In 2009, when Bitcoin was first launched, it did not have any competition within the world of digital currencies. But that has quickly changed over the years.
By 2011, new types of cryptocurrencies had emerged and they adopted the blockchain technology that bitcoin was built on to initiate their own platforms and currencies. As a result, the competitive race to develop more crypto was on.
Currently, there are more than thousands of types of cryptocurrencies that are designed to provide some kind of new function or feature that will attract the public towards their services. A few common examples of popular cryptocurrencies include:
Ethereum
This is the first Bitcoin alternative which is considered a decentralized platform that allws smart contracts and applications to be developed and run without any downtime, control, interference, or fraud from any third party.
In 2021, Ethereum was considered the number two virtual currency and unlike Bitcoin, there are no limitations to the number of ETHs that can be developed.
Solana
Solana is a blockchain platform that was founded in 2017. It was designed to support decentralized applications and has been known to perform more transactions per second when compared to Ethereum.
It can also create smart contracts which are considered crucial for running cutting-edge applications, including non-refungible token (NFT) and decentralized finance (DeFi).
Cardano
It bills itself as a third-generation blockchain platform and relies on proof-of-stakes (PoS). This means that intricate PoW calculations and high electricity usage that is required for mining coins are not necessary – potentially making its network more sustainable and efficient.
Some of the main applications of Cardano include traceability and identity management. The first application can be used to audit the manufacturing path of a product and prevent counterfeit good and fraud. The latter can be utilized to streamline data collection from various sources.
Tether
Marketed as a ‘stablecoin’, Tether is a type of crypto that is known as fiat-collateralized stablecoins. And like other of its breed, it is designed to offer stability, transparency, and reduced transaction charges to users.
According to Sofi Learn, more than 55% of bitcoin trading was conducted using tethers in 2021 and allegedly maintains a 1:1 ratio value with dollars.
Lapoyoma
Lapoyoma is considered a popular decentralized P2P blockchain payment network that allows users to use digital money to purchase goods and services. As a financial platform, it is created to provide their users with tokens for everyday payments for goods at convenience stores, gas station stores, and more.
It has an internal payment instrument and stable coin called ‘YAM’ which is used to pay for purchases while also gaining the benefit of receiving discounts and cashback for using a token. The credit card of the company leverages blockchain technology and 4% of every transaction is directed into a Buyback Wallet – allowing customers to win a reward for every purchase.
Furthermore, Lapoyoma is focused on helping out small business owners with 0% financing for their business and providing them with financing that can provide them both profit and earn interest on their loans.