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5 Crypto Bitcoin Primary Competitor Currency

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  • 5 Crypto Bitcoin Primary Competitor Currency

    The year 2017 can be considered as Bitcoin year, because Bitcoin is able to reach its highest point near $ 20,000. Even in some South Korean exchanges, the price was raised above $ 20,000. With the rise of Bitcoin's popularity, the popularity of another crypto currency called Altcoin (Alternative Bitcoin), also followed and posted a sharp rise. Some Altcoins are surprisingly capable of posting a higher percentage increase than Bitcoin's achievement.

    On this topic of discussion, we will discuss 5 crypto currencies of Bitcoin's major competitors who have the possibility of defeating its adoption and global use. That's because in general, Altcoin is aimed at achieving perfection that Bitcoin could not achieve before, such as the problem of Scalability that caused the inaction of transaction confirmation and Fee swelling. 1. Ethereum Ethereum is a public data-based blockchain that has a variety of intelligent features, such as Scripting and Smart Contracts related to cryptographic transaction processing. Ethereum has an EVM (Ethereum Virtual Machine) that allows developers to adopt Blockchain Ethereum, and apply it to DApps (Decentralized Applications) that can be developed very easily. This allows the adoption of Smart Contracts that have other objectives such as Supply Chain as well as E-Commerce based. The unit of the crypto value of Ethereum is widely known as Ether (ETH).

    Main Advantages of Crypto Ethereum
    *Simple, easy, and fast to create tokens with standard ERC20.
    *A solid and active development team working on new technologies to continuously improve the stability, security, functionality, and scalability of Blockchain Ethereum.
    *The Ethereum development team is currently working on an upgraded version of ERC20 called ERC223, with many advantages that other crypto blockchains lack.
    *Developers and Businesspeople can save their time, money and effort by synchronizing the system to Blockchain Ethereum.

    2. Ripple Ripple has a primary goal as a crypto currency that wants to connect conventional banking as a whole, with an emphasis on speed and ease of use. Ripple's motto is "One System Without Friction to Send Money Globally". Ripple also claims to be the world's only corporate Blockchain solution for global payments. While almost all crypto currencies want to compete with Bitcoin directly, whether in terms of popularity, adoption, or capitalization growth, Ripple has taken a global approach to a new level, with an emphasis on being a vehicle for the banking system worldwide.

    Excess Main Crypto Ripple
    *Long-term Stability: Investing in any form of crypto currency is a risky thing. But because of its strong relationship with banking institutions, Ripple is considered a relatively safer investment and able to offer long-term protection.
    *Want To Be A Companion Of Rival Bitcoin: Any discussion about the value of Altcoin is popular, we always associate it with the most popular coins today, namely Bitcoin. However, Ripple did not attempt to form a "Zero Sum Games". Ripple is designed for large-scale adoption that financial institutions can use and involve multiple currencies

    3. Litecoin If Bitcoin is a crypto crypto market, then Litecoin is commonly touted as silver. Its creation base is purely derived from Blockchain Bitcoin, which was later modified by its developer, Charlie Lee, to produce crypto currency with greater functionality and benefits. Different from Bitcoin, Litecoin uses an algorithm named Scrypt. The algorithm is intended to facilitate the process of mining new coins (transaction confirmation and block creation).

    Excess Main Crypto Litecoin
    *Transaction Processing Speed: Although technically involved, it can happen instantly, either on Bitcoin or Litecoit networks, but it takes time for the transaction to be confirmed by other network participants. According to data from Blockchain.info, the average transaction confirmation time of the Bitcoin network is more than 10 minutes per transaction. Litecoin slashed the need for that time to just 2.5 minutes.
    *The Mining Process Is Easier: Because Litecoin uses Scrypt algorithms designed to be less sensitive to other types of custom hardware solutions such as ASIC, the mining process is more accessible for users who also want to participate in networks as miners.

    4. EOS EOS is a decentralized Blockchain-based crypto currency created for business scale, and provides key business functions needed. EOS allows businesspeople to build their own Blockchain applications very easily.

    Excess Main Crypto EOS
    *No Scalability Problems: While Bitcoin and Ethereum can only process about 3 to 14 transactions per second, EOS comes with the ability to offer millions of transactions per second confirmation process. The ease is made possible by the consensus mechanism of DPOS (Distributed Proof of Stake).
    *Almost No Transaction Fees: By storing multiple EOS units within the Wallet, you can transact at very low cost up to the micro level, without being limited by the nominal amount of money being traded.
    *Upgradable: Unlike the other Blockchains like Bitcoin and Ethereum that always make Hardfork the solution of every problem, EOS is able to implement the Soft Fork system by separating the old Chain, and resulting in a new Chain that is more perfect. Thus, upgrading the network function will never interfere with the existing ecosystem. Such a system can guarantee the continuity of the network, as well as be able to follow further technological developments in the future.

    5. Cardano Cardano is a platform similar to Ethereum Blockchain, which also has Smart Contracts function and focuses on security through layered architecture. Cardano uses the Haskell programming language, which has a high level of fault tolerance. Being made with the Haskell programming language, Cardano also has the ability to upgrade Softfork, without the need to disrupt major network ecosystems.

    Excess Main Crypto Cardano
    *Second-Generation Ethnicum Blockchain Usage For Lower Transaction Costs: When a user transfers a value, two sets of information are sent, the core information (from and to whom the funds are sent, the total amount of funds sent), and the metadata (the entity involved, the provisions transfer, why money is transferred, etc.). In other Blockchain such as Bitcoin and Ethereum, the above two pieces of information are made together and sent simultaneously. The more metadata that is sent, the GAS (transaction costs) to be paid more and more. Well, the use of Cardano as a Second Generation Ethnicum Blockchain allows the integration of all core information and metadata. Cardano is able to separate the two into 2 different layers, so the cost to be paid is only on Core confirmation only.
    *Upgradable: Like the EOS advantages described earlier, Cardano's network can also apply Softfork to upgrade network functionality, without the risk of disruption of major network ecosystems. This function also allows the network to adopt the latest technology that is currently undiscovered.
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