Bitcoin was the pioneer cryptocurrency as it brought us the blockchain technology that is revolutionizing the world as we know it. There are, however, a few incredible innovative altcoins with amazing goals. Here are a few of the most innovative cryptos you need to know about.

5. Steem

Steem is a cryptocurrency that is generated through the creation of content in a blockchain-based social media platform called Steemit, in which everyone can earn simply by creating and curating content. This means the cryptocurrency may, for some, be a way earn extra cash, while for others it may be a way to monetize growth. New artists, for example, can use it as a platform that helps them support themselves.

4. NXT

NXT is a proof-of-stake cryptocurrency, meaning all the coins were created at the beginning and that it doesn’t need an incredible amount of computational power to generate blocks. Instead, it uses an algorithm based on the amount of coins already in the NXT network, and opening you wallet grants you a chance to get proof of stake rewards.

Its code is unique, and NXT’s creators even call it a cryptoplatform instead of a cryptocurrency, as it supports a system that allow an infinite number of third-party applications to be created on top of NXT, creating a whole ecosystem around it.

3. Ripple

Ripple wants to do for money what email did for communication. Ripple is both an open-source payments system that wants to help people break free from financial networks who restrict access with fees, and a digital currency used within that network. With Ripple, financial transaction fees can be reduced to almost insignificant amounts, and settlements are almost instant.

These characteristics drew in a wide variety of investors, including Google Ventures. Ripple itself, the cryptocurrency, differs from others as it is pre-mined. Nevertheless, it has already been adopted by a few major financial institutions.

2. Monero

Monero, a cryptocurrency under the CryptoNote platform, takes financial privacy seriously. Transactions aren’t traceable at all, and that means those who do value their privacy can feel safe when using this cryptocurrency. So much so, darknet markets such as AlphaBay have already adopted Monero, which led to a surge in its popularity. Furthermore, this cryptocurrency is optimized for CPUs instead of GPUs, which makes it easier for amateur miners to get involved.

1. Ethereum

Ethereum is currently the second biggest cryptocurrency out there. Its platform is a blockchain-based decentralized virtual machine called the Ethereum Virtual Machine (EVM), in which people can create decentralized applications (DApps), and in which Gas is used to properly allocate resources in the network.

In the platform, social networking systems that give power to users, online voting and distributed governance tools, and even fully transparent financial applications can be created. Resources in it are paid for in Ether.

The Ethereum project aims to do for human collaboration what the internet did for information, as some of the best uses it can have are still far beyond our imagination, just like Facebook and YouTube were far from people’s imagination when the internet came to be.

If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.