February 11, 2020

How did Altcoin coins appear and why are there so many of them?

Without any doubt, we can say that at the moment the most popular, stable, fast-growing and promising cryptocurrency is BTC. But did you know that today in the world there are about 5,000 cryptocurrencies, which we used to call altcoins and more than 20,000 different types of markets?

There is Satoshi (we recall that this is the smallest unit of Bitcoin) created back in 2009, and there are 5,098 alternative cryptocurrencies (altcoins) that exist next to the creator’s invention. Going deeper into the beginning of the path to creating some altcoins, the first of them is Namecoin, and the first to use this name for current cryptocurrencies is developer Andrew Chow.

Deeper into the history of the emergence of altcoins in the general concept of this segment, we can say that Namecoin (NMC) was the first among altcoin, and its release was in April 2011. Further down the list is LTC; it was released in October 2011. Further, without losing a lot of words, many altcoin left year after year and received their momentum simply exponentially: ripple, lightcoin, peercoin, perokoin, mastercoin, counterparty, and unobtainium.

Currently, there are thousands of digital currencies developed on the principle and on the BTC codebase. Here, developers play a role, changing some details using coins such as einsteinium, litecoin, dash, zcash and novacoin. There are also Ethereum forks (ETH) with networks such as ubiq, ethereum classic, and wanchain. Bytecoin has a unique code base, as well as many forks, including monero, boolberry and electroneum.

Ripple has a star fork, and NXT has forks like nem, ardor, and burst. As you move further down the rabbit hole, you will also find tokens created by networks such as Tron, Bitcoin Cash and Ethereum using the TRC20, SLP, or ERC20 token standards.

Many probably wonder why there are thousands of digital tokens in the cryptoeconomics, and what is the fundamental meaning of the existence of altcoins then? Here lies the answer: digital asset holders have the freedom to act thanks to this faceless environment. But on the other hand, we will never be able to say for sure that no one can create something more successful than Bitcoin.

Each new project with altcoins implies more and more perspectives in development, and new, progressive “strengths” and advantages. Someone makes bets on the level of protection of personal data and funds, as well as high protection against hacking and the orientation of the product on anonymity. Some plan to use their projects to wage war on a specific industry, such as entertainment. It is also worth mentioning the opportunity to create your own tokens and develop smart contracts. In general, the more new altcoins and projects related to it appear, the more digital asset users get opportunities and prospects.

Nostalgic and discussing the topic of today’s altcoins, we can recall, for example, the top 10 best digital units of 2013, which is significantly different from the current seyas. And even at that moment, BTC was at the top of the top, then there were LTC, XRP, PPC, NMC, MEC, FTC, WDC, XPM, FRC and NVC. But now this list has suffered some changes. which you yourself can trace: BTC, ETH, XRP, BCH, BSV, LTC, EOS, USDT, BNB, and XTZ.

Disclaimer

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.

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