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Primary post:
- It is well known that the key innovation of crypto-currency (such as Bitcoin, Ethereum) is distributed consensus protocol. It is also clear that crypto-currency is changing the future of business. Do your own research and reference at least 2 articles related to this topic.
- Primary post : Write a post (300-500 words) on the discussion forum (Click "Add new discussion" to start) to summarize your research. In your summary:
- Identify and briefly describe TWO distributed consensus protocols
- State clearly in what way do you foresee that crypto-currency is change the future of business.
- 150-200 words
- Answer to another student's question to your own post
- Comment to your original post
First reply: <Other Student’s name>
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One of the greatest breakthroughs in Monetary technology is that the innovation of Cryptocurrency. Whereas there has been plenty of buzz around cryptocurrency, there’s disproportionately less clarity on what it extremely is. Cryptocurrencies square measure the way of liberating the finance system from banks that sometimes unsuccessful, by creating it clear. They allow all transactions to be verified on a public ledger.
Cryptocurrency: Cryptocurrency could be a digital or virtual currency that uses cryptography for security. A cryptocurrency is troublesome to counterfeit owing to this security feature. A process feature of a cryptocurrency and arguably its most lovely attract, is its organic nature; it’s not issued by any central authority, rendering it on paper resistant to government interference or manipulation. It is created and stored electronically which can only be saved in computers or websites. These transactions are facilitated through use of private and public keys for security purpose. All cryptocurrencies will have following common characteristics: Digital, Decentralized, Independence, Cryptographic, Identity and Transaction Verification.
Some of the Cryptocurrencies: Bitcoin was the foremost invented cryptocurrency in 2009, Ethereum, Litecoin, Namecoin, PeerCoin, Ripple, Primecoin, Auroracoin etc.
Advantages:
The usage of crypto currency is fast, cheap and there are no charge backs. People cannot steal information from merchants and its as private as you wanted to be. Its usage is easy and fat payment without using the credit card or sign any document, we just need to know the address of person or organization to whom one has to transfer money, payment processing is very fast. It also ensures that transactions are secure. There are no processing charges to complete the transaction.
Disadvantages:
Main disadvantage is it is not widely accepted like in physical stores instead of real money. It cannot be retrieved like traditional/physical money if we lose the digital currency information (information saved in laptops/phones and if we lose them), it will be wasted that no one can use it. There is also no refund policy in digital currency thought we make the transaction by mistake.
Cryptocurrency is changing the future of Business:
The cryptocurrency could be a terribly straight forward method of transferring price from one person to other. Once the personal key code has been entered the Bitcoin price is transferred to another address. One of the catalysts behind the creation of Bitcoin was the need to work during a currency that would not be controlled by any central authority. Bitcoin could be a paperless, bank-less, state-less currency that permits individuals to pay directly for merchandise and services. The coins themselves square measure created by computers resolution a group of complicated scientific discipline issues and other people who use their computers to form coins and record transactions square measure known as miners. The protection for these cryptocurrencies square measure provided by the algorithms engineered with within the currency. It’s the primary cryptocurrency created by the cluster of developers beneath the name ‘Satoshi Nakamoto’. All Bitcoins in circulation and their transactions, histories square measure recorded during a large ledger referred to as the blockchain. This prevents every Bitcoin from being spent double. Digital copy is one among the protection options of the Bitcoin platform that was enforced so as to tackle the matter of double disbursement.
Cryptocurrency may be a developing technology, it will want years and years of exposure to the world system, before the plenty begin accepting it. There square measure invariably pros and cons to any state of affairs in life. To be ready to build an honest call, you wish to weigh the nice and unhealthy totally before finalizing the selection. With cryptocurrency, its additional concerning mass acceptance than technology. The technology is here, given its recent issues their square measure doubts on whether or not Bitcoin and its contemporaries will become fully-fledged currencies. It’s unlikely that the master card faces associate close threat to its dominant position in online payments. However, notwithstanding Bitcoin itself doesn’t become the web of cash, its technology might offer the platform for future online payments system. One chance is that these can be developed through the key banks, and JP Morgan has recently filed a patent for a web payments system with Bitcoin characteristics. But with the event and adoption of all internet-based technologies, solely time can tell once the remainder of the planet (citizens, government) can say YES!
Ethereum:
Ethereum is presently second widely used cryptocurrency. Its platform could be a blockchain based suburbanized virtual machine known as the Ethereum Virtual machine(EVM), within which folks will produce suburbanized applications. In the platforms like social networking systems that offer power to users, online vote and distributed governance tools and even totally clear monetary applications is created. Resources in it square measure got in Ether.
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Second reply: <Other student’s Name>
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In ancient days before the evolution of currency, bartering system was in place which was a trade in process exchanging goods. Later Minted currency came into existence which is nothing but the combination of silver and gold printed with the faces of the currency value. Now as the technology dominated everything there are new forms of currencies available in the market which is our Crypto currency.
“Crypto currency” is more popular nowadays as it has number of controversial views in the business market. It is often known as cyber money or digital money. The currency is generally generated and protected by the central bank where as crypto currency is not. The most popular one in this crypto currency is Bitcoin. The security for these crypto currencies are provided by the algorithms built with in the currency. It is the first crypto currency created by the group of developers under the name Satoshi Nakamoto and the current share value of the currency is $3.069. Each Bitcoin has a unique key which make it different from another. The transaction of each Bitcoin is noted in to the database called as ‘Block chain’.
Bitcoin has both pros and cons. Bitcoin secures from the instability of the economy of the country. The confidential tractions are usually hidden using the Bitcoin currency which cannot be tracked. Users are the control of their money and there are usually no extra fees during the transactions. Everything is hidden in the crypto currencies there is no chance of the theft and easily can be backed up and encrypted to provide security to each transaction. The digital money helps to convert the Bitcoin currency to the normal currency where there are no more extra fees for them to convert. But as discussed every coin has other side the crypto currency is no exceptional. The main drawback in this is not accepted as the official currency till date. The users can purchase the Bitcoin and can be moved and sold in their foreign currency but not every country has the same rules. The database known as block chain has problem with the payment platform which cannot cover the world’s commerce. The value of the Bitcoin is volatile some day with the increase in the demand sometimes or the creation of the other crypto currencies such as Ethereum.
As the market of the Bitcoin has getting stabilized a newer currency got in to the market which is Ethereum which has no similarity with the Bitcoin and has a newer application which ha the full potential over the block chain and also has the full track of the transactions beyond the Bitcoin. Ethereum with this plus as attracted finance and technology industries like J.P Morgan Chase, IBM, Microsoft.
As per my research the crypto currencies which might be Bitcoin or Ethereum both are volatile which is difficult to predict the future of those but the crypto currency is sure to change the business as the most beneficial part of it was the independence from the traditional or the financial banks for their fees and the regulations which is a way for the crypto currencies to enter and change the market. This digital currency has no fees and also the scariest part of the financial institutions is the security which is provided by the digital currency. As this technology is still newer to understand which needs time and education but it is changing in the future of the payments which we will be seeing in future.
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