Crypto Currency
A Crypto Currency is a digital currency digital asset of cryptocurrency tokens that is based on cryptography to secure the transactions and to control the creation of additional units of the currency.
- Example(s):
- Bitcoin Currency, of bitcoin tokens;
- Ethereum Currency, of ethereum tokens;
- Unit-e [1].
- …
- Counter-Example(s):
- See: Digital Asset, Medium of Exchange, Cryptography, Alternative Currency, Digital Currency, Electronic Money, Blockchain (Database).
References
2019
- (Fanti & Viswanath) ⇒ Giulia Fanti (editor) and Pramod Viswanath (editor). (2019). “Decentralized Payment Systems: Principles and Design." The Distributed Technology Research Foundation January 16, 2019
- QUOTE: ... The original vision for Bitcoin was to build precisely such a payment system. In many ways, it was successful; Bitcoin has achieved high levels of decentralization compared to centralized money supplies, and remarkable levels of awareness for cryptocurrencies, although merchant adoption has been nearly non-existent. ...
... Unit-e is a cryptocurrency that specializes exclusively on payments, with a strong emphasis on performance and state-of-the-art, decentralized scalability. Whereas blockchains offering smart contracts must solve the problem of full, decentralized state-machine replication, lightweight payment transactions offer massive parallelism. Consequently, we narrow the objectives of a general purpose blockchain system, and tackle these questions in a holistic, first-principles manner. We note that although focused on payments, we find that much of the research output involved in the design of Unit-e also provides programmability (e.g. through smart contracts written in Turing or pseudo- Turing complete languages); we discuss these ramifications in the appropriate sections throughput the manifesto. To become a ubiquitous global payment system, United is designed to meet the following five requirements in a fully-decentralized manner:
- . Security. The system should prevent unauthorized or invalid payments from being executed.
- . Latency. Transactions should be processed seamlessly, on the timescale of seconds.
- . Throughput. The network as a whole should be able to confirm up to thousands of transactions per second.
- . Usability. The system should be accessible at all times, offer low and predictable fees and a low cost of operating the network and provide a seamless and predictable user experience.
- . Privacy. The system should prevent unauthorized parties from accessing transaction logs.
- QUOTE: ... The original vision for Bitcoin was to build precisely such a payment system. In many ways, it was successful; Bitcoin has achieved high levels of decentralization compared to centralized money supplies, and remarkable levels of awareness for cryptocurrencies, although merchant adoption has been nearly non-existent. ...
2017
- (Wikipedia, 2017) ⇒ https://en.wikipedia.org/wiki/Cryptocurrency Retrieved:2017-5-8.
- A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.
Bitcoin became the first decentralized cryptocurrency in 2009. Since then, numerous cryptocurrencies have been created. These are frequently called altcoins, as a blend of bitcoin alternative. Bitcoin and its derivatives use decentralized control as opposed to centralized electronic money/centralized banking systems. The decentralized control is related to the use of bitcoin's blockchain transaction database in the role of a distributed ledger.
- A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.