Did you know about these cool Bitcoin alternatives?
While Bitcoin is still the king of cryptocurrency jungle having the highest market cap, there are a number of others coins you may want to consider adding to your portfolio. In this story, we’ll talk about 5 alternatives to Bitcoin.
Cardano was founded in 2015 by Ethereum co-founder Charles Hoskinson. The project differentiates itself from its competitors by employing a research-driven approach. In fact, it is the first blockchain platform to be built through peer-reviewed research. Cardano is secure enough to protect the data of billions and scalable enough to accommodate massive global systems.
The consensus is achieved through proof of stake and peer-to-peer transactions can be facilitated with its internal cryptocurrency ADA. Cardano is provably secure against Sybil attacks and every transaction is securely validated using multi-signature and a pioneering extended UTXO model.
Cardano’s price has gone up from $0.04 to $1.3 in the past year. That’s a 32X increase which beats Bitcoin hands down which just saw around a 6X increase in price.
Cardano is also being called the “Ethereum killer” as its blockchain is said to have more capabilities. While it has beaten Ethereum to the proof-of-stake consensus model, it still has a long way to go in terms of financial applications.
Polkadot is built to connect private and consortium chains, public and permissionless networks, and future technologies. Polkadot facilitates an inter-network where independent blockchains can exchange information and transactions in a trustless way. Polkadot makes it easier than ever to connect decentralized services and applications.
Polkadot enables cross-blockchain transfers of an asset. Connecting to Polkadot enables interoperation with a wide variety of blockchains in the Polkadot network. Developers can create their own blockchain while using the Polkadot chain’s security. This differs from Ethereum as developers can create new blockchains in Ethereum but they also need to create their own security measures which might end up being foolproof.
One Polkadot trades for $33.3 as of 28th April 2021 and is an interesting candidate for crypto investment.
Basic Attention Token (BAT)
The Basic Attention Token (BAT) was created by the co-founder of Mozilla and Firefox, Brendan Eich, in an effort to improve the security, fairness, and efficiency of digital advertising. BAT is the native token of the Brave web browser and is built on top of Ethereum. BAT is used as the currency on the Brave platform and is designed to be exchanged between users, advertisers, and publishers. BAT derives its name from ‘user attention’ which is received on the platform.
BAT has received an astonishing response since its integration into the Brave browser’s first global private ad platform. Brave has 25.4 million monthly active users, 9.2 million daily active users, and 1 million verified creators accepting BAT. Millions of wallets have been created and thousands of ad campaigns have been run so far. This makes BAT one of the most successful altcoin projects to date.
A single BAT trades currently trades for $1.30. As the decentralized advertising industry has just begun to catch pace, it is probable that BAT will see a good price appreciation in the upcoming time.
Filecoin is a cryptocurrency and digital payment system for blockchain-based cooperative digital storage and data retrieval. Created by Protocol Labs, Filecoin is built on top of IPFS (InterPlanetary File System). Filecoin allows users to rent unused hard disk space and employs a blockchain mechanism is to register the deals.
Filecoin allows users to pay for storing their files on storage miners. Storage miners are computers responsible for storing files and proving they have done it correctly. Anyone who wants to store their files or get paid for storing other users’ files on their unused storage can join the Filecoin network.
The price of one Filecoin token has gone up from $22.45 to $152.43 which is almost a 7X increase. As more and more people start participating in the Filecoin network, the demand for Filecoin tokens will increase.
Ripple is a real-time gross settlement system, currency exchange, and remittance network. Created by Ripple Labs Inc., a US-based technology company, Ripple is built upon a distributed protocol, supporting tokens that represent units of value such as customer loyalty rewards. Ripple is focused to enable secure and instant transactions of any size globally. XRP is the native cryptocurrency for Ripple. Since 2013, the Ripple protocol has witnessed a rising adoption by financial institutions to offer an alternative payment option to consumers.
Due to the intensive and complicated nature of mining used in cryptocurrency, Bitcoin transaction confirmations may take many minutes and incur high costs whereas XRP transactions are confirmed within seconds and usually incur very low costs. This gives XRP an edge over Bitcoin when it comes to transaction speed and cost.
XRP saw a 6.6X price increase in the last year climbing from $0.21 to $1.4 for a single token. XRP thus has become one more interesting cryptocurrency you may want to consider adding to your portfolio.
Note: This story is not investment advice and is meant only for educational purposes.