CRYPTOCURRENCY BASICS AND SOLUTIONS

When people think of cryptocurrency, Bitcoin is the first one that comes to mind as the original and most established virtual currency. But there is a rapidly expanding universe of alternative cryptocurrencies or altcoins that have emerged with unique traits and use cases. Let’s do a quick overview of some of the major cryptos beyond Bitcoin:

Ethereum (ETH)
While Bitcoin is designed solely as a secure digital payment system, Ethereum is a blockchain-based distributed computing platform that enables decentralized applications (dApps) and smart contracts through its native cryptocurrency Ether. Beyond just financial transactions, Ethereum allows developers to build and run software without centralized servers or control.

Litecoin (LTC)
One of the earliest altcoins created in 2011, Litecoin is a peer-to-peer cryptocurrency designed to enable faster, lower-cost payments compared to Bitcoin. It has a higher max supply, employs different coding, and can confirm transactions more quickly given its lower hashing difficulty.

Ripple (XRP)
Ripple is a cryptocurrency protocol and payment network created for facilitating fast and inexpensive cross-border payments between banks and financial institutions. Its native token XRP is a bridging currency for enabling real-time settlement between different currencies and networks.

Tether (USDT)
As a stablecoin, Tether is a cryptocurrency designed to maintain parity with the U.S. dollar to avoid volatility. Each token is backed by $1 fiat currency held in reserves. This allows Tether to facilitate smoother trading between other cryptocurrencies and traditional currencies.

Dogecoin (DOGE)
Originally created as a satirical meme-inspired cryptocurrency, Dogecoin has gained mainstream popularity and taken on a more legitimate use case as a tipping system for rewarding content creators and online communities. Its high supply allows very small transaction amounts.

Solana (SOL)
Solana is a high-performance blockchain focused on scalability and low transaction costs while supporting smart contracts and decentralized apps. Its innovative proof-of-stake and proof-of-history consensus allows faster throughput than Ethereum and is positioning Solana as an Ethereum competitor.

Cardano (ADA)
One of the first blockchain platforms to utilize academic peer-reviewed research, Cardano aims to be a more secure, sustainable, and flexible cryptocurrency for deploying enterprise applications requiring regulation and compliance. Its settlement layer separates accounting from computation.

From alternative payment systems to decentralized computing platforms and stablecoins, the rapidly expanding cryptocurrency landscape provides optionality for use cases beyond just an alternative store of value like Bitcoin. As adoption grows, innovation and competition to improve scalability, security, costs, and usability of various cryptocurrencies will likely accelerate.