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What Are Altcoins and Why Do They Matter?

The word “ altcoin ” is an abbreviation of “Bitcoin alternative,” and thus describes every single cryptocurrency except for Bitcoin. Altcoins are referred to as Bitcoin alternatives because, at least to some extent, most altcoins hope to either replace or improve upon at least one Bitcoin component. There are hundreds of altcoins ( CoinMarketCap  listed 478 at the time this guide was written), and more appear each day. Most altcoins are little more than Bitcoin clones, changing only minor characteristics such as its transactions speed, distribution method, or hashing algorithm. Most of these coins do not survive for very long. One exception is  Litecoin , which was one of the first altcoins. In addition to using a different hashing algorithm than Bitcoin, Litecoin has a much higher number of currency units. For this reason, Litecoin has branded itself as “silver to Bitcoin’s gold.” However, some altcoins innovate by experimenting with useful features Bitcoin does not offer. For examp
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Comparing ERC20, ERC223, and the new Ethereum ERC777 token standard

Next to the well-known ERC20 standard, other standards exist which try to improve the original standard. ERC223 is focused on security seeking to solve an ERC20 critical bug which has caused the loss of millions of dollars. ERC777 focuses on a wider set of transaction event handling functions and mass adoption. You may be all familiar with ERC20 tokens as you probably own a couple, distributed by some kind of token sale. But did you know many more standards exist besides ERC20? Ethereum has a long history of developed standards. To give you a better idea of what ERC means, it stands for “Ethereum Request for Comment”. This is a proposal submitted for discussion and suggestions to the actual standard. The number (like 20) refers to an issue number on code sharing platform Github . First, let’s take a look at the ERC20 standard. ERC20 standard What exactly is the ERC20 standard? The advent of ERC20 tokens revolutionized the cryptocurrency market and opened the door to the plethora o
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