Types of Cryptocurrency You Need to Know About

Cryptocurrency has come a long way since the invention of Bitcoin almost a decade ago by the unidentified Satoshi Nakamoto. Today, there are a thousand different cryptocurrencies available, some with functionality not far removed from Bitcoin’s. And there are others yet, which serve a completely different purpose. Regardless of if you’re a beginner to the crypto world, or an aficionado, there are cryptocurrencies that you should be informed about, and we aim to do just that.

Litecoin (LTC)

If Bitcoin is considered to be the gold standard among cryptocurrencies, then Litecoin was for a long time the next best thing i.e. silver. One of the first to enter the market after Bitcoin, Litecoin launched in 2011 and has been adopted widespread among developers and is gaining acceptance among merchants as well.

The currency uses scrpyt as part of its proof of work algorithm and since such cryptography requires computationally intensive, mining is done mainly on graphic processing units (GPUs) which possess greater processing power than CPUs.

Etherium (ETH)

Entering comparatively late into the crypto market, Etherium has received significant attention in a short time and because of its decentralized software platform, has garnered a market capitalization that is second only to Bitcoin itself ($48 billion in July 2018). The platform, which allows Smart Contracts and D-Apps (Decentralized Applications) to be created and function on a P2P Network, is popular among developers who want to work on these applications.

Zcash (ZEC)

Launched in late 2016, Zcash promised to provide a more secure platform for transactions by providing selective transparency and privacy options so that while transactions take place on a blockchain, the specifics about them (sender and recipient address, amount of transaction) can be hidden.

Zk-Snark, a zero-knowledge proof is the backbone of the Zcash currency. Due to the selective disclosure nature of the currency, individuals conducting private transactions are still able to provide proof of payments if needed for audit purposes.

Zcash is still relatively new and the company behind it has faced some critique due to the coin allocation methodology used; owing to these reasons it still has a relatively small market cap of $1 billion as of July 2018.

When it comes to market capitalization, Bitcoin is still in the lead. However, alternate coins are cropping up and gaining in popularity due to their advanced features over Bitcoin, resulting in adoption for different purposes. If you’re interested in cryptocurrency, are ready to start learning more about them and to send / receive crypto payments, check out ApiCoin.link for more information and a platform that lets people manage multiple cryptocurrencies with ease.

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