Brett Collins. This is same as NEO ico, POLKADOT ico, raiden ICO, and probably others I forgot about. This is going to be a expensive coin and all the ico money goes to the upkeep of the coin. Then only thing the developers pocket is 2 million coins. These coins will isntantly be worth $1000. This is so whales don’t buy them all at once and the longer people hold out the cheaper they get. They only sell for 2 eth if people are willing to pay 2 eth per coin. Experienced ico investors and crypto investors know all about dutch auctions and the only people willing to pay the 2eth are those who rush it
The most popular cryptocurrencies | Photo:
People talk about Cryptocurrency like they understand what it is, but in the real sense, they don’t. Not long ago many financial institutions were investing in research about Cryptocurrency.
In this guide, I am going to explain to you what Cryptocurrency is, its origin, and how it works, and also why you should use it. I will also introduce some of the famous Cryptocurrencies.
What is Cryptocurrency?
I could tell you that Cryptocurrency is the future money, or do I say the next generation currency? And yes, it is the future of currency, if anyone understands.
Cryptocurrency is a type of digital currency or money that was designed to be highly secure and mostly anonymous. While using Cryptocurrency, you can rest assured that your transactions are safe, and your address, unlike in a bank account, can never be compromised. No threat of hackers.
The Origin of Cryptocurrency
Not everyone knows this, but Cryptocurrency was born as a result of another invention’s error, to say it the most straightforward way possible. The inventor of the very first, and still the most famous form of Cryptocurrency, the bitcoin, never intended to create a currency.
In 2008, Satoshi Nakamoto, the name used by the unknown inventor, or inventors of bitcoin said that he was developing a “Peer-to-Peer” electronic system of transacting with cash to avoid double spending.
Succeeding in his invention and creating a decentralized transaction system, Satoshi managed to do something that many people failed to accomplish in the nineteen nineties. It was a one of a kind invention that is going and has already started revolutionizing the way we transact.
Satoshi had watched as many inventors tried and failed miserably to create a centralized digital cash system. We’d say that he didn’t want to fall into the same pit, so he used a different route. As they say, if you’re going to achieve different results, you must change the formula. So Satoshi decided to develop a decentralized system, which led to the birth of Cryptocurrency.
For a digital cash transaction to take place, there needs to be an account, owned by someone, and with sufficient balance. These accounts are controlled from one central server, in which all account details including balances and past transactions are kept. You as the account holder have no control over it.
The main aim of creating a digital money system was and still is to eliminate double spending by the entities, and to give the world control of their money and the power to control how they transact. This proved unachievable with the centralized server system.
But Cryptocurrency made it possible.
In a decentralized system, there is no need for a central server. It is Peer-to-Peer, to simplify the statement. Every peer in the network has a list of all the transactions. And they have the power to check and approve a purchase by ensuring it is secure, and that there’s no attempt of double spending.
For a transaction to be valid, there needs to be a consensus among the peers. If they do not have an agreement, the central server has to find a way to bring the accord in place, for that transaction to be confirmed.
That is for a centralized server system.
So, how is it possible to achieve a consensus where there is no central server? Satoshi Nakamoto made it possible through Cryptocurrency. Many didn’t think it could be possible. He designed the system in that transactions are confirmed not because there’s a consensus, but if they match.
How Does Cryptocurrency Work? How Are The Transactions Confirmed?
Here is the mechanism that governs the world of Cryptocurrency.
Any Cryptocurrency like the Ethereum or the bitcoin is made up of a network of peers. All the past transaction records are distributed to every peer on the network. They can view every account detail on the blockchain.
To define a Cryptocurrency transaction, let’s say Sam transfers 100 Bitcoins to Nzilili. Sam will sign with his public private keys (public key cryptography) to complete the transaction. After he signs, the transaction details are passed from his account to every other peer on the network that is called Peer-to-Peer transaction. The peers approve the transaction, and a miner confirms it. Then Nzilili will have his Bitcoins in his wallet.
The details are passed throughout the network immediately after signing. In real-time. The confirmation, however, takes some given amount of time before it’s concluded. Cryptocurrency transactions are considered incomplete if they’re not confirmed. And it is only a miner who can confirm the blockchain transactions.
Now, after the confirmation, which can only be done by the miners, the transaction becomes a stone, or rather a block. It becomes a part of past immutable transactions. The transaction (block) joins the blockchain, and you cannot change it. No one can, not even the miners. Even Satoshi, the creator of bitcoin cannot reverse a transaction once it has been confirmed.
To show the peers on the network that a transaction is confirmed, the miners stamp it as legit and spread it to all the nodes, (computers on the system). Every node adds this block to its database, and it now becomes a part of the blockchain.
The system rewards the miners for confirming the transaction, which we can say it’s the most important and critical part of the Cryptocurrency transaction, with a token of the given Cryptocurrency, for example, Ethereum or bitcoin.
Can You Be a Miner?
Super Powerful Computers used in bitcoin Mining
The most valid answer to this question is yes! Everyone can be a miner. This is principally explained by the fact that the Cryptocurrency system delegates this task to no one specifically. It is a decentralized system, and so there’s no central authority to govern its functionality.
However, due to the absence of a central entity governing the system, Satoshi Nakamoto put in place a defensive mechanism to ensure that no single ruling body could misuse the system. Take for example a situation where a given entity forges thousands of transactions and spreads them to peers he created.
The Cryptocurrency system would crash immediately.
So to make sure that this never happened, Satoshi put in place some set of rules, or rather a state that miners had to invest some work on their computers.
The miners need to find a product of cryptographic function that connects the new block with its predecessor. The cryptographic product is called a Hash.
This process is called the Proof-of-Work.
You don’t have to understand much about the Proof-of-Work mechanism; it is right for you to note that it is the foundation of the cryptologic puzzle that miners strive to solve to win the token rewards.
Once a miner finds a solution to a puzzle, they can now convert it into a block, and it qualifies to become a part of a blockchain.
In bitcoin, the cryptologic puzzle is called SHA 256 Hash algorithm. After solving this puzzle, the miner gets the rights to create a coinbase transaction, which in return gives them a given number of Bitcoins.
This is how the Cryptocurrency mining is done, and it is only after solving the SHA 256 puzzle that you can say that you’ve created a valid bitcoin.
Now, the investment comes in in this way. For you to be able to solve this cryptographic puzzle, which is relatively complicated, you need a super powerful computer. There is also a specific amount of tokens you’ll manage to mine in a given time.
Satoshi didn’t leave a loophole for any peer to bypass this rule, and so only a few of them can manage to do the mining first hand. The super powerful computers are quite expensive, and not everyone can afford one. For this reason, many Cryptocurrency traders are just but brokers, buying and selling.
Why Would You Prefer Cryptocurrency To Fiat Currency?
If you paid close attention to bitcoin, as one of the most popular Cryptocurrencies, is more of money than what you have in your ordinary bank account as a balance. Your bank account balance is just but entries you see in a database. And the database is controlled, mostly by people and rules you do not know. Don’t be shocked to find out that even the person you deal with in a bank knows nothing about the rules governing your money either.
Cryptocurrency is different, transactions are carried out on a decentralized system, with no single entity charged with the overall control, and there are no rules. Trades are executed by match, rather than the set of rules in conventional banks.
Let us look at some of the reasons why you should prefer Cryptocurrency over the fiat currency. We will look at the outstanding properties of Cryptocurrencies.
1. Fast and Borderless
Transactions are executed almost in real time. The miners take a maximum of two minutes to confirm a transaction. Since the blockchain is a connection of many nodes (computers) from all over the world, your geographical location has total zero effect on your transaction. You can buy from a buyer in the UK while in Kenya, without having to incur currency exchange rates.
2. Irreversible
Once the transaction is stamped legit, it becomes entirely immutable. No one can reverse a transaction once it has been confirmed. Not the miner who approved it, and not even Satoshi Nakamoto who invented bitcoin, one of the most popular Cryptocurrency.
3. Secure
Cryptocurrencies are locked safely using a cryptography system using public cryptographic keys. If you do not own that wallet, you cannot transfer Bitcoins from it. Period. Cryptocurrency addresses use strong cryptography and vast numbers that make it impossible even for highly skilled hackers to break the scheme.
You can worry about aliens attacking the planet earth than someone compromising your bitcoin address.
4. Pseudonymous
This is my favorite transactional property of Cryptocurrency. There is nothing that links me to my Cryptocurrency transactions. Not even the address. I can send Bitcoins to my next door neighbor, and he will not know if it was me who sent them.
5. Permissionless
There is no gatekeeper in Cryptocurrency. You do not need to ask for permission from anyone. It is just a software that anyone can download, install on their computer, and start transacting. Anyone can send and receive Bitcoins or any other Cryptocurrency.
The Most Popular Cryptocurrencies
The Cryptocurrency has had such a massive impact on the global economy that even Satoshi Nakamoto wouldn’t dare dream of. We can say it is mostly due to its revolutionary properties that are overthrowing the fiat currency.
Although bitcoin was the very first Cryptocurrency to see the world, there have emerged many other Cryptocurrencies. Some have become overly popular, while others are still struggling to stand their grounds.
Below are some of the common ones against their current value in US Dollars.
1. bitcoin — $6,846.92
This was the first Cryptocurrency which was invented in 2009 by an anonymous guru — Satoshi Nakamoto. It is also the most traded globally. Satoshi is also the same person who created the bitcoin blockchain.
2. Ethereum — $ 380.78
This comes number two after bitcoin both in value and popularity. The Ethereum blockchain was created in 2015 by Vitalik Buterin and uses a currency token called Ether. Ethereum is popularly known for its flexibility that allows developers to create other chains out of it. We can call it a blockchain launch pad.
Ethereum can not only be used to process everyday transactions, but it can also be used to facilitate other complex contracts and programs. It is used mainly to develop crowdfunding programs.
3. Litecoin — $118.52
This was among the first Cryptocurrencies that came after bitcoin. It is referred to as the silver if bitcoin is the gold. It is similar to bitcoin in design but developed a little faster to give way to more innovations.
Litecoin has developed to allow for faster payments, and accommodate more transactions.
4. Ripple — $0.4924
Ripple was invented in 2012, and it is used not only on Cryptocurrency transaction tracking, but it also serves in many other sectors including banking.
Unlike other Cryptocurrencies where a value is stored and exchanged, Ripple serves more as a token that protects the systems against spam.
We can say it is the most hated, and less popular among Cryptocurrencies. Many refer to it as “no real” Cryptocurrency.
To Sum Up, We Would Say that….
The Cryptocurrency market is growing wildly fast. There is a new crypto-invention nearly every day. Those who adopt new inventions early enough get rich, while late investors lose their money, not always though.
The market is dirty.
But that fact doesn’t mean that Cryptocurrency is going anywhere, no, it is here to stay.
Cryptocurrencies are revolutionizing the world. It’s already happening. People are converting their fiat currency to Bitcoins to avoid the devaluation in the event o currency fluctuation in the future. Many sectors are adopting blockchain to enhance service delivery.
Cryptocurrency is changing the world. Banks and other financial institutions are losing control. They don’t like it, but they have no other choice.
Every invention comes with a revolutionary promise, but only a few survive the test of time.
You now understand much about Cryptocurrency, and what it can do. You can either be a part of the change it is bringing to the world or stand aside and watch.
Blockchain in Healthcare
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Robin Fan is an early bitcoin & ethereum miner and adopter, a leading…
PERSONAL INTRODUCTIONS
Robin Fan is an early bitcoin & ethereum miner and adopter, a leading blockchain advocate & active member of local blockchain community.
A Technology/Digital enthusiast and a seasoned professional with years of experience in infrastructure operations, consulting and innovation of the ICT industry.
As a avid advocator to eliminate inefficient systems ,Robin has recently made the move into blockchain entrepreneurship after nearly a two decades working in the technological sector as an technology professional and with several startups under his wings. He is currently mentoring a young tech-startup in the virtual reality space.
Robin studied marketing and majored in organizational psychology with a deep interest in behavioral economics and a member of ACCESS Singapore.
Robin strongly believes we are in a 4th Age of Industrial Evolution that changes the future of work and society, and is tirelessly working towards building more egalitarian global society through education and empowerment. Knowing one day we will move towards a better sustainable governance model with more transparencies.
Robin is deeply involved in blockchain public use cases and cryptocurrency space especially those deep technological platform. He analyzes and advises various ICOs/token offerings projects from a technological perspective & its social impact.
Robin is a avid believer in the future of cryptocurrencies and the token economy. By removing many incumbent hierarchical orders & intermediaries, Robin strongly believes decentralization is here to build a more efficient economy and solve many real-world problems, in particular, and in society, generally.
Besides blockchain, Robin is also enthuse about learning & sharing about other new emerging technologies such as AI, IoT, Data Science & Robotics. He is very excited about how these technologies, which can be meshed together, can be used to make our society fairer.
Current Topics of Interest : Token Economics , Digital Asset Security & Privacy.
You may have heard about Ethereum and wonder what it is all about. This is a type of crypto-platform platform that has been developing since 2013. This new form of compensation is becoming more and more popular as an electronic means of rewarding goods or services. The Ethereum platform is open source so it is accessible to the public. It is based on block technology and offers a virtual machine capable of performing scripts through the use of an internal node network. In addition, it gives you coins that are a form of crypto-gravity. Coins are called “ether”. You can interpret it as money if you want it because it has a similar, though not accurate, value. If you are not familiar with the development of cryptoLight platforms, the whole process may seem complicated, but you can be informed as it quickly catches people and can be something that deserves your attention.
Here are ten things you may not know about Ethereum.
1. Ethereum was funded through so-called “crowdfunding” (group funding).
Vitalc Buttern is a researcher in the crypto-lite, as well as a battler programmer. He had the idea of ”Ethereum” by the end of 2013, but he did not have enough resources to make his idea a reality. As many artists are doing these days, it has turned to a kind of group funding to get the capital needed to further develop the program and launch the distribution. His project was successful in online public sale in July-August 2014. The program was completed and delivered by July 30, 2015.
2. Ethereum has achieved impressive advances in the development
The Ethereum Alliance, known as the EEA, is a collaboration of many block start-ups. Also joined by Fortune 500 companies and research groups. It is a non-profit organization that consists of 116 members of the enterprise. The organization has been developed to coordinate the further development, distribution, and use of the permitted version of Block Ethereum in the industry.
3. Ethereum is supported by large businesses
Some of the world’s leading corporations joined the EEA and supported “further development.” Some of the most famous companies are Samsung SDS, Toyota Research Institute, Banco Santander, Microsoft, J.P.Morgan, Merck GaA, Intel, Deloitte, DTCC, ING, Accenture, Consensys, Bank of Canada and BNY Mellon.
4. Security is the top concern of the company
Whenever you deal with a cryptoLogic system, security is a top priority. While exceptional measures have been taken to strengthen the integrity and protect the platform from intruders, hackers are constantly trying to penetrate security mechanisms and gain access to their own destruction. There have been no such cases, and the company is vigilant in maintaining the safety standards and improving them accordingly.
5. The change will be the constant for Ethereum
Some EEA members have indicated the need to continue investigating hybrid architectures that could anchor private blocks to Ethereum’s public block. This would help to expand the future platform, making it easier to add additional blocks that would help potentially exponential growth. These are their plans for the future of the platform.
6. EEA expresses concern about servility
Since this type of environment is constantly changing, there is a danger that the expansion of the platform and the inclusion of additional anchors on a block will cause problems with servility. The real concern comes from the inclusion of permitted and seamless blocks when the bridge is made. Much work still needs to be done by the participating research organizations as well as by the engineers who create the drawings that will “conduct” the behavior of the platform.
7. Undertakings to be addressed
EEA is working on the creation of open source reference standards, along with private “authorized” versions of the block, which will cover various stakeholders in automotive, consulting, management, healthcare, technology, pharmaceuticals, entertainment, mobile and other industries. Ethereum developers are currently taking part in the discussions and plans for progress on these projects.
8. Ethereum started as the paper
When Vitalic Butterin had the first idea of the Ethereum platform, he described it as “white paper”. He “puts on the table” a lot of experience in the bitcoin industry, actually worked as a programmer. It starts with building decentralized applications.
9. Butterin had to fight to make his way
Vital Buchterin initially stood behind the argument that bitcoin requires scripting language to develop an application. There was a disagreement with the core team of Ethereum, and although he was opposed to his idea, he ventured to develop a new platform that included scripting language that was more common. The project started in 2014 through the Ethereum Switzerland, a nonprofit foundation.
10. The scale was the real concern
Ethereum has shown to the world that the use of the digital currency can work very well. Initially, technological developments were so impressive that they brought a lot of praise and support, but EAA still had concerns about the scale of the platform. From what we have so far touched, the issues related to the various aspects of vulnerability created by expansion are currently being explored by several groups of professionals who are dealing with problems before the project starts.
