REPOST OF Crypto Academy Season 3 || Fixed Beginners Course Task 3 || Bitcoin, Cryptocurrencies and Public Chain
Below is the link to my expired fixed homework post task 3 which was graded but not curated
And also a screenshot of the grading
(1) WHAT IS CRYPTOCURRENCY AND HOW YOU WOULD LIKE TO SEE CRYPTOCURRENCY IN THE FEATURE?
(1) WHAT IS CRYPTOCURRENCY?
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The term cryptocurrency was gotten from the encryption patterns used to protect the network. A Cryptocurrency is a digital currency/assets that was created to serve as an exchange/transaction medium in which a ledger is used to record personal/single coin ownership details. The ledger operates in a configuration of automated database with the aid of a strong cryptography to protect the records of the transaction, to validate change of coin ownership, and to be in charge of creation of more coins. The cryptocurrency does not usually exist in substantial forms, such as papers or steel coins. It is kept in a virtual wallet, where it can be transferred, sold, bought as well as converted to traditional Currency.
The first Cryptocurrency 'Bitcoin' was introduced in January 2009. Afterwards, followed more and more successive Cryptocurrencies and today, there are about 10671 Cryptocurrencies with over 381 exchanges that trade on them. In the world of Cryptocurrency today, Bitcoin has a dominance of 47.2% followed by Ethereum which has about 16.3% dominance.
Some examples of Cryptocurrency include: Bitcoin, Etherium, Monero, Steem, Ripple, Litecoin, Dogecoin Tron and more.
HOW I WOULD LIKE TO SEE CRYPTOCURRENCY IN THE FEATURE
• Solution to lost User Keys
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The initial developers of Cryptocurrency tried developing a strong hacking defense system and untraceable source code. Due to this, if a user losses his/her wallet keys it is impossible to get it back meaning all the coins inside will remain locked and lost if in the near future a software or app can be developed to help users who have lost their keys get it back, it would be a great improvement in the system which may encourage more people to invest.
• Reduced Mining Cost
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The mining of cryptocurrencies consumes a great amount of energy because it needs plenty of computational power and electricity inputs, and this has unfriendly effects on our environment. I hope in the future researches will be made and the problem associated with mining the crypto currencies will be solved so as to reduce it's effects on our society.
• Lesser Volatility
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Also in the near future, I would love to see the value of these Cryptocurrencies in physical cash improve largely. It would also be great and better if the coins had a somethin more of a stable value order than the unsteady or fluctuating Price.
CONCLUSION
• In the near future, I see Cryptocurrency as that currency that will take over all other currencies given it's multiple and unending advantage such as smooth and faster transaction speed, token and wallet-owner security and privacy and more. Cryptocurrency has also helped in facilitating business transaction without infringement by the centralized financial system which is something that can be applauded. With this knowledge, I believe that it is wise to invest in cryptocurrency today so as not to be left out in the near future.
• Cryptocurrency is something (token) which you cannot touch or handle physically but is controlled and managed electronically or digitally. Also , it is a decentralized system and so is not determined by the actions of one man alone.This sense of not being carried about physically and the lack of technical know how in the management of digital token has disuaded some people from investing in Cryptocurrency. This in turn limits the quick spread
Regards to professor @sapwood @awesononso and @steemcurator01 @steemcurator02