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The first alt-coins appeared in August of 2011 as forks of the bitcoin source code. Strictly speaking, the first major fork of bitcoin’s code was not an alt-coin but the alt-chain Namecoin, which will be discussed in the next section. Based on the date of announcement, the first alt-coin appears to be IXCoin, launched in August of 2011. IXCoin modified a few of the bitcoin parameters, specifically accel‐ erating the creation of currency by increasing the reward to 96 coins per block. In September of 2011, Tenebrix was launched. Tenebrix was the first crypto-currency to implement an alternative Proof-of-Work algorithm, namely scrypt, an algorithm originally designed for password stretching (brute-force resistance). The stated goal of Tenebrix was to make a coin that was resistant to mining with GPUs and ASICs, by using a memory-intensive algorithm. Tenebrix did not succeed as a currency, but it was the basis for Litecoin, which has enjoyed great success and has spawned hundreds of clones. Litecoin, in addition to using scrypt as the Proof-of-Work algorithm, also implemented a faster block generation time, targeted at 2.5 minutes instead of bitcoin’s 10 minutes. The resulting currency is touted as “silver to bitcoin’s gold” and is intended as a light- weight alternative currency. Due to the faster confirmation time and the 84 million total currency limit, many adherents of Litecoin believe it is better suited for retail transac‐ tions than bitcoin. Alt-coins continued to proliferate in 2011 and 2012, either based on bitcoin or on Li‐ tecoin. In the beginning of 2013 there were 20 alt-coins vying for position in the market. By the end of 2013 however, this number had exploded to 200, with 2013 quickly be‐ coming the “year of the alt-coins”. The growth of alt-coins continued in 2014 with more than 500 alt-coins now in existence. More than half the alt-coins today are clones of Litecoin. Creating an alt-coin is easy, which is why there are now more than 500 of them. Most of the alt-coins differ very slightly from bitcoin and do not offer anything worth study‐ ing. Many are in fact just attempts to enrich their creators. Among the copycats and pump-and-dump schemes, there are however some notable exceptions and very im‐ portant innovations. These alt-coins take radically different approaches or add signifi‐ cant innovation to bitcoin’s design pattern. There are three primary areas where alt- coins differentiate from bitcoin: • Different monetary policy • Different Proof-of-Work or consensus mechanism • Specific features, such as strong anonymity A graphical timeline of alt-coins and alt-chains can be found at http://mapofcoins.com. Alt-coins | 223PDF Image | Mastering Bitcoin
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