30 years ago, the Internet was born with a simple concept: transferring information between two computers over a network. All the applications and services we know today have been built on this, from the simplest to the most complex, from Google to WhatsApp. All these services, including others like boxing predictions, are based on the possibility of transferring information between two points through a network.
Three decades later, technology took a major leap. In 2008 Satoshi Nakamoto, the inventor of Bitcoin, whose real identity has never been revealed, published an article in the crypto community describing a peer-to-peer digital money system.
Until then, no one could transfer value over the Internet without an intermediary. The birth of Bitcoin showed that it was possible to transfer value between two points without an intermediary. Technology continues to rewrite how people do business and interact today.
Unlike Anything Else
In contrast to legal tender, cryptocurrencies are electronic data assets that do not exist in physical form. The assets are backed by a system known as the blockchain, which is central to the technology used in cryptocurrencies.
Also, as opposed to legal tender, which is backed by a government or central bank, all assets are managed through the blockchain. In the world of cryptocurrencies, blockchain technology is mainly used to create, buy and sell fiat money and crypto assets on exchanges.
As the name implies, blockchain technology records many transactions in blocks and links them into a chain in order to prevent fraud from taking place. Making all transactions public is a measure to prevent fraudulent activity from taking place.
Additionally, advanced encryption technology is used to prevent tampering with transaction records. The use of crypto-currencies is facilitated and supported by the existence of several blockchains that are specific to each currency.
There are thousands of different cryptocurrencies available. Bitcoin is one of the most popular cryptocurrencies, and there are thousands of different cryptocurrencies available as well. It is possible to use it not only for exchange but also as a means of payment for services and business transactions.
While some cryptocurrencies have a general purpose, others solve specific problems and serve particular industries, so not all cryptocurrencies are the same. It should be kept in mind that in order to make use of blockchain technology, you must use specific technology based on the type of service and value you wish to deliver.
A New Digital Divide
The advancement of products and services around the crypto economy is producing a huge digital divide similar to the one produced by the Internet. Still today, many countries suffer the consequences of not having been able to adapt to the technological revolution that produced the Internet.
From public administrations to financial services, everyone has had to adapt. However, the process has generated significant inequalities between those citizens who know and have access to technology and those who do not.
Something similar will happen to those who are able to adequately understand the changes that crypto brings. The crypto-economy revolution is not only technological; it is, above all, social. These systems allow new forms of social coordination through technology. The technology and the way of interacting with these systems generate a great distrust system for the distrustful.
A new financial system is being born based on the ability to transfer value through a network between two points without an intermediary. Based on this fact, new services are being built, ranging from loans between individuals to liquidity through arbitration. All this is occurring in a disintermediated, open, and transparent way.
This way of raising capital globally is beginning to change the map of the origin of impact companies. Until now, unicorns have been born and raised in those places where it was possible to obtain financing and there was a market to develop their initiative.
However, you no longer need to be in Silicon Valley to be noticed by big funds. It is possible to obtain financing globally from anywhere by issuing through the issuance of tokens.