The state of the crypto currency markets have been quite tumultuous over the past year. From record-breaking ICO deals in the billions of dollars, to institutions seeking to invest in the blockchain technology, the state of the cryptocurrency markets – otherwise known as ‘crypto’ – has seen wild bull runs in late 2017 to even wilder plunges in price throughout the course of 2018.
So why the craze? Is this really another tulip-bulk-like mania? Or is the new technology everyone is talking about – the blockchain – a serious contender in replacing our lives?
The blockchain was first created in 2009 by an anonymous pseudonym called Satoshi Nakomoto. The identity of Satoshi is of great speculation and is outside the scope of this article. The key point to note, is the technology that was created just under a decade ago. The ‘blockchain’ can best be thought of as a digital ledger. Transactions made in Bitcoin or any other cryptourrency are recorded chronologically and publicly. Just by reading this, institutions are seeing dollar signs in their eyes as they can look to save not millions – but billions upon billions of dollars in transaction costs and the storage of information.
Both institutions and individuals alike have been swept up by the mania that is cryptocurrency. From the underground days of 2014 when Bitcoin was almost synonymous with Silk Road, to 2018 where institutions such as Blackrock, Goldman Sachs and even JPMorgan are seriously considering the underpinning technology of cryptocurrencies.
Yet despite the almost 1600 cryptocurrencies that are in the market, a select few cryptocurrencies seek to stand the test of time and to become real forces in societal adoption over the next two years.
Improvements to Bitcoin with the Lightning Network and developments on DigiByte as a general means of money transfer will see cryptocurrency explode into mainstream adoption. In addition, due to the speed, security, scalability and the multilingual Android and iOS wallets, DigiByte is making inroads as being seen as ‘the next Bitcoin’. These properties allow for DigiByte to be very manageable as money, and also is much more than a blockchain to run dApps like Digi-ID or Smart Contracts like DiguSign.
In the history of our lifetime, there has never been a cryptocurrency which has actually resolved real-life humanitarian crises. The humanitarian crises in Venezuela was caused due to the economic crisis that plagued Venezuela, with inflation reaching 1000% as early as 2016.
The DigiByte team physically travelled out to Venezuela to demonstrate a real-life example of where cryptocurrency can not only help – but can SAVE entire communities. Crypto Cucuta was established to provide economic refugees with the means to rebuild their economy using blockchain technology, where the data stored on the blockchain is immutable. Chief Marketing Officer Rudy Bouwman in the name of the DigiByte Awareness Team (DGBAT) had expressed his “strong support” in the humanitarian efforts that DGB was carrying out.
The upcoming two years will be exciting times, not just for the cryptocurrency ecosystem, but for DigiByte (DGB) as well, as they continue to make significant progress and inroads into widespread mainstream adoption by society.
Author: Adz Dee
More about the DigiByte Venezuela project on Medium