26 septiembre, 2018 0

What’s an altcoin? We’ll explain it

What’s an altcoin? We’ll explain it

After the Bitcoins creation in 2.009, we’ve seen how the cryptos world has evolved enormously. With this evolution, naturally there were created multiple cryptos based in the Blockchain technology. This cryptos are denominated nowadays as altcoins. In the following article we’ll talk a littler about them. We hope it helps.

What’s an altcoin? We’ll explain it

Concept

We can say that the word Altcoin comes from the union of the words “Alternative coin”. This term’s used to define those cryptocurrencies that derive from the source code of Bitcoin, meaning, that are a Bitcoins’ fork. There’s a big variety of altcoins currently, but all have in common that they derive from the open code of Bitcoin and differ from it in their implementation basis.

These can have improvements, ways to accelerate the transaction sending process, or different mining algorythms from the ones that the bitcoin uses.

What do they offer?

An altcoins’ offering is pretty big, since they’re alternatives to Bitcoin, they can open the entrance to the cryptoworld for so many. The first of them is the possible innovation that they bring to the technological world. This because this industry evolves and has created alternative models that can offer solutions to current acts that the Bitcoin technology cannot solve. Similarly, they can contribute with new uses for the Blockchain technology.

Another offering from altcoins is the main goal of cryptos: decentralization. This way, the system doesn’t stay with only the BTC as only coin, but there is a diverse system that can help the network. Similarly, altcoins give certain utility to the cryptos, since they try to create simpler processes for the common use of digital coins.

Lastly, we have transparency. And it’s because, one of the goals of all cryptos is to maintain a total transparency so anyone can audit the information inside the Blockchain.

Some known altcoins

There are multiple altcoins currently in the cryptoworld. Nonetheless, we’ll talk about some familiar names. The first of them is Litecoin. Being of the pioners in terms of cryptocurrencies, it has maintained among cryptos with most access and acceptance by the public. This works with a software based on the Bitcoin technology, with a bigger amount of currencies to mine and more transfer speed.

Another known altcoin’s Dash. This cryptocurrency is currently one of the most known. Created through a P2P design (Peer-to-Peer), awards those users denominated Masternodes for making a special kind of node. This is a “Blue Chip”, meaning, a cryptocurrency with which smaller cryptos allow transactions.

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