Litecoin was created in 2011. The first cryptocurrency to use Scrypt as a hashing algorithm. Litecoin is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. The coin was inspired by, and in technical details is nearly identical to, Bitcoin (BTC). In May 2017, Litecoin became the first of the top 5 (by market cap) cryptocurrencies to adopt Segregated Witness. Later in May of the same year, the first Lightning Network transaction was completed through Litecoin, transferring 0.00000001 LTC from Zürich to San Francisco in under one second. In February 2018, the online retailer Alza.cz began accepting Litecoin as a payment method.
Litecoin is different in some ways from Bitcoin.
The Litecoin Network aims to process a block every 2.5 minutes, rather than Bitcoin’s 10 minutes. The developers claim that this allows Litecoin to have faster transaction confirmation.
Litecoin uses scrypt in its proof-of-work algorithm, a sequential memory-hard function requiring asymptotically more memory than an algorithm which is not memory-hard.
Namecoin was created in 2011. Also acts as an alternative, decentralized DNS. A peer-to-peer network similar to bitcoin’s handles Namecoin transactions, balances and issuance through SHA256, proof-of-work scheme (they are issued when a small enough hash value is found, at which point a block is created; the process of finding these hashes and creating blocks is called mining). The issuing rate forms a geometric series, and the rate halves every 210,000 blocks, roughly every four years, reaching a final total of 21 million NMC. Namecoins are currently traded primarily for USD and other cryptocurrencies, mostly on online exchanges. To avoid the danger of chargebacks, reversible transactions, such as those with credit cards or PayPal, are not advised since Namecoin transactions are irreversible.
Namecoin is a cryptocurrency that is mined with bitcoin software as bonus. It is based on the code of bitcoin and uses the same proof-of-work algorithm. Like bitcoin, it is limited to 21 million coins.
Unlike bitcoin, Namecoin can store data within its own blockchain transaction database. The original proposal for Namecoin called for Namecoin to insert data into bitcoin’s blockchain directly. Anticipating scaling difficulties with this approach, a shared proof-of-work (POW) system was proposed to secure new cryptocurrencies with different use cases.
Namecoin flagship use case is the censorship-resistant top level domain .bit, which is functionally similar to .com or .net domains but is independent of ICANN, the main governing body for domain names.
Swiftcoin was created in 2011. First digital coin with theoretical value based on the work required to produce electricity. First block chain to support currency creation by interest paid on debt. Solidus Bond proto smart-contract. One of the first digital coins patented in the US. First block chain to support encrypted mail with attachments. In 2011, SwiftCoin and bitcoin became the first digital currencies to be used to fund accounts for trading in forex, gold and silver.
SwiftCoin is a cryptocurrency using peer-to-peer, blockchain, proof-of-work and encrypted mail application developed by Team Daniel Bruno since 2011. It is a propriatory alternative to Bitcoin using similar blockchain technology.
It uses 256-SHA elliptical encryption. The name SwiftCoin derives from the SWIFT banking network, but is not associated with it. Unlike Bitcoin, SwiftCoins can not be mined. SwiftCoin is brought into existence upon the redemption of interest and principal of Solidus Bonds.
In theory, the value of a SwiftCoin is a function of the caloric energy required to produce a quantity of electricity. This functionality has been patented by Daniel Bruno, CMT. The price of SwiftCoin is set by supply and demand in the open market. Currency swaps support the currency. The amount of SwiftCoin in circulation is elastic. Dynamic money supply reduces volatility. Both SwiftCoin and Solidus Bonds are proprietary, not open source. The blockchain ledger is not public. The SwiftCoin cryptocurrency wallet shows proof-of-work confirmations in real time.
It was created in 2012. First cryptocurrency based on the CryptoNote algorithm. Focused on user privacy through impassive and anonymous transactions. Bytecoin (ticker symbol BCN) is the first cryptocurrency based on the CryptoNote technology with an open source code designed for anonymous cash settlement. Bytecoin protects the user’s privacy with impassive and anonymous transactions.
Bytecoin is a completely independent currency, developing separately from Bitcoin and its forks. The basis for the creation of Bytecoin was the unique CryptoNote technology.
It was first created in 2012. The first cryptocurrency to use POW and POS functions.
Peercoin, also known as PPCoin or PPC, is a peer-to-peer cryptocurrency utilizing both proof-of-stake and proof-of-work systems.
Peercoin is based on an August 2012 paper which listed the authors as Scott Nadal and Sunny King. Sunny King, who also created Primecoin, is a pseudonym. Nadal’s involvement had diminished by November 2013, leaving King as Peercoin sole core developer.
Peercoin was inspired by bitcoin, and it shares much of the source code and technical implementation of bitcoin. The Peercoin source code is distributed under the MIT/X11 software license.
Unlike bitcoin, Namecoin, and Litecoin, Peercoin does not have a hard limit on the number of possible coins, but is designed to eventually attain an annual inflation rate of 1%. There is a deflationary aspect to Peercoin as the transaction fee of 0.01 PPC/kb paid to the network is destroyed. This feature, along with increased energy efficiency, aim to allow for greater long-term scalability