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Altcoin originally meant \u201cBitcoin alternative\u201d because, in the early stages of cryptocurrency<\/a> development, every blockchain-based currency was seen as a sort of Bitcoin (BTC<\/a>) knockoff. Cryptocurrencies back then were mainly used for payments, such as Litecoin (LTC<\/a>), XRP (XRP<\/a>) and Peercoin (PPC). Altcoin was used as a catchall term for cryptocurrencies other than Bitcoin.\u00a0<\/p>\n That\u2019s changed since 2011. With the emergence of more than 20,000 cryptocurrencies, each linked to different types of crypto projects and tokens. We have also seen the dexterity of coins stretch across sectors of public chains, decentralized finance (DeFi)<\/a>, layer 2, decentralized autonomous organizations (DAOs), stablecoins and more.<\/p>\n If \u201caltcoin\u201d refers to non-Bitcoin cryptocurrencies with the same characteristics as Bitcoin, this definition certainly no longer suits all 20,000.<\/p>\n The evolved definition of an altcoin is now far more pinpointed \u2014 generally referring to an alternative coin within a particular track. Altcoins are often more advanced in technical features or ecosystem applications, but so far, no altcoin has come close to surpassing Bitcoin in consensus, ubiquity, or market capitalization.<\/p>\n So all things considered, does Ether (ETH<\/a>) still fit in this box?<\/p>\n Even Ethereum was first perceived as yet another Bitcoin wannabe in the eyes of investors when it first launched in 2015<\/a> \u2014 so much so that Ether didn\u2019t even land in the top ten cryptocurrencies that same year. At that stage, Ethereum would have absolutely fit the old description of what was considered to be an altcoin.<\/p>\n Shaking off this stigma is another story. Ethereum\u2019s status as the preeminent altcoin emerged from new developments in both the wider crypto ecosystem and its own operational capabilities. Technologically speaking, Ethereum hurdled over Bitcoin to become the first public chain to support smart contracts, essentially catalyzing DeFi.<\/p>\n Related: <\/em><\/strong>Tax on income you never earned? It\u2019s possible after Ethereum\u2019s Merge<\/em><\/strong><\/a><\/p>\n Suffice to say, we have noticed the decentralized application and community aspects of Ether\u2019s growth have created a much more vibrant community. It is not only a currency but also an ecosystem platform. This growth has only compounded from 2017\u2019s initial coin offering (ICO) boom, the DeFi Summer of 2020 and the launch of numerous public chains supporting Ethereum Virtual Machine. By flexing its muscles in diverse applications, Ether has become a viable alternative in forming a legitimate consensus and community support.<\/p>\n Bestowing the altcoin title on Ethereum back in 2015 made sense, but its expansive applications and growth since then make that classification a bit constricting. And, we haven\u2019t even mentioned the Merge yet.<\/p>\n The Ethereum Merge<\/a>, a milestone transition of Ethereum\u2019s consensus mechanism from proof-of-work to proof-of-stake, actually only represented the first step in a six-part process<\/a>. The next steps all aim to enable Ethereum to \u201cprocess 100,000 transactions per second.\u201d<\/p>\n .@VitalikButerin<\/a> claims that #Ethereum<\/a> will be able to to process “100,000 transactions per second”, following the completion of 5 key phases:<\/p>\n \u2022 The Merge A quick breakdown of what each stage means for $ETH<\/a>. pic.twitter.com\/FnaWww8mHZ<\/a><\/p>\n \u2014 Miles Deutscher (@milesdeutscher) July 22, 2022<\/a><\/p><\/blockquote>\n While the Merge changed several things for the better \u2014 including a sharp drop in energy consumption and heightened security \u2014 investors did not expect an immediate price boost. Instead, it merely laid the groundwork for further infrastructure that could solve its problems in the years to come.<\/p>\n We can also expect that part of this infrastructure will include more revolutionary currencies to emerge as market challengers to Ethereum and Bitcoin. Though ETH holders now have their sights set on a potential flippening, in which the ETH market value overtakes that of BTC, to truly kill the altcoin classification once and for all, it doesn\u2019t mean the gates are closed to other blockchain players. After all, cryptocurrency is not meant to be an oligopoly.<\/p>\nEthereum\u2019s shifting altcoin status<\/h2>\n
The game changer<\/h2>\n
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\u2022 The Surge
\u2022 The Verge
\u2022 The Purge
\u2022 The Splurge<\/p>\n