Debate virtual currency other than bitcoin

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The rise of Bitcoin - as bubble or bona fina currency of the future - is the subject debate virtual currency other than bitcoin fierce debate. But there has been much less attention turned to the value and potential of alternative cryptocurrencies, the most high-profile of which are Ripple and Ethereum.

In addition, some countries are developing their own national cryptocurrencies, with Dubai launching its first official cryptocurrency - Emcash - last year, and the Chinese central bank also reportedly developing its own digital currency after having banned the trading of Bitcoin. All these digital currencies are relying on blockchain technology - a method of recording data on a digital ledger of transactions, agreements and contracts. The big difference is that, for security, the ledger isn't stored in one place but rather distributed across hundreds or even thousands of computers around the world.

The rapid rise of Ripple has attracted attention in recent weeks: Debate virtual currency other than bitcoin contrast, Ripple is controlled by a San Francisco-based company. It creates debate virtual currency other than bitcoin currency and releases new batches periodically. This frees Ripple from some of the recent criticism debate virtual currency other than bitcoin Bitcoinwhich pointed to the enormous amount of energy used during the mining process.

Ripple says it has licensed its blockchain technology to more than banks to date. Ethereum is a close rival to Ripple, with both competing to be the second biggest cryptocurrency after Bitcoin. Ethereum also lets apps run on its networksallowing for smart contracts, written in code, which can be automatically verified and enforced.

That in turn allows for the creation of decentralized apps and even decentralized companies, involving no other parties outside of the Ethereum network. It has also won the backing of some big multinationals, with almost companies, including JP Morgan and Microsoft, signing up as members of The Enterprise Ethereum Alliance. The Alliance aims to deal with issues for businesses who want to use Ethereum, such as governance and accountability.

Bitcoin has considerable first-mover advantage, and already has a base of loyal users as well as the greatest liquidity and the greatest overall value. Some of the newer cryptocurrencies, however, are easier to mine and have already won the backing of big business, giving them significant credence. Briony HarrisFormative Content.

The views expressed in this article are those of the author alone and not the World Economic Forum. We are using cookies to give you the best experience on our site. By continuing to use our site, you are agreeing to our use of cookies. It is the rapid rise of Ripple that has attracted most attention amongst the Altcoins in recent weeks. Briony Harris Formative Content. How do you talk to a young child about death?

More on the agenda. Cleaning up battery supply chains Our Impact. Explore the latest strategic trends, research and analysis. The rapid rise of Bitcoin debate virtual currency other than bitcoin led some people to fear that it is a bubble.

Ethereum is signing up companies to create governance and accountability. The hottest cryptocurrency in China is not Bitcoin What is Bitcoin? Written by Briony HarrisFormative Debate virtual currency other than bitcoin.

How secure is blockchain? Blockchain can solve some of the world's most pressing challenges. Blockchain is facing a backlash. Jem Bendell 12 Apr

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Thank you for continuing to trust us with everything FinTech! With Bitcoin being the talk of the town, virtual currencies certainly have everybody's attention. This development has given rise to a slew of alternate virtual currencies more than similar to Bitcoin and a lot of techies, gamers, punters, hedge pundits and professionals are looking at other options as a more viable investment. If Bitcoin is a form of modern Gold then Litecoin is a form of modern Silver.

As algorithmic currencies grow because of the attention to Bitcoin, Litecoin is the most viable route. Charles Lee, launched it in early Charles addressed a number of issues that could make Litecoin just as valuable as Bitcoin and perhaps a more useful retail currency. He has been around a while and has also launched other currencies: Litecoin is based on algorithmic system that is similar to Bitcoin but different enough to offer some of the same benefits but with more attributes.

Unlike other cryptocurrencies however, PeerCoin is never expected to reach its cap of 2 BN. According to its creator, PeerCoin is a much better mimic of Gold that Bitcoin since it does not have a money supply cap, which is the same with Gold.

On April 18th , the currency was implemented as Namecoin. It is another cryptocurrency which also behaves as an alternative, decentralized DNS. Although Namecoin can be used as currency, it is primarily intended to be used as a centralized DNS. Domain names are registered by paying a small fee of 0. They are then updated for the first time after upon which the person owns that domain.

This can only be removed from that person if he chooses to transfer it. Domain names expire if they are not updated every days. Protoshares are not just an alternative cryptocurrency, although they can be mined like conventional Bitcoins.

They also represent shares in future Invictus-Innovation's cryptocurrencies and digital creations. Invictus classifies cryptocurrency as being part of a larger concept called DACs, or Distributed Autonomous Corporations. This has the effect of making a monopoly more costly, and separates the risk of a monopoly from proof-of-work mining shares. A peer-to-peer network handles Novacoin's transactions, balances and issuance through scrypt. Novacoins are issued when a small enough hash value is found, at which point a block is created.

The currency is technically nearly identical to Litecoin. Anoncoin creation and transfer is based on an open source encryption protocol and is not managed by any central authority. Anoncoin is intended by its developers to improve upon Bitcoin and offers three key differences for the moment. Faster transactions, darknet support and coin control.

Each Anoncoin is subdivided into ,, smaller units, defined by eight decimal places. Megacoin is another decentralized currency, launched on 29th May, by Dr. Kimoto Chan Username on Bitcointalk. It is a POW type script, not endorsed or minted by any nation, but by users across the world. Users can send or receive Megacoins anywhere that internet is available, including outer space.

Megacoins can be obtained for free by mining or conversely bought for a price through an exchange such as Kraken.