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The first altcoin and the TOP-10 list

Alexander Chern 10 32

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The first altcoin and the TOP-10 list

Altcoin is any cryptocurrency that is created as an alternative to bitcoin. In fact, any cryptographic currency falls under this definition. In the crypto community, Namecoin (NMC) is considered to…

Altcoin is any cryptocurrency that is created as an alternative to bitcoin. In fact, any cryptographic currency falls under this definition.

The first altcoin

In the crypto community, Namecoin (NMC) is considered to be the first altcoin, which was presented to the general public in mid-2011. The original purpose of the new currency is the ability to create highly decentralized domain names. At the moment, it can also be used as a currency.
The function of domain names is actively used not only in mining, but also to create many online resources that are independent of private companies, politics or individual states.
Despite the fact that Namecoin is a currency that has not lost activity for 10 years, it is not included in the rating of the most popular cryptocurrencies. The “firstborn” was partially copied from the open source Bitcoin, but there are some differences in it.
So, when registering a currency, the user registers a .bit domain name. Considering the low price of 1 US cent, the user will have to spend a certain amount of time to fully understand the features of the system and find an unoccupied name.
The second difference is the small number of DNS servers that support the .bit domain. There are 8 of them in the world, which is why the created domains are often overloaded and become inaccessible. Since the end of 2014, there has been a rapid departure of miners, while new ones appear relatively rarely.However, with the emergence of new blockchains, such as FreeTON is now — miners rush to them in order to quickly mine tokens without competition.

What is the principle of rating altcoins?

As in the case of any other monetary currency, each cryptocurrency takes into account its value against the euro, dollar, ruble or other government units. On the Internet, you can find a wide variety of ratings of cryptocurrencies in terms of value, demand, popularity, etc. Since its inception, Bitcoin has been ranked 1st in the TOP 10 rating, which is why other cryptocurrency projects are compared with it.
When adding an altcoin to the rating, analytical companies compare the following characteristics:
· Attractiveness for the end consumer, including the speed of transactions, usability, security and other technical features;
· Dynamics of the rise or fall of prices in a specific period of time;
· The value of the currency on the market on the day it was added to the rating;
· Market capitalization, calculated by multiplying the price per coin by their total number.
Together with mining, cryptocurrency either rises in price or depreciates, which indirectly affects the position in the rating. Those altcoins that are created faster than others remain in the most advantageous position.

Source: https://freeton.zone/2021/09/30/the-first-altcoin-and-the-top-10-list/