Cryptocurrencies and Blockchain
Steven Dryall · 2018
Cryptocurrency technology enables the ability to reliably create and exchange value over the internet without an intermediary. Bitcoin was the first viable example of cryptocurrency. Bitcoin proved the capabilities of cryptocurrency technology and initiated the digital economy. An asset-based cryptocurrency (ABC) is a cryptocurrency that uses digital tokens to represent a tangible pool of assets. The three pillars as applied to an ABC ecosystem are network services, for the Technology Pillar; asset supporters for the Community Pillar; and token exchange for the Liquidity Pillar. The community supporting an ABC will immediately consist of asset managers, token speculators, liquidity providers and aftermarket exchangers. Cryptocurrency technology is based on open source software with different platform types available for ABC deployment. Unique to cryptocurrency technology is the "block explorer". The block explorer is not just used by people to view transactions, but is also the common application used for confirming transactions in commerce.