The World of digitization has seen a long-drawn journey since its inception. Technology is not a new word or something belonging to recent centuries. In fact, technology has existed ever since the time human race has existed on the planet.
‘Cryptocurrency’, as the word denotes, is a form of a digital currency, however, not a real currency, where the transactions happen on a crypto-graphical system which uses cryptographic protocols, meaning thereby that the units stored in, are encrypted and no-one can trace it so as to depute anonymous transactions. Crypto currency is not real money; however, it is merely a representation of value in money terms. The system is created in such a manner that no one can possibly break, duplicate or sham the currencies protected through the protocols.
Introduction of crypto currency to the world is one of the most compelling innovations in money terms, so far the mankind has seen. Traces of cryptocurrencies can be dated back to 1980s, when a person named David Chaum invented a ‘blinding’ algorithm, which can be treated as a basis for today’s encryption systems that we have in hand. Following the footsteps of David Chaum, a person called Nick Szabo introduced to the world ‘Bit Gold’, an electronic currency system which required users to complete a proof of work (a protocol to discourage ‘denial of service attacks’) function, based on the blockchain technology.
Cryptocurrencies became famous only in the late 2007 and early 2008, when an anonymous group, tagged as ‘Satoshi Nakamoto’, introduced ‘bitcoin’ to the world. It was the first decentralized crypto currency which was built on the structure of blockchain and peer-to-peer crypto-graphical system. The world saw a widespread change in the way people invest their money out of the formal economical system.
It further paved the way for introduction of various other crypto currencies, few of them being Ethereum, Ripple, Bitcoin, Litecoin, NEM, bbqcoins, dogcoins, etc.
By the end of the first half of the year 2017, we had a variety of exchanges and mobile applications which provide a platform for, trade in crypto currencies and some further services to attract more customers, such as digital wallets.