There is always room for technical revolution — see it through cryptocurrency network
The race between the technical industries started when the recession was just announced. The process of making own asset safe was challenging. Industries converted its full attention to the company’s system, stableness and growth. People were desolate and started searching for the utmost solution, where the system could not be affected by the recession.
Technology is always ready to make our life easier with the new inventions in every sector of life. So, it did not leave the scope to bring a solution in the economic field. As the centralized system holds the monetary power of the states then it has to be affected in recession. So, a decentralized system which can combine with the technology and serves as a solution in the plate. So, if the central regulatory system does not hold the monetary power of the assets, then the collapse of the economic system should not bother the decentralized assets.
What is the name of the solution?
Cryptocurrency, a digital asset which can be raised and insured by blockchain technology, is the solution after the financial crisis. It authorise the dispersion of power and empowers the sense of relief to an individual for their assets. When the challenges arise regarding the safety of the real life assets only cryptocurrencies, which was born after the recession became the safest place to keep the assets. This approach will not only give the highest protection of the property but also give you the field to trade.
The world remained unaware about the bright future of cryptocurrency for several years.
How many types of cryptocurrencies are there those who are roaming the market economy?
In recent years, creating own cryptocurrencies is not an issue for technical experts specially who are techno boffin. , over 1500 types of cryptocurrencies occupy in the market and sure the number that will only increase. However, the statistical graphs say only the top 20 cryptocurrencies hold the maximum plots in the crypto market.
So, if you are eager to explore the crypto world then you should know about the celebrities of cryptocurrencies.
Bitcoin:The first-ever digital coin using the SHA-256 algorithm created by Satoshi Nakamoto, (pseudonym) submitted the white paper in 2009 where the revolution in currency was waiting. Bitcoin came into the mainstream of the medium of exchange when its price screamed at $250 in 2013. But the volatility issue always follows the bitcoin. Bitcoin is also considered as one of the top liable currency among all. The two major reasons that make it a celebrity coin is,
It has captured the almost 205.40 billion US dollar in 2019 according to Statista.
It is the primitive currency in the crypto — world.
As per the date of writing the amount of BTC that is circulating in the network is 17,912,775 BTC. But there is a catch–bitcoin be mined up to 21,000,000 BTC.
Ethereum: Ether, another popular coin which shows the accelerate growth in the crypto market. Holding the second position most of the time, in the coin market, it is considered as one of the most stable coins in the field. The fluctuation rate is lower than a bitcoin or any other coin in the digital world. The idea of a smart contract to embed to create decentralized application was first proposed by VitalikButerin in 2013. Ethereum, an ERC20 blockchain providing opportunity to use its platform for productive blockchain projects. The ethereum network launched in the year of 2015 with 72 million ether. The circulating supply of ether in the current date (03/09/2019) 107,585,452 ETH. This stats shows the rapid growth and consuming response from clients from all over the world. They have not revealed the total supply and prefer to keep the upper limit anonymous.
Litecoin: Charlie Lee, developer of Litecoin which promises the faster cash transfer than bitcoin. Maybe the same peer-to-peer system had applied to perform the mining of litcoinas bitcoin but the complicated hashing method is completely avoided and Scrypt encryption algorithm is adopted to mine the litecoin. Litecoin hive can offer up to 84 million LTC which is four times higher than a bitcoin.
XRP: XRP, a cryptocurrency which is a pathway of exchanges through Ripple payment portal. Ripplelabs creates a bridge with the banks and other payment systems to transfer digital asset quicker, easier and at a cheaper rate. Where banks were threatened by crypto coins, the ripple payment transfer gateway offers banks for international transactions at very low cost as the ripple consensus doesn’t require mining of its cryptocurrency, XRP which lowers the cost of computer settlement. From 2012, it uses digital agreements for fast transfer. Ripple network operates through its currency, XRP which enable banks to transact as banks and other financial institutes have made a settlement with ripple net. The total volume of XRP that can be supplied via ripple labs is 100 billion.
Monero: An untraceable currency which gives the user the full security and privacy of their funds. Monero provides a ring — signature cryptographic technology to validate the transaction and to secure the community. This donation-based cryptocurrency got a huge response from its user to continue to develop the empowerment in the crypto platform. Following CryptoNote protocol, Monero has developed by using a proof-of-work hash algorithm known as CryptoNight.
With the time flows the popularity of some coins may fluctuate. However, some of the coins rotate within the top ten positions. But there is no one, who can grant the stableness of the coins. It all depends on the volatility of the crypto market.
What are the high prior challenges that need to overcome?
As the positions of the cryptocurrencies in the coinmarketcap table are very unstable there are many issues, which affect the ranking in the board and also questions the investment foil in the cryptocurrencies.
As the multiple technical issues that needed the highest precedence to create a perfect medium of exchange, the following discussion gives you a peak the knotty areas in crypto-exchanges.
High-security level: though the crypto exchanges use the secure blockchain technology, consensus, hashing method to give full protection to its network, hacker become smarter. With the growth of the positive side of technology negative too has increased. So, if anyone present a non-hackable platform then it will be a miracle. The centralized system possesses the maximum amount of threat of hacking but in a decentralized system, the percentage is much lower.
Reliability: the volatility of ranking positions of the cryptocurrencies brings out the major problem that stands by ,with every currency which is credited on the coinmarket. Investors are afraid to take a risk on the crypto markets and cryptocurrencies fail to create at the start a liable authority. However, the primitive coins which offer higher stableness rate have gained credibility.
Transaction speed: The property which leads the crypto to jump on the share market is also that can pull down to the ground. Sometimes the issues in transaction processes may occur delay in which creates a bad profile for the crypto exchanges.
Regulations: Even though every major or minor fact is scrutinized and resolve the problem there are some loopholes remaining uncovers where a hacker can easily invade into the network, resulting digital robbery. Some experts consider the lack of regulation of crypto exchange networks results in the loss of assets. So in 2019, strong rules and ordinances can be structured with the cryptocurrencies according to US Security and Exchange Commission (SEC). The European Banking Authority and the European Securities and Market Authority ordered a crypto developer to create an appropriate regulatory body.
Trading fees: When the division took place which splits the trading fees into maker fees and taker fees, confusion started with the user. Technology should be user-friendly and graspable. Clutter in the trading fees makes it one of the major issues in the crypto network. It is better to use the single crypto trading fees without splitting them.
The application of blockchain and cryptocurrencies are higher in the crypto world. If one can regulate the network without any flaws or by master the issues that trouble the growth of the cryptocurrencies then it will be the most smooth process of international transactions.