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Cryptocurrency Market – Explained

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Expected to reach almost 1 - 1.5 trillion dollars by end of 2018.  Let us try to decode various terminologies commonly used in the cryptocurrency market.

Deciphering some of the keywords of the cryptocurrency market.

Introduction

The cryptocurrency market seems to be too unusual for some people, and they try to decipher a range of keywords related to the cryptocurrency market, which have possessed raging popularity on a number of news portals. While some of them have the notion that cryptocurrencies are the future of the globalized currency, some of them consider it to be a goldmine for money laundering and criminal activities. Nevertheless, the cryptocurrency market is growing at a very rapid pace and is expected to reach almost 1 – 1.5 trillion dollars by end of 2018.  Let us try to decode various terminologies commonly used in the cryptocurrency market.

 

Cryptocurrency

The whole cryptocurrency market revolves around the Cryptocurrencies. A Cryptocurrency is nothing but a digital currency which incorporates Cryptographic principles to maintain the sanity of the currency. The cryptocurrencies are even known to provide higher amounts of anonymity in the transactions, where the centralized authority is completely eliminated. Thereby the transactions are processed by the nodes of the network itself in a distributed manner. It is worth mentioning that the cryptocurrencies are not controlled by the government but governed by a consensus mechanism which is entailed in the currency itself. The cryptography and the consensus mechanism are incorporated to enhance security in the cryptocurrency market.

 

Why did we need one?

The cryptocurrencies were developed predominantly to solve the double spent problem. With its distributed Ledger Technology they make sure that the coins are not double spent. It’s another main intention was to globalize the whole financial economy by reducing the transactional costs, which was in turn reduced by eliminating all the Centralised authorities. Also, transferring the ownership of our funds to another Centralised authority was not a viable option, as it became self-evident during the financial crisis of 2008. Hence the decentralized nature of cryptocurrencies gave the users a complete ownership of their funds.

 

Blockchain Technology

The Blockchain Technology is the backbone of the cryptocurrencies, without which they are like any other digital currency. In a Blockchain technology, all the transactions that occur with respect to a particular cryptocurrency are recorded on a ledger whose copy is distributed to each and every individual using that cryptocurrency. Also, the ledger is immutable that means once the data is entered, it cannot be removed at any cost. This collection of transactional record forms a block. The transactions on the network are processed and a collection of records in the form of a block is added on to the Blockchain which is secured which is in turn secured through Time Stamping and Hashing.  

 

Initial Coin Offering

Another major domain of the cryptocurrency market is the ICO. An Initial Coin Offering is nothing but a digital version of Initial Public Offering. In its case, as it is an online way of raising investments from various people for the creation and development of a certain project. Since the process is completely online and real-time, the investments can be availed from the investors all over the globe. Hence enabling the entrepreneurs to a wide range of possibilities. They are one of the major sectors in the cryptocurrency market and have managed to raise unimaginable amounts of funds in the recent years.  

 

Cryptocurrency wallets

The cryptocurrency market is highly vulnerable to attacks and thefts and therefore one needs their crypto finds to be stored in a safe place.  Cryptocurrency wallets are nothing but which provides security to it. They are of two types, software or website wallets and hardware wallets. The software wallet is nothing but a place where the funds are stored on a Centralised server in a secure manner. On the contrary, the hardware wallets store the funds on a specific hardware device similar to that of a Pendrive. The hardware wallets are highly recommended over the other one, due to its incredible security.

 

Conclusion

The cryptocurrencies are considered as the future of a globalized financial economy, as they effectively have proven to reduce the costs of the transaction between different countries. Its online and real-time nature has also rendered it to have faster transaction confirmations than the traditional money transfer processes. Therefore it is no surprise that the cryptocurrency market is booming more than ever.

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#Blockchain

Forbes releases top 50 blockchain companies list

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Forbes has released top 50 blockchain companies using blockchain technology list and these are almost all household names of the world's largest companies.

Forbes has released a new top 50 blockchain companies using blockchain technology list and these are almost all household names of the world’s largest companies. In fact, they are all billion dollar plus companies such as Amazon, Citi Group, Foxconn, Comcast and a whole host of others and unsurprisingly the bulk majority of these companies are using Ethereum.

 

Although, outside of Ethereum which is, of course, the number 1 blockchain for these companies, we do see others like Hyperledger and Quorum for example, although much rarer on the list in terms of mentions are blockchains such as Stellar Lumens or Cardano. Blockchains such as TRON, EOS, NEM, and others are not mentioned in the list of top 50 companies.

 

Companies choosing Ethereum according to Forbes:

Big businesses really like what Ethereum is doing. Ethereum has also worked very hard to make these relationships happen over the last few years and those relationships are now paying dividends big time.

 

All the top 10 companies are located in China or the United States.

The Top 10 (Forbes List):

10. Ping An Insurance Company: China

9. Bank of China: China

8. Apple: United States

7. Wells Fargo & Company: United States

6. Bank of America: United States

5. Agricultural Bank of China: China

4. Berkshire Hathaway Inc: United States

3. JPMorgan Chase & Co: United States

2. China Construction Bank Corporation: China

1. Industrial and Commercial Bank of China: China

 

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JPMorgan expanding itself into the blockchain and crypto space

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JPMorgan Chase has been posting a lot of job opportunities in the blockchain and cryptocurrency industry on Indeed.com, the job listing portal.

JPMorgan Chase, the American multinational investment bank and financial services company has been posting a lot of job opportunities in the blockchain and cryptocurrency industry on Indeed.com, a job listing site. According to the data from Indeed.com, the overall job openings for the cryptocurrency industry also seems to be on a rise.

 

JPMorgan Entering the Cryptocurrency Space:

Though the CEO of JPMorgan, Jamie Dimon has always been a strong opponent of Bitcoin and other cryptocurrencies, his company has been interestingly expanding its operations in the field of blockchain and cryptocurrency.

 

Last month, JPMorgan launched its own cryptocurrency known as the JPM Coin, which will serve the bank’s precious customers in order to make transactions between them more swift and steady.

 

Back in 2018, JPMorgan had launched a blockchain powered platform known as Quorum which might be seen quite homogeneous to bitcoin and ethereum, however, it is almost fully centralized in nature.

 

Large companies entering the Blockchain Space:

In recent times, a lot of huge companies worldwide have been entering into the blockchain and cryptocurrency space. According to a recent publication by the Forbes, large organizations such as IBM, Deloitte, Cisco, Microsoft, Consensus, and others have been curiously hiring employees that are experts in the field of blockchain technology.

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#Blockchain

Adoption: Courts in France adopt blockchain technology

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The NCC or National Council of Clerks of France have finally tested a blockchain technology-based solution for the courts of the country.

The NCC or National Council of Clerks of France recently made an announcement that they have finally tested a blockchain technology-based solution for the courts and are now prepared to launch it throughout France. The National Council of Clerks is a representation of the clerks of the corporate and commercial registry in around a hundred thirty-hour workplaces in France. The workplaces depend upon one another for sharing important data.

 

The goal of NCC France

The NCC is determined to streamline and position the latest information technology that capitulates something that is known as ‘the single version of the truth’. The data tracks an organization’s growth, dissolution, change of location etc. The sharing of data amongst each other was earlier a big challenge for the NCC.

 

The project based on blockchain technology had an aim of rapid cycle times and precision of information. In the pilot phase of the project, the National Council of Clerks in France was able to lessen the timing of registry operation involving a lot of days to just one day.

 

According to the president of France National Council of Clerks, Sophie Jonval, the project based on blockchain technology is an outcome of the partnership with IBM. IBM who is already an expert in blockchain technology and cryptography has been serving as a technological partner.

 

According to the NCC, the project shall be rolled out in the 1st half of 2019 and the project shall ensure a transparent and improved dynamics of the interactions between the clerks.

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