Altcoin

All cryptocurrencies other than bitcoin that come from any blockchain protocol are known as altcoins. Their innovation marks an attempt to improve Bitcoin by controlling things like the total supply of coins, confirmation times, and the mining algorithm ncluded in altcoins

Generally, the same framework is used to create altcoins like Bitcoin but with advanced features including advanced mining process, cheaper or faster transactions. However, different altcoins may have overlapping characteristics but when compared to each other, they present different variations.

Litecoin, OKCash, Dogecoin, and Zcash are popular
The cryptocurrency that stands supreme among all is Bitcoin. Most altcoins work like clones of bitcoin but there are some differences. Some of these include distribution methods, transaction speed, hashing algorithms, etc. All altcoins are not invented just because of business decisions to encash market trends but have some purpose.

Some alternative currencies are invented to solve some specific problems. For example, there are some coins that are useful for buying hosting and domains. There are some coins that are only used for adult content.

Ideally, altcoins should be developed for the purpose of solving some specific problem and not just to collect money and route like the pattern that other currencies are following. However, there are several altcoins in the market that are performing exceptionally well. These include Neo, Ripple, Ether etc.