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On the edge of setting the trend of cryptocurrencies, bitcoin always remains up to the mark, escorting in a wave of cryptocurrencies built on a decentralized peer-to-peer network, it has become the de facto standard for the crypto world, inspiring an ever-shiny drove of followers and spinoffs. So, let's dig into knowing top cryptocurrencies other than bitcoin.
The first substitute of bitcoin in the list is Ethereum, and it is a decentralized software stage that allows smart contracts and Decentralized applications (DApss) to be built in and run without any downtime, fraud, control, or interference of any third party. The major aim of Ethereum is to create a decentralized suite of financial products that anyone in the world has access to for free, irrespective of their nationality, ethnicity, and faith. This facet makes the connotation for those in some countries compelling, as those without state infrastructure and state identifications can access bank accounts, loans, insurance, or a variety of other financial products.
Litecoin was launched in 2011; it was among the first cryptocurrencies which are on the track of bitcoin as has also been referred to as the "silver to Bitcoin's gold." The creation of this cryptocurrency was by Charlie Lee, an MIT graduate, and a former Google engineer. This is based on an open-source global payment network and that is not controlled by any central authority and uses "script" as a proof of work, which can be decoded with the help of CPUs in the consumer-grade.
Cardano is called an "Ouroboros proof-of-stake" cryptocurrency that was created with a research-based approach by engineers, mathematicians, and cryptography experts. This project was co-founded by Charles Hoskinson, one of the five initial founding members of Ethereum. Cardano's main goal is compatibility, voter fraud, and legal contract tracing, among other things.
Polkadot is being into a unique proof-of-stake cryptocurrency that is aimed at delivering compatibility between the other blockchains. Polkadot's deep or core component is its relay chain that grants the compatibility of varying networks.
Bitcoin Cash (BCH) has importance in the history of altcoins and bitcoins. It's one of the earliest and successful hard branches of the original bitcoin. In this world of cryptocurrency, a fork takes place as a result of debates and arguments between developers and miners because to the decentralized nature of digital currencies, wholesale changes cardinally, the docket or coin at hand must be made on regular consensus; this mechanism process varies according to the particular cryptocurrency.