Altcoin is the abbreviation for “Bitcoin Alternative”. “Altcoin” is the combination of two words “alt” signifies alternative and “coin” signifies cryptocurrency. Together they are described as alternative cryptocurrencies of Bitcoin. After the success story of the first ever Cryptocurrency Bitcoin, there are many peers to peer digital cryptocurrencies are emerged in the trading market to taste the same success. While Bitcoin remains the first and best-known cryptocurrency in history, other digital cryptocurrencies are trying to improve their level equivalent to Bitcoin.

Majority of the altcoins are improved upon the basic framework provided by Bitcoin, thus they are peer to peer, decentralized network, involves mining process by which users have to solve complex problems to unlock blocks. It offers an inexpensive and efficient way to carry out transactions in the network. Even with overlapping features, altcoins differ widely from each other. Altcoins differ from Bitcoins by different types of algorithms, different types of ways to mine energy, etc.,

The first ever Altcoin introduced in the market was Namecoin. It was based on the Bitcoin code, uses the same proof of algorithm. It was introduced on April 2011, Namecoin primarily varied from Bitcoin by making the users less visible, making it private decentralized network and allowing users to Register and Mine on their own using .bit domains, which was aimed to resist censorship and increases anonymity. Some of the recent examples of Altcoin are Litecoin, Dogecoin, Ethereum, Ripple, Etc., Litecoin is the closest competitor to Bitcoin in the current market.

Below are the Top 10 Altcoins launched in the digital market:

  • Ethereum: Ethereum is not just a cryptocurrency, it is blockchain platform empowered by digital cryptocurrency that enables developers to build and deploy decentralized applications.

  • Ripple: Ripple is nothing but the Real Time Gross Settlement system that ensures solutions for global financial settlement. It is an open source protocol which allows fast and easier transactions all over the world.

  • Litecoin: Litecoin is Peer to peer digital currency that allows instant and low to zero cost payments at any time to anyone in the world.

  • Dash: It is a combination of two words”Digital” and “Cash”.They are quick and transactions are instant.

  • NEM: It is an acronym for “New Economy Movement” which is designed to offer the streamlined method to secure the transaction ledgers. It is the worlds first “Smart Asset” Blockchain.

  • Ethereum Classic: Ethereum Classic is public, open source, blockchain based technology platform that enables Smart contract functionality.

  • Monero: The specialty of this cryptocurrency is that it allows the user to send and receive funds in the blockchain platform without the transactions are visible public.

  • Zcash: It provides privacy to the users by shielding the transactions rather than making it private like Monera cryptocurrency.

  • Decred: Digital currency invented to be decentralized, secured, sustainable, self-ruling currency with consensus algorithm.

  • PIVX: Private Instant Verified Transaction is a form of online digital money that can be transferred all over the world using blockchain technology.