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Evaluating an alt-coin With so many alt-coins out there, how does one decide which ones are worthy of at‐ tention? Some alt-coins attempt to achieve broad distribution and use as currencies. Others are laboratories for experimenting on different features and monetary models. Many are just get-rich-quick schemes by their creators. To evaluate alt-coins I look at their defining characteristics and their market metrics. Here are some questions to ask about how well an alt-coin differentiates from bitcoin: • Is the alt-coin introducing a significant innovation? • Does the alt-coin differentiate sufficiently from bitcoin? • Is the difference compelling enough to attract users away from bitcoin? • Does the alt-coin address an interesting niche market or application? • Can the alt-coin attract enough miners to be secured against consensus attacks? Here are some of the key financial and market metrics to examine: • What is the total market capitalization of alt-coin? • How many estimated users/wallets does the alt-coin have? • How many merchants accept the alt-coin? • How many transactions (volume) are executed on the alt-coin? • How much value is transacted daily? In this chapter we will concentrate primarily on the technical characteristics and inno‐ vation potential of alt-coins, focusing on the first set of questions. Monetary Parameter Alternatives: Litecoin, Dogecoin, Freicoin Bitcoin has a few monetary parameters that give it distinctive characteristics of a de‐ flationary fixed-issuance currency. It is limited to 21 million major currency units (or 21 quadrillion minor units), has a geometrically declining issuance rate and a 10-minute block “heartbeat” which controls the speed of transaction confirmation and currency generation. Many alt-coins have tweaked the primary parameters to achieve different monetary policies. Among the hundreds of alt-coins, some of the most notable examples include: Litecoin One of the first alt-coins, released in 2011, Litecoin is the second most successful digital currency after bitcoin. Its primary innovations were the use of scrypt as the Proof-of- Work algorithm (inherited from Tenebrix) and the faster/lighter currency parameters. 224 | Chapter 9: Alternative Chains, Currencies, and ApplicationsPDF Image | Mastering Bitcoin
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