Although Bitcoin is making continual headlines and grabbing all the limelight, it takes away a little of the focus on the problems away from what the market leader has.
As a result of these flaws, there are a few altcoins that are up and coming and are slowly encroaching on BTC’s market dominance.
The best ways for any of these coins to succeed is if they come without flaws and they serve a purpose without aiming to fix something that is not broken.
The coins listed here all strive to improve on BTC and the other market leaders that had run before they were able to walk. All of the following look to enhance the decentralized internet vision yet one aims to do this very much different to the others.
This unlike BTC wants to keep all transactions private for users while remaining open-source.
Although the payments are published on the public Blockchain, the sender and recipient stay undisclosed and secret. Zcash takes and improves on the Bitcoin codebase, so businesses and users know security is full strength.
This is another that that has been designed to improve on some of the BTC flaws. What it does do is place control of a person’s funds back into their own hands where they are effectively their own bank.
Being highly secure, very private and untraceable. Monero coins are fungible so an individual will always have the full value of their currency rather than the chance of having blacklisted money falling into their hands, and then they find they have lost value.
This coin is the financial aspect of an ecosystem where all connected systems which join the network allow their spare computing capacity to be harnessed.
This ranges from a single computer user up to a data center. Golem is based upon the Ethereum transaction system it scales much better than Bitcoin.
It is this where all transactions between providers, developers, and requestors settle payments for using this sandboxed computer sharing element of the network.
Still, in the early stages, Brass-Golem has a schedule for release next month. This major application aids in CGI rendering where artists who lack CPU power can tap into the network to perform computationally intensive tasks.
This coin was brought to market back in 2013 with an aim to reduce the amount of electricity that is consumed when performing mining tasks. BTC consumes vast amounts of power and if costs rise the whole mining concept could make it non-profitable for current miners.
At the core of Peercoin (PPC), the currency uses Blockchain technology and the public ledger for all transactions.
Transparency is high on its list as is reducing block production time which is down to around 7 minutes with transaction fees being dictated by the system rather than users deciding how much they wish to pay for their transaction to be processed quicker.
All the coins mention so far have much potential for this year to gain market share. They will at some point be contenders against each other, although they might all eat into BTC dominance as the weeks pass by. BTC has fallen in market dominance, so things are changing rapidly.
Although SKY has value now, it is still early in its infancy and can be seen as the most undervalued cryptocurrency currently circulating due to what it will bring the longer time goes on.
Peer-to-Peer networking will introduce Skywire which is SKY’s mesh net that connects all users via high-performance nodes rather than using any reliance on larger ISP’s who have a monopolistic approach to their services.
Skycoin also has free transactions which are performed in seconds rather than the waiting as users now do with BTC. This makes the network and the system suitable for everyday usage and payment systems that need instant results like cash registers.
The company behind SKY went back to Satoshi’s original vision and found the ways to improve both transactions (internet) speed and security.
With their new Obelisk algorithm, many of the flaws of BTC and attacks that could pose problems have been fixed. Coin mining is also something that has been resolved as there isn’t any.
Value is brought to the coin, and network miners through services that are provided in the same way as a monthly ISP charge are made currently.
The Skywire miner takes this load and shares it across the mesh network, so there are much higher security, fewer attack points and data redundancy by default.