There was a time not long ago when the barter system was brought to an end with the advent of gold. With its intrinsic value firmly established, gold became the best and most preferred mode of receipts and payments. It also led to hoarding and became the de facto means to establish one’s net worth. This continued till the time they found all the disadvantages of gold including the liability associated with storage, transport, and ownership.
Remember stories of caravans being robbed midway into the journey with women laden with gold being the prime target? From that came the understanding that one ought to have something that’s as liquid as gold and does away with the headache of storage and logistics. Paper currencies tied to gold standards were the next invention where each paper note/currency guaranteed a certain quantity of gold.
Everything was fine till the time people understood that gold was a limited commodity and made it difficult to keep parity with paper money for all times. This became especially acute in times when economies started to boom, and the governments had to print notes to keep up with the demand for money.
Gold couldn’t keep pace, and in the year 1929 at the end of the Great Depression, the world finally broke free of gold parity and established the system of fiat currency that was printed at the beck and call of individual governments worldwide. Each currency’s value was determined by various factors including GDP growth rates, rates of industrialization, status of industries and infrastructure, intrinsic worth of economies and the likes.
With each country having its own currency, there was felt a need to bring parity to worldwide transactions that to an extent was brought about by the Breton Woods system in 1944 where signatory countries agreed to a complex system of recognizing each-other’s currency via the USD which was tied to gold.
In 1975, the US government being the main player unilaterally pulled out of the system by terminating the USD’s tie-up with gold. Currency ever since are fiat currencies that can be printed as per a country’s needs. These days, exchange worldwide is done through a basket of currencies including USD, Euro, Yen and Yuan. Somewhere, these too depend upon the value of USD to execute a transaction.
All this has resulted in the following:
- Wild swings in currency values depending upon demand and supply of currencies. These are known to add to the cost of every transaction. Add to that, transfer and ownership charges including banking brokerage changes, swift charges, and the likes. All these while adding to the costs, do precious little to the value of a transaction with currency exchanging known to take days (if not more) to fructify.
- 2. Transactions being at the mercy of every government. With notes being printed by governments, every transaction must go thru government agencies that only add to the costs and delays, and nothing to its value.
- Slow pace of transactions. Try transferring money from the US to India or vice-versa. It takes days, and at the end what you get is of lesser value than what was intended due to varied charges levied by the intermediaries.
- Currency speculation! Fiat currencies worldwide have given birth to a de-facto industry whose worth is higher than the trade in goods and services. Currency speculation! Does it add to the value of anything at any stage? Never. It enriches only banking intermediaries while being of little use to countries worldwide. In fact, they can sometime add to the costs of transactions and make them unviable.
In addition, new technologies have the potential to radically build the gaming market and offer new growth opportunities.
The blockchain will turn traditional gaming companies inside out The blockchains are known for bringing decentralization to massive industries.
It transfers the power from the centralized organizations (e.g.
This is exactly what the blockchain can and will achieve in the game industry.Companies such as Activision / Blizzard, Electronic Arts, CCP Games and Perfect World currently determine which games are played in the gaming universe.
However, with decentralized platforms, consumers can get in touch and act without such intermediaries.
Facebook can easily prevent gaming content developed for Facebook's own Spaces VR Welt from running on other platforms such as Oculus.Due to the limited ability of a consumer or developer to use multiple platforms, the game manufacturers have limited the growth of in-world communities.
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But that really is just the starting point in a massive new technological rollout that has been planned on reviving IOTA back.IOTA is an open source ledger that works in a distributed manner.
The technology has also created its coin designed for the Internet of Things (IOT) and works on a Proof of Work basis.Things did not sail very well for IOTA in the past, and the last 1.5 years have been spent in an attempt to improve their presence in the crypto space.
This included, Chrysalis update that marked a new dawn for IOTA.
However, coming to the features of the new wallet, it has no third party involvement, and it has been rewritten, and thoroughly audited.IOTA wanted to be quantum-proof, in this attempt they have used a special cryptography.
Other decisions include, the use ternary, rather than binary encoding of data.
As, according to CEO Schiener, the consideration of the future was that ternary is a better and efficient way to encode data.
In recent years, the word Blockchain has become a common vocabulary across the globe.
Initially, it was just a technology behind cryptocurrency.Now, this pioneering technology is conquering thousands of other sectors.
Highly secured and reliable nature of blockchain is making it solid for many industries to adopt it.Now let us see a few of the existing challenges faced by social media.
The recent struggle in the social media industry:Generally, social media platforms have a big drive for spreading fake and false information.
This eventually makes the social media platform an insecure place where everyone can create an account and share posts of others.Another issue is that hackers and spammers often send links that can harm your system, and once it is infected, they can use your contacts to spread the malware.How does blockchain help social media platforms?Blockchain technology has the power to eradicate and stop fake or false news.
This is mainly because it follows a verification process.It will automatically check identities, authenticate the information that is shared, and scan the data which is collected from social media platforms.Blockchain-based social media platform:There are various blockchain based social media platforms associated with unique features.
Cryptocurrency is a digital or an alternative currency.
There is approx 16.8 million bitcoin currently in circulation.
Its decentralized system is based on blockchain technology.
The question still remains same, will this technology replace the national currency one day?
The possibility of becoming it as the de facto mode of payment for internet users is high.
For people who already have an online account is the issue, but for the people who can't open bank accounts or countries wherein the banking system is underdeveloped.Cryptocurrency Development Company connects people and allows people to make online transaction worldwide.
