In 2008, a mysterious particular person claiming to be Satoshi Nakamoto printed a groundbreaking paper titled “Bitcoin: A Peer-to-Peer Digital Money System.” This paper first launched the idea of Bitcoin and defined the precept of mining, the place individuals want to resolve a computational downside: discovering a hash worth that’s lower than or equal to the goal worth set by the community. This course of includes the SHA-256 hashing of block header info.
he robust encryption functionality of the SHA256 algorithm has laid a stable basis for the safety and immutability of Bitcoin. On the identical time, the distinctive benefits of the SHA256 algorithm have additionally made it a benchmark for the design of many subsequent cryptocurrencies.
For miners, specializing in these cryptocurrencies that use the identical algorithm has a profit: they’ll mine utilizing common ASIC Miners. The compatibility of this {hardware} permits miners to change between totally different cryptocurrencies utilizing the identical algorithm, offering extra versatile mining choices and prospects for technique adjustment.
This text will stock cryptocurrencies aside from Bitcoin that use the SHA256 algorithm and their respective distinctive options.
01 Bitcoin Money(BCH)
The delivery of BCH originated from a serious disagreement throughout the Bitcoin neighborhood over the problem of community scaling. This disagreement ultimately led to Bitcoin present process a tough fork on August 1, 2017, ensuing within the creation of BCH. BCH retains a lot of Bitcoin’s elementary traits, together with the SHA256 algorithm. Nonetheless, BCH has made changes to the block dimension, aiming to extend transaction velocity and scale back prices, making it extra environment friendly in dealing with a lot of small transactions.
Different info
Official Undertaking Web site: https://bch.data/en/
Market Cap Rating: #19
The Newest Value: $261.58
Assist Mining Pool: ViaBTC, AntPool, BTC.com, and others.
02 eCash(XEC)
eCash (XEC) was previously often known as Bitcoin Money ABC (BCHA), a product of the Bitcoin Money (BCH) arduous fork, retaining the SHA256 algorithm. On July 1, 2021, Bitcoin Money ABC underwent a model improve, formally renaming to eCash, with its token BCHA present process a break up at a ratio of 1:1,000,000, altering the token identify from BCHA to XEC.
The objective of eCash is to change into a extensively used digital money system, not solely well-liked amongst cryptocurrency lovers but additionally engaging to bizarre customers and retailers. It emphasizes ease of use, low-cost transactions, and enhanced privateness, aiming to advertise the widespread adoption of digital forex globally.
Different info
Official Undertaking Web site: https://e.money/
Market Cap Rating: #107
The Newest Value: $0.00003264
Assist Mining Pool: ViaBTC, Mining Dutch, Zpool, and others.
03 Namecoin(NMC)
Namecoin, as one of many earliest cryptocurrencies following Bitcoin, was launched in 2011. Its core code is constructed upon Bitcoin’s basis and inherits the SHA256 algorithm utilized by Bitcoin. Nonetheless, what units Namecoin other than Bitcoin is the introduction of a number of distinctive options and modern enhancements, making it not only a digital forex but additionally increasing its software scope and technical traits.
Though the market’s consideration to Namecoin has steadily decreased for numerous causes, Namecoin nonetheless holds important significance and reference worth by way of technical implementation and historic growth. Moreover, a notable characteristic of Namecoin is its assist for Merged Mining with Bitcoin. This implies miners can mine each BTC and NMC concurrently, utilizing the identical hashrate to earn rewards in each cash. At present, ViaBTC Pool presents such an incentive mechanism: Mined 1 BTC and get 1 NMC for FREE.
different info
Official Undertaking Web site: https://www.namecoin.org/
Market Cap Rating: #1114
The Newest Value: $0.4599
Assist Mining Pool: ViaBTC, AntPool, and others.
04 SYScoin(SYS)
SYScoin first appeared in 2014 as a blockchain mission that added some new options to the Bitcoin protocol. Its essential objective is to supply a decentralized platform for industrial purposes by integrating blockchain know-how, thereby simplifying transactions and lowering prices.
Probably the most notable characteristic of Syscoin is that its platform efficiently merges the core strengths of Bitcoin and Ethereum. Its Layer 1 consensus mechanism is predicated on Bitcoin’s SHA256 Proof of Work (PoW) mannequin and helps Merged Mining with Bitcoin. As an example, ViaBTC Pool presents rewards: Mined 1 BTC and get 5 SYS for FREE.
By evaluating the hashrate of Syscoin with that of Bitcoin, we discover that normally over 55% of Bitcoin’s hashrate can also be contributing to Syscoin. This shared hashrate not solely enhances the safety of the Syscoin community but additionally strengthens its stability.
Different info
Official Undertaking Web site: https://syscoin.org/
Market Cap Rating: #373
The Newest Value: $0.1378
Assist Mining Pool: ViaBTC, Mining Dutch, and others.
*The quoted worth information is predicated on the info supplied by CoinMarketCap on February twenty second.
Along with those talked about above, there are a lot of different cryptocurrencies utilizing the SHA256 algorithm, comparable to MicroVisionChain (SPACE), Digibyte (DGB), and Ergon (XRG). Though these cash aren’t as well-known as Bitcoin, they nonetheless have a sure affect in particular fields and communities.
About ViaBTC
ViaBTC, based in Could 2016, has supplied skilled, environment friendly, secure and secure crypto mining companies for over a million customers in 130+ international locations/areas world wide, with a cumulative mining output worth of tens of billions of {dollars}. This world-leading, all-inclusive mining pool presents mining companies spanning greater than ten mainstream cryptos that embody BTC, LTC, and KAS. Backed by one-stop companies protecting ViaBTC Pool, CoinEx Trade, and ViaWallet, ViaBTC strives to supply international customers extra supporting instruments, stabler and extra environment friendly mining companies, in addition to higher product expertise.
Disclaimer: This can be a paid put up and shouldn’t be handled as information/recommendation.
