When Bitcoin first made its appearance, the world was apprehensive of how a virtual currency mechanism would function. In a society which celebrated visibility, here was a norm which would disrupt the very idea of transaction. Bitcoin was not just a trendsetter but a pathfinder in the world of cryptocurrencies, ushering an entire legion of faithful and spinoffs.
A decentralised system free from government manipulation, based on a peer to peer network, attracted a lot of attention. That has spawned a plethora of associated cryptocurrencies which are currently ruling the virtual monetary system.
If Bitcoin is the gold standard of cryptocurrencies, then Litecoin is said to be the silver. Created in 2011, by former Google Engineer, Charlie Lee, Litecoin currently boasts of a $2.63 billion and a per token value of $43.41.
Litecoin is primarily based on an open-source global payment system that is outside the purview of any central authority and uses Scrypt as the proof of work. Though LTC works almost similar to a Bitcoin, it’s blocking generation rate is much faster and hence the transaction confirmation is quicker.
Launched in 2015, Ethereum has had a rousing existence till date. With a market cap of $12.49 billion and a per token value of $118.71, it is one of the most successful of all cryptocurrencies currently available in the market. Ethereum runs is a decentralised software platform that enables smart contracts and distributed applications to be built without any possibility of downtime. The applications on Ethereum are run on its platform-specific cryptographic token, Ether. Ether acts like a vehicle moving around on the Ethereum platform. It is sought by developers looking to develop and run applications inside Ethereum. It is also sought by investors looking to make purchases of other digital currencies.
Launched in late 2016, Zcash takes pride in the kind of security they provide on transactions. Like many other platforms, it is also an open-source and decentralised platform. As on February 9, 2019, Zcash had a market cap of $291.25 million and a value per token of $49.84.
Privacy being one of ZCashs’ primary strength, they provide the proprietary zk-SNARK, an advanced cryptographic technique or zero-knowledge proof construction, created by their in house team.
Cryptocurrencies are here to stay. Given the robustness of the entire premise, there is not an iota of doubt that virtual money has an extremely bright future.