Cryptoassets: Season 3: Episode 7 – The Birth of Altcoins

Guys! It’s been a long time since doing one of these, and it’s probably because I fell a bit out of the system.  However, I’m back and I’m giving you some information in terms of the other altcoins.  Lots of this information I came across was both interesting and head-scratching.

Within a couple of years of launching, it had become clear that bitcoin was the first fully decentralized cryptocurrency to gain significant adoption, but there were some aspects with which people were not fully satisfied.  For example, bitcoin’s 10-minute block time mean that, depending on when a consumer hit send, it could take up to ten minutes, sometimes more, for the transaction to be appended to Bitcoin’s blockchain.

The delays happened because of the merchant and consumers.  However, it got better as time progressed.

Bitcoin’s first darling…Namecoin

This was the first of its kind.  However, it was more about utilizing blockchain than being a cryptocurrency. There’s really nothing else to say about this coin.

Litecoin

Litecoin was released in 2011 and still remains the one that retains its significant value to this day.  It was developed by Charlie Lee, a graduate from MIT out there in Boston, Mass, who was a software engineer at Google.

He launched it in 2011 of October and was an immediate hit because it was much faster than blockchain’s transaction times.

Ripple

This was created in 2004.  I had no idea that Crypto was created that far back, but Ryan Fugger, a web developer in Canada, worked on this project before Satoshi and Bitcoin.  Ripple also didn’t have miners, but instead had its own algorithm that relied on subnetworkers.  Let’s just say these algorithms were part of a larger decentralized network.  That’s all.

Dogecoin

It’s arrival was in 2013, and being that it was just a joke, Jackson Palmer bought the domain named dogecoin.com and then he got the attention of a lot of people.   After it’s launch, it’s network grew to 70 million in only seven weeks.  Shortly after, it dipped below 20 million.

Dash

Dash, and it’s developer, Evan Duffield, got off to a rocky start.  The coins went on a significant surplus and the reliability had become bleak because the developer not focusing 100% of his attention on dash.

Zcash

Zcash was another cryptocurrency that had a lot of promise.  It reached $1k per coin rather quickly.  At one point, the value peaked at 1 zcash for 3,299 bitcoin, or 2$ million dollars at the time.  You can only imagine what WOULD’VE happened.

After the hysteria, Zcash calmed down and traded between a cool $40-50 bucks per share.

By the end of 2016, the price of bitcoin had reached a level just below $1,000 USD, and there were over 800 cryptoassets in a market that totaled over $17 billion.  At the time, the top assets in order of network value were: Bitcoin, Ethereum, Ripple, Litecoin, Monero, Ethereum, Classic, and Dash

The innovative investor may note from the list that Ethereum follows Bitcoin.

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