Notes on Apr 5, 2022
11:24 minutes
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What is Cryptocurrency?
Where did Cryptocurrency first start?
What types of Cryptocurrency exist?
Why should you learn about Cryptocurrency?
Economic Disruption
Virtual currencies are digital alternatives to the established fiat system
Most are unregulated by governments and exist beyond traditional monetary policies
Us Based CFTC classified cryptocurrencies as commodities in 2015
G20 wishes to create standard guidelines within 2018
Based on Cryptography
Confidentiality, Integrity, Non-repudiation, Authentication
Modern Cryptographic Technology requires mathematics and computer science
Virtually impossible to break, duplicate, or counterfeit
Value fluctuates based on demand for the expansion of specific cryptocurrency networks Most (but not all) cryptocurrencies are defined by a finite supply
Cryptocurrency Origins
Egyptians practiced kryptos with hieroglyphics
Julius Caesar used simple ciphers where each character was shifted and replaced
“Hi, I’m Zachary” - “KI, Ip Cdfkdub” or “TradeHouse” - “SqzcdGntrd”
Ecash, Digicash, Bit Gold… “trusted third party systems” that failed
Bitcoin intended to be a decentralized ‘peer to peer electronic cash network’... not currency
Namecoin, Peercoin, Litecoin, IOTA, Ethereum, Tether…
The underlying technology and vision helps to define an assets significance
*1,594 Cryptocurrencies as of March 29, 2018
Future of the Industry
January 9, 2018 - Venezuela’s ‘Petro’
10 Days later Donald Trump prohibits US Citizens from purchasing this token
Stay away from Petro
January 19, 2018 Canadian Government
“Blockchains provide the ultimate in transparency and trust, making this technology a brave new world for organizations that strive to conduct transparent business.” -NRC
Vladimir Putin, “countries that are late to adopting new technology will quickly fall under the dependence of the leaders of this development” and Russia claims they will not fall behind
March 26, 2018 Chinese ‘BROP’ rolls out ‘Blockchain as a Service’ platform
Support for projects such as food tracking and coupon circulation
Strives to enhance identity registration and authorization in medical systems
In Summary
Cryptocurrency is simply stored on a database that no one can change without successfully fulfilling specific conditions.
There are a myriad of benefits for mainstream adaptation of this emerging technology!