Exciting articles several times a month
4 November 2016
Even though bitcoin still remains number one cryptocurrency, the industry competition is becoming fiercer every fay. Thanks to the openly published Bitcoin protocol and software, the market has become crowded with hundreds of new altcoins using the popular concept with different alterations or derivations. Trying to stand out of the pack and attract more attention, they name them after popular Internet memes, countries, cities, cute pets, or famous personalities. Here is a list of the strangest P2P altcoins that have managed to build a devoted fan base and increase their investment potential.
Current market value: $0.000222
Available supply: 106,700,049,691 DOGE
Created as a joke cryptocurrency by programmer Billy Markus in 2013, Dogecoin quickly became popular among Internet users and gave birth to numerous meme-themed altcoins trying to piggyback off of its rapid success. Dogecoin’s mascot is “Doge” – an adorable Japanese Shiba Inu dog with raised eyebrows that was popularized as an online meme. This cute image serves to distinguish “good” Dogecoin from Bitcoin which is often used on darknet markets to pay anonymously for illegal goods and services.
One of the most popular uses for Dogecoin is online tipping – when you want to thank Redditors for their exceptional posts or comments, you can take advantage of dogetipbot that allows sending and receiving DOGE. There are also several online stores accepting the cryptocurrency, for example BitcoinShop.us. In addition, Dogecoin community members are known for their fundraising activities – for example, they sponsored the Jamaican Bobsled team at the Winter Olympics in Sochi.
Current market value: $0.000046
Available supply: 291,705,406 NYAN
Launched in January 2014 as a way to remove some of the seriousness of current cryptocoins, Nyancoin had all chances to become successful from the very beginning: first, it was named after a popular Internet meme featuring a cute animated cat flying through space and leaving a rainbow trail behind it. In 2011, this video was in Top 5 of most viewed YouTube videos and received over 100 million views. Plus, Nyancoin was released as “the first officially licensed cryptocurrency in history” (in fact, it is just a GPL licensed cryptocurrency).
Despite of its funny name and 8-bit logo, the new altcoin caught on surprisingly well with cryptocurrency enthusiasts. Even though the original developers disappeared a couple of months later and dropped support for their site and forums, community members have created new software protocol builds (Mac/Windows/Linux) with a few changes and fixes. Nyancoin is currently traded on several exchange platforms, including Tradesatoshi and NovaExchange.
Current market value: $0.000065
Available supply: 1,377,917 PIZZA
Mmmmm, pizza! Created for people who love tasty food, Pizzacoin is designed to combine the best features of two different worlds: the creativity, simplicity, and great quality of a pizza and the technological innovations and possibilities of cryptocurrencies. Plus, the name of the new altcoin reminds of the famous bitcoin legend about a man who paid 10000 BTC for two pizzas. Pizzacoin creators hope that their electronic currency will be actively used in cafes and restaurants as an alternative payment method.
However, despite the use of the Scrypt algorithm with the proof-of-work scheme and 20 second block times, it seems that Pizzacoin hasn’t stolen the spotlight yet: currently, you can buy PIZZA on just on cryptocurrencies exchange platform, C-Cex.com. On the other hand, the new altcoin is still expanding its user base and doing better than Tacocoin (TCO) that has already become memories of the past.
Current market value: $2.22
Available supply: 197,448 UNO
The term “UNO” is used to describe an extremely rare and costly scientific material, and it perfectly reflects the unique nature of the new altcoin: just 250,000 UNO will ever be mined over 300 years. That feature makes Unobtanium over 100x as rare as Bitcoin. Due to its limited issue, UNO is often called “cryptocommodity” rather than “cryptocurrency”. The altcoin was launched in October 2013 by Blazr2 (founder), Bryce Weiner (lead developer), and Learminer (web developer).
A popular target for cryptocurrency collectors, UNO is a SHA256 proof- of-work digital currency that is traded on Bittrex, Bleutrade, Cryptopia, and C-CEX. Contrary to Bitcoin, Unobtanium supports merged mining – you can mine both digital currencies at the same time. Another difference of Unobtanium from Bitcoin is that its transaction confirmation time is about 3 times shorter.
Current market value: $0.000014
Available supply: 932,361,655 CORG
It seems that in the never-ending battle for supremacy between cats and dogs cryptocurrency enthusiasts side with dogs: while Catcoin (CAT) and Kittehcoin (MEOW) quickly collapsed, Corgicoin still stays afloat. Based on the Dogecoin codebase and its developers’ obsession with corgis, Corgicoin uses the Scrypt algorithm with Proof of Stake 2.0 with 30 second block time.
The new doggie-coin was created by Dustin Vannatter (team lead), Jon Tomlinson (developer), and Taber Buhl (UI/UX). Contrary to many other newly-created digital currencies whose creators dropped their projects in several months, Corgicoin’s development team still support their site, numerous forums and Twitter/Facebook accounts, answer user questions and plan to continue to make improvements of the software tools.
Bitcoin has become an inspiration for many spin-off digital currencies trying to duplicate its success. Even though their investment potential is often quite low, they still can be valuable as collectibles or as promotional tools used to attract more people to the cryptocurrency world. Plus, all those new altcoins may give developers some clues about the future of the cryptocurrency industry, its strengths and weaknesses.
Exciting articles several times a month