- Altcoins lacks way behind and there is no doubt that Bitcoin even today is king of cryptoverse.
- SegWit considered an essential patch, which functions to fix the transaction scalability issues.
- The innovation of cryptocurrencies should be based on a trusted decentralized network.
Ever since the introduction of new cryptocurrency has been increasing day by day, one thing that has realized is that one needs a more magnificent room for development.
Campaigning serves none as long as the technology introduced has the zeal and capability of actually leaving a good impression on the users.
One needs to seize every opportunity it gets when it comes to new projects. One such project is the Altcoin, which is yet to leave its mark upon the people.
Right from the beginning, Altcoin has faced a severe problem, since people prefer to use a cryptocurrency. Which has more reputation, has more liquidity, stability, and accessibility than any other cryptocurrency.
It is known to everyone that Network effects play an essential role for currencies, and further an even more critical role for social media.
Recent reports from Bloomberg suggest that Bitcoin is the clear winner. This has been possible with the adoption rate of other cryptocurrencies as a means of value storage.
If Altcoin wishes to gain this same victory, it needs to be innovative. If they manage to get the innovation, they would ultimately be able to persuade users to hold and use a new currency, which might not be as convincing as the Bitcoin.
The integrity of the value proposition of Bitcoin as a decentralized, non-political, and uncontrolled digital asset also serves as an advantage to the network effect of Bitcoin.
SegWit considered an essential patch, which functions to fix the transaction scalability issues. It is quite beneficial for creating a better environment for the development of Layer 2 protocols such as Lightning Network.
To prove their value, the innovation of cryptocurrencies should be based on a trusted decentralized network. However, Altcoin has failed to establish itself like Bitcoin, in this field.
Various projects in the crypto industry, like Ripple’s XRP, has a low degree of decentralization due to which it becomes doubtful whether such assets can be classified into the same category or not.
Additionally, it can also develop on the second layer, like the Lightning Network. Bitcoin is evolving faster primarily due to the reason that the changes which occur on the second layer do not require agreement among all the Bitcoin nodes.
The most popular feature of Altcoin had also emerged on the Bitcoin network, like smart contracts, privacy, and micropayment.
The goal of Bitcoin network development is primarily to consider the long-term impact of the potential changes made to the network.
The main issue in altcoin innovation is the shortcomings of the new features, which often go unnoticed and ignored. The smart contract platforms also face problems when it comes to scalability and lack of formal verification.
However, on having a closer look at the trends regarding Altcoin, it might able to seize the headlines. This is going to be possible if they can introduce new features. These features should be introduced as fastly as they can so the users can enjoy the benefits of short-term price increases.
The long-term unsustainability has caused by problems such as rising costs of operating full nodes; most of these solutions are not suitable for Centralized system.
The ongoing experiments by Altcoin, which involves real gold and silver, have appeared out as quite interesting. However, many of these systems called “testnet” of those functions that had eventually implemented in the Bitcoin network.