{"id":377,"date":"2018-01-04T17:52:15","date_gmt":"2018-01-04T22:52:15","guid":{"rendered":"https:\/\/www.amp.legal\/blog\/?p=377"},"modified":"2019-05-09T10:27:35","modified_gmt":"2019-05-09T14:27:35","slug":"blockchain-tech-innovations-continue","status":"publish","type":"post","link":"https:\/\/www.amp.legal\/blog\/blockchain-tech-innovations-continue\/","title":{"rendered":"Blockchain Tech Innovations Continue"},"content":{"rendered":"

Cryptocurrency is a decentralized payment system that operates with peer-to-peer transactions. The system adds each transaction to a permanent ledger, which is transparent to the parties. Processors, called miners, verify these transactions by solving hashing algorithms. The transactions create blocks of data, called a blockchain. As payment, miners receive a small amount of cryptocurrency for processing the transaction.<\/p>\n

Bitcoin Whitepaper<\/h3>\n

In 2008, an unknown author, Satoshi Nakamoto, published the Bitcoin whitepaper, Bitcoin: A Peer-to-Peer Electronic Cash System<\/a>. The abstract proposes a peer-to-peer electronic currency that does not require centralized bank processing. Instead, a\u00a0hashing algorithm processes each transaction, which becomes a permanent part of an ongoing record of digital transactions.<\/p>\n

Altcoin Competition<\/h3>\n

While Bitcoin (BTC) is the most well known cryptocurrency, there are many other cryptocurrencies, called alternate currencies or \u201caltcoins.\u201d By the end of 2017, there were more than a thousand\u00a0altcoins<\/a>\u00a0in existence since Bitcoin went online in 2009.<\/p>\n

Altcoins are competing to become a secure transactional system that consumers will adopt. In the long-term, the success of an altcoin depends on its technology platform. Importantly, an altcoin should have a whitepaper that explains how it adds a new innovation to cryptocurrency technology.<\/p>\n

Cryptoasset Winners<\/h3>\n

Ripple<\/a> (XRP) was the top cryptoasset of 2017<\/a>. Offering a \u201cfrictionless experience,\u201d Ripple enables financial providers to send payments around the world. Using an advanced blockchain technology, Ripple offers a scalable and secure transactional environment. Ripple\u2019s growing network includes American Express, Santander, and UBS.<\/p>\n

\"\"Litecoin<\/a> (LTC or XLT) landed in the top-ten altcoins of 2017. Using blockchain technology, Litecoin offers fast confirmations and efficient storage. As a result, Litecoin provides instant global transactions for a very low cost.<\/p>\n

Smart Contracts Competition<\/h3>\n

Many industries are utilizing the technology of smart contracts<\/a>, which self-execute the terms of an agreement. In 2017, Cardano<\/a> (ADA) emerged as a competitor for Ethereum<\/a> (ETH), a leading smart contract provider.<\/p>\n

Fully open-source, Cardano ranked in the top-ten for cryptocurrency performance in 2017. As its mission, Cardano aims to develop a smart contract platform\u00a0with a \u201cresearch-first driven\u201d approach. Developed by a collective of engineers and researchers, Cardano hopes to exceed the capabilities of any other blockchain protocol.<\/p>\n

As Ethereum’s popularity continues, copycats are trying to mimic\u00a0its success. To\u00a0learn more about Ethereum, visit:\u00a0What Is Ethereum? Here\u2019s What You Need To Know<\/a>.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Cryptocurrency is a decentralized payment system that operates with peer-to-peer transactions. The system adds each transaction to a permanent ledger, which is transparent to the parties. Processors, called miners, verify these transactions by solving hashing […]<\/p>\n","protected":false},"author":1,"featured_media":378,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[59,34,57,60,56,55,58],"yoast_head":"\nBlockchain Tech Innovations Continue - Cyber Law Blog<\/title>\n<meta name=\"description\" content=\"Bitcoin is the most well known blockchain cryptocurrency. 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