte’s community is firm on the fact that it’s the next big thing of the crypto world. According to its supporters, it’s on the cutting edge of crypto-technology. It hosts a network that’s faster, more scalable, and more secure than other major currencies.
- Tron– Tron is a decentralized blockchain-based cryptocurrency that was created for digital content and cannot be mined. Content creators who use Tron have full control over their content and they can manage the distribution of the same too. This cuts out the costs of intermediaries who need to be paid to display the content. It also eliminates the need for dependency on social media platforms for displaying content. By deleting the middlemen, Tron aims to reduce the total cost of the process and create an enduring system for content distribution.
- Chiliz– Socios.com is a digital platform that uses Chiliz exclusively to buy fan tokens using which fans can vote and be a part of decisions taken by their favourite sports team. There are rewards for participation as well. They can also be used to purchase licensed products. The majority of the teams included on this platform are soccer teams. There are plans of adding baseball, football, and basketball as well. The last addition was that of NASCAR racing and Formula 1 racing.
- Litecoin– Bitcoin generates a block to be mined every 9 to 10 minutes whereas, Litecoin generates a block every 2.5 minutes. Given that Litecoin is mined after every 2.5 minutes, the estimated time required for halving is 4 years. The same pattern has been seen in the past. Litecoin is more efficient and ideal for daily transactions. Like most cryptocurrencies, Litecoin eliminates the need for a third party or an intermediary while making processing payments.
These are the altcoins that are famous and are thriving in the crypto economy today. They have great potential because of their applications and their future is expected to be bright.