The Evolution Of Cryptocurrency
A digital currency, such as cryptobit or cryptocoin, is an asset designed to operate as a functional medium of exchange where individual coin ownership details are kept in a distributed ledger based on a set of instructions. These assets have built-in mechanisms to facilitate secure and efficient transfer of money from their owners to buyers or from the buyers to the sellers. There are a number of factors that influence the growth of this new form of currency. One is the freedom of block chain technology. Another is the freedom of the users of the same. There are also factors like speculations and the absence of regulation in the industry.
Cryptocurrency as an asset class is based on the recognition that there will come a time when all traditional money will no longer be in use. This will mark the end of the age of central banks and paper money. This will usher in the era of highly liquid, digital currencies. Cryptocurrency can thus be defined as an electronic replica of money or its value.
The most commonly traded Cryptocurrency is the bitcoin. Its market cap is currently at the moment above $7 billion. The other highest valued Cryptocurrency is thorium. It has a market cap of almost $5.1 billion. All of these assets are significantly underclocked and hence the price of these assets is relatively low when compared to other relevant currencies.
In the recent times, several new Cryptocurrency pairs have come into being. Two such popular ones are thorium and bitcoin. Both of them are significantly underclocked and hence the price of their assets is relatively high when compared to other currencies. There have been speculations that the market might finally start consolidating around these two currencies. In September, there is a meeting of cryptocoin developers from across the globe.
The upcoming September conference of the Linux Foundation will be attended by several major players in the field of Cryptocurrency technology. This meeting will be focussed on topics ranging from decentralisation to scalability. Besides, the participants will also be discussing issues related to scalability, which will be of great importance for the future scalability of the cryptoledger project. In addition to all this, there will be other important discussions like designing a proof of burn policy to govern the transfer of the Cryptocurrency.
One of the major problems faced by the decentralised autonomous communities is the problem of spam on their network. Since many Cryptocurrency enthusiasts are generating their own autonomous websites, the spam problems on the decentralized networks are also faced. One way out of this problem is to introduce a new standard for Cryptocurrency transfer. The outcome of this step will be the birth of many more diverse, liquid and fast-moving Cryptocurrencies.