Whenever there is the utterance of word cryptocurrency, it is obvious to think about Bitcoin. All because it is the first digital currency that became popular when it was launched on January 3, 2009. But if you are inquisitive about delving into the world of cryptocurrency, then you must not limit your knowledge. Being a crypto enthusiast, you should be exploring more other cryptocurrencies, which may not be as famous as Bitcoin, but still one needs to grasp knowledge about them. So check out the list given below about some of the lesser-known cryptocurrencies.
Launched in February 2018, the government of Venezuela issued a cryptocurrency called Petro. Nicolas Maduro, who is known to be the president of the country, proposed the idea about the value of Petro be based on oil, mineral reserves and natural gas in the previous year 2017 in December. The motive behind the launching of the Petro was to persuade people to use the country’s digital currency, rather than to depend on Bitcoin entirely. In other words, you can understand that it was launched to be a better alternative to Bitcoin.
The launch of Petro cryptocurrency was considered to be the opportunity for the investment by the financial community. When Bolivar, the official currency of Venezuela, fall due to high inflation, the government initiated strong demand for a stable currency like Petro. A cryptocurrency review report revealed about the curiosity of Investors about the cryptocurrency. It was regarding the calculation of value and its authenticity.
Coinye or Coinye West is also one of the lesser-known cryptocurrencies. It is a deserted cryptocurrency that faced a legal lawsuit for making mascot resembling Kanye West, a well-known American artist. This cryptocurrency was supposed to be introduced on January 11, but on January 7, the source code of the digital currency was released instead. It was all due to the legal problems it faced. In the year 2014, a Coinye representative declared about the dumping of coins by developers on one exchange and quitted. A text reading ‘’Coinye is dead. You win, Kanye’’ soon made the Coinye shut down.
Unlike other cryptocurrencies, Gridcoin uses blockchain’s computational power for creating coins and use them for advanced research in maths, science, and others. Like Bitcoin’s pseudonym founder Satoshi Nakamoto, Gridcoin was also created by Rob Halford on October 16, 2013. If you are not much abreast of the crypto review report of digital currencies, then let us tell you that Gridcoin minimized the wasting of the computing resources by adopting Proof of Work and Proof of Stake mechanisms.
Ven is also among those lesser-known cryptocurrencies, which many of us may not be aware of. Initially, members of the Hub Culture Social Network used Ven as community currency. Mainly, it is a representative cryptocurrency. The basket of commodities and assets determines the value of it. The trading of Ven is done against big cryptocurrencies. Ven was launched in the year 2017 on the 4th of July by Hub Culture. It was used for trading purposes for goods and services by users of Hub Culture.
Coming on to next is Nxt. Launched in the year 2013, Nxt is a payment network and an open-source cryptocurrency. Just like Bitcoin and Gridcoin, this cryptocurrency was also founded by BCNext, an anonymous software developer. To reach a consensus for transactions, it prefers proof-of-stake. Nxt is a flexible platform where the creation of all financial services and applications takes place.
So these were some lesser-known cryptocurrencies, which becomes unknown for many of us. It is all because most of us are so glued to some significant cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ripple and others. These cryptocurrencies don’t get their share of attention in comparison to these digital currencies, especially the Bitcoin. But if you want to deal with cryptocurrencies, then it is a must for you to know about these lesser-known cryptocurrencies apart from well-known ones like Bitcoin. No doubt, there is no other cryptocurrency that could match up with this leading cryptocurrency. But still, knowing about all cryptocurrencies is not a bad idea.