Cryptocurrency update

It has been a while since we had an update on cryptocurrency. The market dropped considerably and it seemed for a while as though the world was going to let it bottom out. BUT as I said in a previous blog this was the swamp draining a little as those that perhaps wanted to cash in quick using means both foul and fair were routed out.

Suffice to say Bitcoin that ever present has undergone another surge, at the moment not quite sitting at the $17K it sat at almost 18 months ago but looking pretty at $11K. This has been great if you like to bounce in and out making a profit but it still isn’t helping the crypto market set itself in granite. Things seem to be changing as the market evolves and still new people come on board with their own ideas, some doomed some could lead to success. Why? As you know there are several types of “cryptocurrency” the beginning was all about using them as a currency this lead to people buying into it hoping to make some money and why not. Now we are looking more towards long term use of the technology. All the types of cryptocurrencies fall into 5 broad categories. To understanding cryptocurrency easier come in the following categories:

  • dApps:
  • Privacy Coins
  • Supply Chain Protocols
  • Currency Coins
  • Cryptocurrency Exchanges

So over the next four blogs I’m going to explain each one in more detail to further your knowledge a little. At least next time at a lawyers conference if someone asks “Where are you on dApps?” you won’t give them a blank look.

Dapps: A App (Decentralised App) is software system that runs on a P2P (Person to Person) network as opposed to something purely on a single computer. For example, If you think about your banking app on your iPad or phone this is not a App because although it looks decentralised because the customers are on computers all over the world. The actual software that controls it and all records, etc are held by the bank. However, any program that sits on a blockchain and its pieces are spread throughout the network is a App. Making sense?

Dapps for example have uses such as: Smart contracts, Data storage where parts of the data are spread around so no one person can change the data, Financial applications
providing users with more powerful ways of managing and entering into contracts using their money. Semi-financial applications
where money is involved, but there is also a heavy non-monetary side to what is being done Governance Applications such as online voting & decentralized governance that are not financial at all. Remember though to be a “Dapp” All the applications data and records must be stored on the blockchain.

Dapps are an more determined move away from decentralisation. They are developed in the same way as other blockchain works Whitepaper/Token sale/ICO/Implementation & launch. Many are using Ethereum but Blockchain and others are also in use, Ethereum is developing them because Ethereum intends to create a protocol for building decentralised applications. Ethereum provides developers with a foundational layer: a blockchain with a built-in Turing-complete programming language, allowing anyone to write smart contracts and decentralized applications where they can create their own arbitrary rules for ownership, transaction formats, and state transition functions.

Enjoy your further reading.