Bitcoin may be the current king of crypto that doesn’t mean it will always hold the top spot. Many savvy investors are perceiving bitcoin as a store of gold but turning to other blockchain projects for the future of cryptocurrency. Below, I outline three cryptocurrencies beyond Bitcoin and Ethereum that I believe will play a key role in the future of the digital economy.
Cardano (ADA)
Cardano is the biggest contender to take on Ethereum. If Bitcoin is the first generation, Ethereum is the second, then Cardano is the third and most modernised version of blockchain tech.
- It operates on a proof of stake model, rather than Bitcoin’s proof of work method. New blocks are validated through users staking their coins, rather than miners using lots of energy to create new blocks.
- Smart contracts and decentralised applications can be built on the network. This follows the same model as Ethereum except Cardano is faster, more scalable and transaction fees are lower.
- It possesses interoperability, which means it aims to be able to interact with other cryptocurrencies. Cardano sees a future that isn’t governed by only one coin.
Website: cardano.org
Monero (XMR)
Monero is an untraceable, secure and censorship-resistant currency. Unlike other currencies that have transparent blockchains, Monero’s transactions are confidential.
- Monero is one of the most private and secure currencies because it contains a technology called “ring signatures”. On the blockchain each transaction will appear within a group of cryptographic signatures all of which are valid, so the real one cannot be identified.
- Due to this privacy, Monero has been linked to the dark web and criminal transactions. The flip side is that it has been and will continue to be valuable to those living under oppressive regimes and dictatorships.
- Monero has been around since 2014 and its development is donation-based and community-driven.
Website: getmonero.org
Elrond (EGLD)
Elrond features many things that other cryptocurrencies offer: tokens, proof-of-stake, smart contracts and distributed apps. It bills itself as a blockchain platform for the new internet economy and aims to be user-friendly for billions of people.
- It’s really fast: while the Bitcoin network can process 7 transactions per second (TPS), the Elrond network can handle 15,000.
- Elrond is scalable and adaptable, the development problems faced by Bitcoin and Ethereum are addressed, so with Elrond’s blockchain technology, it’s possible to scale transactions without changing its fundamental design.
- The Elrond team are building blockchain technology with a view to it being used by billions of people. Its UX interface is consumer-friendly and the EGLD digital wallet (Maiar) aims to be the simplest interaction people have with blockchain where they can seamlessly transfer money at a low price.
Website: elrond.com
You might also be interested in:
6 decentralised social media platforms more ethical than Facebook
Why it’s time to switch from WhatsApp to Signal
For more blog posts on Lauren Mae Digital, click here.
One response to “3 important cryptocurrencies beyond Bitcoin & Ethereum”
[…] 3 important cryptocurrencies beyond Bitcoin & Ethereum […]