Book Image

Mastering Blockchain

Book Image

Mastering Blockchain

Overview of this book

Blockchain is a distributed database that enables permanent, transparent, and secure storage of data. The blockchain technology is the backbone of cryptocurrency – in fact, it’s the shared public ledger upon which the entire Bitcoin network relies – and it’s gaining popularity with people who work in finance, government, and the arts. Blockhchain technology uses cryptography to keep data secure. This book gives a detailed description of this leading technology and its implementation in the real world. This book begins with the technical foundations of blockchain, teaching you the fundamentals of cryptography and how it keeps data secure. You will learn about the mechanisms behind cryptocurrencies and how to develop applications using Ethereum, a decentralized virtual machine. You will explore different blockchain solutions and get an exclusive preview into Hyperledger, an upcoming blockchain solution from IBM and the Linux Foundation. You will also be shown how to implement blockchain beyond currencies, scability with blockchain, and the future scope of this fascinating and powerful technology.
Table of Contents (20 chapters)
Mastering Blockchain
Credits
About the Author
About the Reviewer
www.PacktPub.com
Customer Feedback
Preface

Chapter 5. Alternative Coins

Since the initial success of bitcoin, many alternative currency projects have been launched. Bitcoin was released in 2009 and the first alternative coin project (named Namecoin) was introduced in 2011. In 2013 and 2014, the altcoin market grew exponentially and many different types of alternative coin project were started. A few of those became a success, whereas many were unpopular and did not succeed. A few were pump and dump scams that surfaced for some time but soon disappeared. Alternative approaches to bitcoin can be divided broadly into two categories, based on the primary purpose of their development. If the primary purpose is to build a decentralized blockchain platform, they are called alternative chains; if the sole purpose of the alternative project is to introduce a new virtual currency, it's called an altcoin. Alternative blockchains will be discussed in detail in later chapters in this book.

This chapter is mainly dedicated to alternative coins...