Top Proof Of Work Coins

In the world of cryptocurrency, different digital assets are divided by a consensus mechanism, a way to settle transactions to ensure crypto payments are authentic and not duplicated. There are two consensus mechanisms named ‘Proof of work (PoW) and Proof of stake (PoS).’ However, in today's blog, we shall be discussing the top four "Proof of work (PoW)", the most popular mechanisms that may prove a wise strategy if one chooses to invest in proof of work.

What is the top best proof of work cryptocurrency to buy?

With time, a lot of digital currencies like Bitcoin, have entered the market, which has induced investors to invest. But it is important to have a proper idea about the currency you are thinking of investing in. In this extract, we will give detailed information about the top four proof-of-work coins along with their market capitalization value in 2022, which will make it easy for you to figure out where to invest your money. Let’s get started:

• Bitcoin (BTC): It is a decentralized transaction crypto, which has proved to be one of the best proof-of-work cryptos ever introduced on the planet. It has a market capitalization of around $353 billion and a weekly volume of $296 billion.
• The best thing about Bitcoin is that anyone across the world can invest in this decentralized currency, and without the intervention of a third party, it can easily be sent around the globe. 1

Bitcoin price in INR is around ₹18,47,341.20. It was the first cryptocurrency developed to use a proof of work consensus mechanism and has the largest market capitalization.

• Dogecoin (DOGE): Another proof of work cryptocurrency is Dogecoin. It is an immensely popular crypto that gave the world the meme coin trend. It is also known as a "world-famous meme coin." This cryptocurrency utilizes the proof of work consensus mechanism to validate transactions. It quickly settles the transaction in comparison to other proof of work blockchains, as Dogecoin has a minute block time.

Talking about the market capitalization value, it is around $7.4 billion, with a weekly volume of $2.5 billion. It has been earlier brought into limelight by Elon Musk but gradually it has made its loyal trust across the world and become a very popular digital asset. With platforms like WazirX, investors can convert dogecoin to INR with ease.

• Ethereum Classic (ETC): The hard fork of Ethereum’s network resulted in the division of two blockchains and the formation of ethereum classic. Talking about the stats of July 2022 to August, it has reached from $13 to $44. However, after that, its value also went down, but there is a good chance that it will rise again. It has a $3.8 billion market capitalization value and weekly volume is around $19.1 billion.
• Litecoin (LTC) : It is one of the oldest cryptocurrencies, having entered the market in 2011. Comparing the number of transactions to those in Bitcoin, Litecoin’s network handles a higher volume of transactions due to its more frequent block generation. As this platform uses proof of work, it allows anyone with sufficient hardware to add blocks to its blockchain. Miners who identify transactions are rewarded 12.5 LTC per block.

It has a market capitalization value of $3.6 billion, and its weekly volume is around $4.3 billion. Traders from India must be interested in knowing the Litecoin Price in INR, so 1 LTC is equal to ₹7,235.59. Being considered a Bitcoin alternative by the crypto community, it has become one of the best altcoins to invest in.

Conclusion

Throughout the content, we have discussed the best proof of work coins in the market along with their valuation in INR. It is highly recommended to invest in proof of work as it offers the most room for growth. However, in case you have any queries regarding the cryptos we have mentioned, do let us know.

Rea Setia is an passionate writer. She loves to share business tips and her experience about industry.