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Cryptocurrency: The Great Equalizer

Published 1 year ago

Cryptocurrency: The Great Equalizer

HuffPost via huffingtonpost.co.uk

Cryptocurrency is an early blockchain invention that still has the market obsessed. The currency has gained over 500% in value this year alone, but despite its steady trajectory towards the moon, blockchain has emerged from bitcoin’s shadow entirely.

However, a key function of blockchain is its support for smart contracts, which are computer contracts that use cryptocurrency, bringing the technology back to its roots. Smart contracts can understand when their conditions have been fulfilled absolutely thanks to the permanence of blockchain, and have made cryptocurrency a sort of digital tender with unique value.

Not only do smart contracts make cryptocurrencies available, but they can also mirror other digital assets like stocks, bonds, commodities, ETFs, and other instruments. This “tender of services” quality of cryptocurrency literally gives value to ideas, because it is required for the idea to work, much like a trader would use TradeTokens to invest in assets on trade.io.

The Lightning Network wants to make it possible to immediately exchange any cryptocurrency for any other, without the need for exchanges to connect the blockchains involved. As the value of any single cryptocurrency grows increasingly attached to its underlying usefulness, it is incumbent upon innovative blockchain firms to use the technology responsibly, or risk the whole industry.

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