Bitcoin has ruled the blockchain and cryptocurrency roosts pretty much the entire decade of its existence but as we move into a new year, there are a few competitors that are catching a lot of attention.
Since there are somewhere around 2,000 different digital currencies available in a market worth hundreds of billions of dollars, it can be extremely beneficial and of course lucrative to try to determine which competitors may have what it takes to truly compete in this highly aggressive market.
While I’m not going to dive too deep into the options on the list today, I wanted to give you a quick look at some that you may wish to do some further investigating on.
Dash – Digital Cash
Originally known as Darkcoin but rebranded in 2015, Dash is appealing to many simply because it works on a decentralized mastercode network that makes transactions almost untraceable, providing users more anonymity than many other available options.
An open-sourced, privacy-centric digital currency with instant transactions, Dash allows users to keep finances private as they complete transactions without waits, much like the use of traditional payment methods such as fiat and credit/debit cards. You can privately send money anywhere in the world using their advanced encryption and a 2-tier network for complete security, and thanks to InstantX, payments are received instantly.
Hitting Where it May Matter Most — BlocPal
BlocPal is attempting to fill a void that Bitcoin has promised to take care of for the majority of its lifespan; the ability to easily pay at multiple vendors with ease and with the security of blockchain technology. When it comes to being utilized for everyday transactions, two major obstacles that cryptocurrencies have encountered are slow blockchain transaction times and those high transaction fees.
With a focus on providing the specific tools needed by both merchants and crypto users to ensure quick, secure, low-cost, and seamless payments on the go, as well as features that are going to be extremely attractive to business owners and Enterprise customers, BlocPal users on all sides can enjoy benefits that were specifically designed to make spending enjoyable and hassle-free.
Forging Into New Territory — Steem
Steem is a form of esteem, which means to prize or value, and that’s exactly what the organization plans to build on by being a blockchain-based social media platform where all users can earn rewards.
With their system, rewarding others is as simple as voting for a post, such you would Like a post on Facebook or upvote one on Reddit. Rewards are paid out as 50% Steem Power for voting and 50% Steem Dollars, and the blockchain distributes rewards approximately 24 hours after content and votes have been submitted.
Fully Decentralized — Litecoin
Enabling instant, near-zero cost payments to anyone in the world, Litecoin is an open source, peer-to-peer global payment network that is completely void of any central authority. Litecoin utilizes mathematics to secure the network and empower their users to fully control their own finances.
When compared to the leading math-based currency, Litecoin has faster transaction confirmation times as well as better storage efficiency and with substantial trade volume, liquidity, and industry support, it has proven itself to be a formidable contender.
One to Watch — Zcash
While at first glance it may seem that Zcash is yet another decentralized and open-source cryptocurrency, but they claim to provide extra privacy and security. While all user transactions are recorded and published on a blockchain, details such as the sender, recipient, and amount remain private. One analogy they’ve used to describe themselves is “If bitcoin is like http for money, zcash is https.”
The Future of Blockchain
Of course it’s literally anyone’s guess on what the future holds for blockchain and the companies mentioned above, but when you consider trends and track records, they all definitely deserve watching. As the new year unfolds and new information comes to light, CryptoTraderNews will bring you more insight and tips on industry leaders and those up-and-coming.