Top 5 altcoins to invest alongside Bitcoin
Ethereum (ETH)
Ethereum is a Blockchain-based network just like Bitcoin. It is decentralized and open source. This means that no government or bank can hack into the network to control it. However, along with a great similarity, it also has some differences with Bitcoin. The Ethereum network differs from Bitcoin in three components.
- Ethereum Virtual Machine (EVM): This is the decentralized network here and this is the main application we understand when we call it Ethereum. Because it is built on blockchain technology, it provides a distributed ledger system where transaction data is stored in blocks and this is how the network spreads. The network is set to run automatically when a certain input is triggered. This is called the smart contract facility it provides.
- ETH: ETH is the native cryptocurrency on the Ethereum network that runs through the EVM. Being the full online currency ether has real world relevance according to its valuation. With the slot point, you can clearly understand.
- Gas: The distributed Ethereum network needs some energy to run or run like a transaction. Here, the amount of work is called gas and its energy is called ether. Ether is basically a transformed version of energy. So, it has real world value.
Dogecoin (DOGE)
Dogecoin is another popular cryptocurrency that was launched on December 6, 2013 by software engineers Billy Markus and Jackson Palmer. Dogecoin’s purpose has a somewhat funny story. After the revamp of Bitcoin in 2009, people showed their speculation about it. At that time, these two software engineers planned to produce a cryptocurrency as a joke to the controversy surrounding Bitcoin innovation. They wanted to develop a much better currency than Bitcoin. They succeeded in their move and chose the face of the udder dog Shiba Inu as their crypto logo. It was later released in 2013.
Although it was created as a joke to some extent, Dogecoin really outperforms Bitcoin. A Dogecoin transaction takes less than 2 minutes for a transaction and charges around $2, which is less than Bitcoin.
Stellar (XLM)
The interesting thing about Stellar is that it is not cryptocurrency itself and facilitates banks and other payment systems for transactions. The cryptocurrency here is XLM, which circulates through the star network and helps banking transactions by converting crypto to fiat currency. During the digital transaction, XLM is transferred and converted into fiat currency for deposit in banks.
Binance Coin (BNB)
Binance coin is a Blockchain-based cryptocurrency that was originally run on the Ethereum Blockchain but now runs on its own Blockchain, the Binance chain. It facilitates fast fund transfer and is also a great asset for investment.
Polkadot (DOT)
Cryptocurrency Polkadot has been getting famous lately. It was created in 2017 by Ethereum co-founder Gavin Wood. The Polkadot network is quite different from other cryptocurrency networks. This is also a Blockchain-based network, but there are multiple blockchains and crypto enables cross-blockchain transactions. The network has all the possibilities that a decentralized network does not have, such as third-party interference and open source networking.
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