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Cryptocurrency and Blockchain a Technological Evolution

Date:

Sajjad Hussain
Photo by Pascal Bernardon on Unsplash

Despite our advancement towards a smart world, still, our civilized world has financial transparency problems, our financial systems still not have sufficient privacy and security protection, our traditional currencies have more than enough transparency issues, our modern world believes in the open and transparent world but our financial system has a weakness for such a world, therefore technological evolution brought us Bitcoin blockchain network that is peer-to-peer transmission network, secure and protected. People want to send currency from one place to another without any intervention, and third-party control, they want to avoid any form of supervision from authority circles around them, they want to be anonymous throughout financial transaction processing.

People Intrest

People show great interest in the decentralization of money transfer protocol, think that blockchain introduces them openness and transparency which they can’t achieve in traditional currencies moreover people believe that blockchain a technological breakthrough not only protect our property or asset information but also avoid any theft of our valued properties and always traced by the true identities and verified against any hidden dangers.

Birth of Blockchain

The birth of blockchain is the direct cause of the deep financial crisis in 2008 that triggers the protection, regulation, privacy, and corresponding laws, blockchain is the real solution in the eyes of financial experts that corrects many previous anomalies of financial systems, however, blockchain mainly used as a tool for payment transfer and digital currency but blockchain encrypted technology has a wider scope from real estate to diverse forms of our daily life which we currently never realized but everyone in this world believes in such blockchain that provides the confidentiality of information, security, privacy, and anonymity.

Alternatives

After the appearance of the Bitcoin blockchain number of other alternatives also appeared, each approach has its own advantages and disadvantages, but all of them commonly target the identity crisis, some approaches move towards anonymous form but realized that if transactions become completely anonymous then the possibility of illegal transactions become the norm and a lot more compliance issues generated in this context. (Monero and Zcoin both are anonymous virtual currencies)

Coin Mix

There are also other approaches for privacy protection and one approach is to mix together multiple transactions into a single transaction in order to confuse intruders and this way not only avoid the potential risk of losing the currency by the actual owner to the anonymous intruder but also protect the real owner of that virtual currency, the more participants mean more protection and security.

Coinjoin and TumbleBit both purposed such methods, due to intermediary problem of such method like middle one knows everything that disturbs protection to some extent of Bitcoin, there are also other methods available like Coinshuffle which is basically a picketing mechanism

Technically blockchain has two security variants

  1. Cryptocurrency security and privacy

Technically Coinjoin, TumbleBit, and Coinshuffle represent the security problem of cryptocurrencies but Phala Network on Polkadot blockchain offers the privacy technology for the public chain, build the smart contract system that provides security for the secrets of the public chain, and offer the features like data collection, privacy calculations and statistics, and data leasing, there is also another privacy solution on a public chain that is Horizen, which offer a scalable sidechain and provide the solution for customizable public and private blockchain, the total market value of Horizen token ZEN is more than 1.1 billion dollars additionally these tokens are more secure and anonymous.

Due to such technological advancement, our world moving towards a more secure and transparent system our technology produced systems like Monero, Zcoin, coin mixing, and TEE architecture which is basically the hardware-based secure executable system

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://medium.com/cryptocurrencies-ups-and-down/cryptocurrency-and-blockchain-a-technological-evolution-95929f066b73?source=rss——-8—————–cryptocurrency

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