Alt Coins – What are these?
Alt Coins are also digital currency. When we are talking about digital currency or digital coins then we think about bitcoin. But there are some other coins exist in coin market and these coins are called alt coins. These coins are alt coin because they are alternate of bitcoin. It is a fact that when bitcoin started boosting then some other people start thinking using the same system to build blocks of other coins. That’s why they made their own coins backed by some causes and reasons. These coins after bitcoin were named as alt coin. There are hundreds of alt coins available nowadays. That can be exchanged with bitcoin or any other coin.
As far as my own knowledge, the first alt coin was name coin. This alt coin arrived just after two years of Bitcoin. After that some other alt coins arrive in cryptography. This namecoin had purpose behind its mining. It’s purpose was to replace the domain name system in a decentralized way.
First in Alt Coins
The first Alt coin Namecoin has many interesting properties. This coin gives the possibility to register a domain name which is not already in use for a small fee, corresponding to 0.01 Namecoin (around 0.05$). So, the cost is far less than the cost of registering a domain name following the standard procedure. Due to this property, it got fame. This coin manages the subdomains of the domain in the same way as current domain system.
After that we saw Ethureum, Litecoin, ripple etc. These coins took more fame than namecoin and that’s why they are in the top of the coins list. These alt coins are the most traded and demanded coins. These coins use different hash power and systems. All of them has some difference that distinguish them to each other. Litecoin was also founded in the year of 2011, but after some months of namecoin. There were some other coins arrived in consequence. Those were Litcoin, Peercoin, Dogecoin, Ethereum, Monaro, Cardano, ripple etc.
Interesting Story of Alt Coins (DogeCoin)
There is an interesting story behind the dogecoin. It was created at the end of 2013 and it was just for the sake of fun. The fun of crypto currencies. It is similar to bitcoin, the system is similar too. The price of coin is different from bitcoin of course. Another interesting technical difference from other cryptocurrencies was the notion of random block rewards. Rather than having a fixed block reward, each block bonus is random. That means, the miner already know the reward he will get before he insert block in chain. If the reward was really low, they could switch to other crypto currencies mining. So, this feature was removed a few months after the launch of dogecoin. Now today, the block reward of Dogecoin is fixed and it halved every two months.