Polygon is an Ethereum-based scaling platform that allows developers to build dApps with low transaction fees. While Bitcoin is capped at a maximum supply of 21 million coins, Litecoin is capped at 84 million coins. Besides processing speed, there’s the issue of supply. Litecoin has some notable differences from Bitcoin, too. LTC is built to be used in everyday transactions, whereas Bitcoin has evolved into more of a “store of value.” Litecoin is one of the original altcoins, designed to improve several of Bitcoin’s perceived shortcomings, such as slow transaction processing speeds and mining monopolies. That’s an increase of 3,180%, which has turned Tron into one of the world’s fastest growing cryptocurrencies. Worth a mere $0.0025 at launch, the cryptocurrency was worth $0.082 by mid-2023. Today, Tron has more than 167 million accounts. By December 2021, what had started as a decentralized blockchain had grown into a fully decentralized autonomous organization (DAO). Holmes says Solana is a highly scalable blockchain solution with very low fees but has seen outages and downtime. Still, it has also faced criticism for being too centralized with very few validating nodes compared with Ethereum, says Whitney Setiawan, research analyst with digital assets exchange Bitrue. Solana is one of the fastest blockchains out there. Solana (SOL)ĭeveloped to help power decentralized finance and apps as well as smart contracts, Solana runs on a unique hybrid proof-of-stake and proof-of-history mechanisms to process transactions quickly and securely. “Altcoins like DOGE can fluctuate to extreme lows and highs depending on market volatility since they have yet to prove real-world use cases,” says Garry Krugljakow, founder of 0VIX Protocol, a decentralized app that enables crypto lending and borrowing. Richard Gardner, CEO of financial software provider Modulus Global, points out that DOGE has had some big backers but remains riskier than Bitcoin. Nevertheless, thanks to a dedicated community and creative memes, it has rapidly evolved into a prominent cryptocurrency. Dogecoin (DOGE)ĭogecoin is the original meme coin, famously started as a joke in 2013. “ADA is a blockchain solution that promises low fees with higher levels of security than many of its counterparts.”īut Daniel Logvin, CEO of blockchain network provider and consultancy LedgerByte, says the altcoin promised too much and has yet to deliver. “Cardano is a thought leader in the industry that has paved the way for proof of stake consensus mechanisms,” Holmes says. Ripple and two of its executives are involved in an SEC lawsuit alleging they should have registered XRP as a security, and the company says XRP is instead a currency.Ĭardano was an early adopter of the proof-of-stake consensus mechanism, which speeds up transaction time by removing the competitive and energy-intensive problem-solving dimension of platforms like Bitcoin. Although this altcoin has extremely low transaction fees, critics note it faces legal challenges. XRP can be used to facilitate exchanges of different currency types with digital technology and payment processing company Ripple Labs. Another risk is a reported Securities and Exchange Commission (SEC) investigation into whether Binance should have registered BNB as a security during its initial coin offering. You can even use BNB outside the Binance crypto exchange for payment processing, such as booking travel arrangements.Ĭritics say BNB isn’t as decentralized as other altcoins. Binance Coin (BNB)īinance Coin is a utility token that can be used to pay trading fees and get discounted trades on the Binance exchange. But with the thousands of apps and other altcoins powered by its blockchain, Ethereum is here to stay. “BTC is a store of value while ETH is a decentralized playground for builders to determine the future in the technological innovations of blockchain technology,” says Walker Holmes, vice president of metaverse platform MetaTope.Ĭritics of Ethereum point to high fees for conducting transactions. Unlike Bitcoin, characterized as a “decentralized currency,” think of Ethereum as a distributed computing network where users can use the blockchain to run decentralized applications (dApps) and host smart contracts. Of the $1.25 trillion that represents the total market capitalization of the more than 26,000 crypto assets available today, more than $200 billion is held in Ethereum, the biggest altcoin on the market.
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