A Cryptocurrency, as defined by Wikipedia, “is a currency that uses cryptographic processes as a source of security.” More specifically, it is a type of currency that is controlled by its owners rather than by governments. It is different from conventional money in that there is no central bank to back up the currency. All the currency acts as virtual currency agents. This also means that there is no physical money to be physically present with. This has caused some to label all forms of cryptosporms as “anarchy” since no government can back them up.
What makes a good open source protocol for a cryptocoin is its long-term viability. An underlying problem with mainstream cryptocurrences like credit cards is that they have long-term upkeep requirements on their code. For instance, every time you swipe your card at a restaurant and pay with plastic, a transaction is recorded in your financial history, and that transaction may be subject to possible penalties if you happen to be a greaser that was caught red-handed. A more secure alternative would be a Cryptocurrency like a smartphone that could run on its own secure background, keeping away from the risks of transaction recording and possible data corruption. Since smartphones already have internals that can run various applications, running an application on a smartphone would not pose any problems. A solution for this problem may be arriving soon.
Unlike typical cryptocurrences that require large amounts of storage like a traditional wallet, most cryptocurrencies are stored as proofs of computations rather than as physical entities. Meaning, an amount of coins exists on the blockchain as an example, which is an un-alterable public record of past and present transactions that happen on the system. This gives the user a super-efficient and highly secure way to transact on the system. It is also more secure than relying on a centralized bank since there is no third-party monitoring transactions and guaranteeing that they are honest.
Presently, the three most widely used cryptokysts are Dash, Zcash, and Litecoin. While these names may be new to you, they are well known to enthusiasts of the cryptocurreness. They have each one distinct feature that sets them apart from other cryptocurrencies. For instance, Dash is the token used in the digital cash transactions facilitated by the Dash network. Cash is the fastest growing private keyless anonymous transaction technology today while Litecoin uses the proof-of-work system it created to ensure that the value of its cryptocurreness does not get changed.
The future of these technologies is unknown, but there is one that is worth watching. One such future is the Metaverse, which combines the benefits of the chains with the ability to track digital currencies on the fly. This allows users to instantly know what digital currencies are exchanging hands and to take advantage of opportunities like arbitrage opportunities that arise when two different currencies are paired up. This also has the added benefit of making it easier to follow large-scale trends and implement forex strategies for larger chunks of currencies. The combination of the chain and the tracking capabilities of the Metaverse could make the Metaverse a powerful, yet entirely novel form of decentralized internet technology.
There are a number of ways in which you can get started with the above technologies. Some of the most popular ones include: Getting a cold-pressed coconut oil based wallet like the Electrum wallet. Getting an ethernet-based wallet like the Shape shift network. Getting a cryptocurreness like Shape shift or PeerTrace. Getting a Dash wallet
