The 21st-century unicorn versus the money of the future!
A global phenomenon, geeky but sophisticated, you won’t find a major bank, firm or high-end software company who aren’t up-to-date on their Cryptocurrency lingo. So, what is Cryptocurrency and where did it emerge from? -Satoshi Nakamoto, the unknown inventor of Bitcoin started the trend as a side product for another invention, though it was never actually intended to become a currency, its announcement in 2008 was heralded as a step towards “A Peer-to-Peer Electronic cash system” succeeding where many others had failed to do so.
But to strip it back further than that; Cryptocurrencies are by definition ‘limited entries into database no one can change without fulfilling specific conditions and how is that so different from the typical electronic banking of today? Money is about a verified entry into a database of some sort which can only be changed or edited depending on the met criteria or variables- the difference is that instead of having physical cash or assets, the Cryptocurrency lives online! With cryptography, the entries into the databased are secured with math rather than people and avoid the ‘double spending’ issue (sending one asset to multiple people) by forming restricted network entries.
Entries themselves are what represents Cryptocurrency and this is where nodes and miners come in. Cryptocurrencies are formed by the network to incentivise peers (nodes/miners) who in turn work to secure the network and check entries, each network is individual and has a unique way of generating and distributing itself to peers. Miners solve the next ‘block’ of entries-The ‘solving’ is finding a hash that connects the new block with the old one and continues the construction of the network a.k.a a ‘Blockchain’. The block represents the entries and the chain represents the hash. Hashes by comparison are a type of crypto-logical puzzle like a Sudoku puzzle in which peers or ‘miners’ can connect the blocks.
Most Cryptocurrencies follow the same rules and so the following applies to most;
-They’re irreversible,
- Anonymous
-Fast and globally accessible
-Built to be very secure
-They have a controlled supply limited to their network
So why after all this should you be looking at Electroneum? Electroneum is a currency developed to enable anyone; no matter their technical skill-set; to access Cryptocurrency easily! Install the Electroneum app and within minutes you’ll see Electroneum currency added to your paper wallet via the unique mobile miner, without having to start out with specialist equipment. Unlike other well-known companies such as Bitcoin or Ethereum; Electroneum works entirely from a free app!
Electroneum’s unique features make it far more accessible for the average person, not only does it provide the same level of security and access you would expect from Bitcoin e.t.c; it also gives instant access to Electroneum with no card details or ID!
The future market of cryptocurrencies is vast and full of potential, every day new currencies emerge, perhaps even one day Cryptocurrency may gain in its legitimacy as protocol for business transactions, micro payments and much more. Many consider Cryptocurrency the way out of escaping capital control-Is Cryptocurrency the hedge we need against fiat turmoil and inflation? Perhaps. But we can be sure of one thing, Cryptocurrency is here to make its mark as a revolutionary against monetary policy and we’re excited to see where it leads.
For more information on Electroneum and how you can get involved, head over to the website; http://electroneum.com/