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The rise of Bitcoin - as bubble or bona fina currency of the future - is the subject of fierce debate. But there has been much less attention turned to the value and potential of alternative cryptocurrencies, the most high-profile of which are Ripple and Ethereum. In addition, some countries are developing their own national cryptocurrencies, with Dubai launching its first official cryptocurrency - Emcash - last year, and the Chinese central bank also reportedly developing its own digital currency after having banned the trading of Bitcoin.
All these digital currencies are relying on blockchain technology - a method of recording data on a digital ledger of transactions, agreements and contracts. The big difference is that, for security, the ledger isn't stored in one place but rather distributed across hundreds or even thousands of computers around the world.
The rapid rise of Ripple has attracted attention in recent weeks: In contrast, Ripple is controlled by a San Francisco-based company. It creates the currency and releases new batches periodically. This frees Ripple from some of the recent criticism of Bitcoin , which pointed to the enormous amount of energy used during the mining process. Ripple says it has licensed its blockchain technology to more than banks to date.
Ethereum is a close rival to Ripple, with both competing to be the second biggest cryptocurrency after Bitcoin. Ethereum also lets apps run on its networks , allowing for smart contracts, written in code, which can be automatically verified and enforced. That in turn allows for the creation of decentralized apps and even decentralized companies, involving no other parties outside of the Ethereum network.
It has also won the backing of some big multinationals, with almost companies, including JP Morgan and Microsoft, signing up as members of The Enterprise Ethereum Alliance. The Alliance aims to deal with issues for businesses who want to use Ethereum, such as governance and accountability. Bitcoin has considerable first-mover advantage, and already has a base of loyal users as well as the greatest liquidity and the greatest overall value.
Some of the newer cryptocurrencies, however, are easier to mine and have already won the backing of big business, giving them significant credence. Briony Harris , Formative Content. The views expressed in this article are those of the author alone and not the World Economic Forum.
We are using cookies to give you the best experience on our site. By continuing to use our site, you are agreeing to our use of cookies. It is the rapid rise of Ripple that has attracted most attention amongst the Altcoins in recent weeks.
Briony Harris Formative Content. How can we build happier cities? Vafa Valapour 07 May More on the agenda. Cleaning up battery supply chains Our Impact. Explore the latest strategic trends, research and analysis. The rapid rise of Bitcoin has led some people to fear that it is a bubble. Ethereum is signing up companies to create governance and accountability. The hottest cryptocurrency in China is not Bitcoin What is Bitcoin? Written by Briony Harris , Formative Content.
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