How does Blockchain impact Cryptocurrency?
Blockchains and Cryptocurrency have a mutually beneficial correlative association. Blockchain forms the technology that allows for the existence of Cryptocurrency. Cryptocurrencies act as a medium for exchange within the digital platform using encryption techniques that manage monetary units and verify funds. A variety of cryptocurrency t chose from, each ranging from effectiveness and level of customization and security based on the client’s needs. One such Cryptocurrency is Ripple that central banks and financial organizations use similar to bitcoin. However, the Cryptocurrency uses a distinct payment network known as RippleNet. The Cryptocurrency has lightning-fast transaction speeds but has the downside of getting used without Ripple, its underlying Cryptocurrency.
Ether is an Ethereum network-based Cryptocurrency that enables user coding and personalized decentralized applications known as dapps. The users, contrary to RippleNet, also make smart contracts that automatically enforce made clauses. Just like RippleNet, it has fast transaction speeds. The only downside to it is that it can become inflationary. I have never used any cryptocurrencies, although I find their fundamental concept quite attractive. I, however, have strong feelings concerning their susceptibility to hackers, given the continuous technological advancements. Cryptocurrency is a major topic in the financial and technical industry lately (Hassani et al.,2018). With more sophisticated and assuring security features, I could see myself exploring the intricacies of the innovation. Most of my friends have a lot of positive feedback concerning cryptocurrencies, which further serves as a motivation to try it out for myself.
Reference
Hassani, H., Huang, X., & Silva, E. (2018). Big-Crypto: Big data, Blockchain, and Cryptocurrency. Big Data and Cognitive Computing, 2(4), 34.