DECENTRALIZATION

Genesis of an Evolution

Evolution is the product of inherited genetic change and passed on to subsequent generations. Every living organism on Earth shares a common ancestor with others, this is testified by the similarities between the different living organisms. This concept is also comparable to other situations, ideas, thoughts, events and technology. All disciplines follow their evolutionary path, passing from the first to the last phase. We now know everything about the previous periods because it is described and told in the history books. But what do we know about the present? The sure thing is that you begin to know things only after having studied and experienced them.

OUR EVOLUTION

Many current events and daily situations lead us to have to consider our conditioning and to act in a “conformed to the mass” sense; this gives the individual a way to move within planned and already tested behaviours, guaranteed by the success obtained by others, therefore pseudo certainties.

By their nature, they contribute to providing the individual with a collective identity as a member of a group or community of similar, as belonging to a homogeneous community, for ways of doing, lifestyles, beliefs, values, ” visions of the world “, it is simple, fast, and it costs no effort, «… If everyone does this, why try to understand? It is enough to align … ».

This conformist attitude is reflected in lifestyles as well as in trading currencies, the concept of fiat coins goes beyond this argument but, given the necessary premises, let’s analyse 4 coins called cryptocurrencies.

These four coins are currently at the top of the ranking drawn up by the Coinmarketcap website. We try to make a concise but exhaustive summary of the functional characteristics, such as transaction cost, security, ease of use, confidentiality and fungibility; as well as the aforementioned concept of acting in a sense conformed to a standard.

Any reference to facts or events is not accidental, but documented and easily available online.

Bitcoin

Born in the late 2000s, it undoubtedly ushered in a new era giving a new paradigm to the concept of non-material value. SHA-256 encryption protocol, sensitive to attack by 51% POW system Slow transactions not adequate for the number of users, with network commissions directly proportional to the speed required, in short, if you are in a hurry you have to pay more. To remedy the problem, the Lightning Network system, still in its embryonic phase, has been developed, a sort of Layer 2, unfortunately with multiple known and new Bugs, they are discovered at a fast pace. Lightning Network is not a confidential peer to peer transfer method. Development and implementation is very slow and arguably decentralized, just think that the developers are on the payroll of the same company that has been able to afford the luxury of sending a satellite into orbit with a BTC node. To finish briefly, although we could continue with many pages to list endless opaque and problematic sides, to mention the study by the University of Trento, which revealed weaknesses in a family of BTC encryption keys and managed to decrypt them.

Litecoin

Litecoin (LTC) is a cryptocurrency heavily inspired by Bitcoin, from which it takes the source code. Although the key idea of the project is to give life to a faster and cheaper alternative to Bitcoin, historically it has been used as a test bed for new implementations of the BTC code, (Segregate Witness) Segwit and Lighting network have appeared. first on LTC. So its Vulnerabilities are the same as its BTC progenitor (See Above)

The transaction cost is almost zero, faster block creation (2.5 minutes for Litecoin, 10 minutes for Bitcoin), with the disadvantage that while in BTC the maximum limit of “tokens is 21 million, in LTC reaches 84 million, so it is intuitive to understand that the single price will suffer the consequences. Also in this case, I avoid divulging myself further, referring you to this in-depth page.

Ethereum

It is impossible after the past summer period, in which the DEFI bubble dominated the industry news, not to have heard of Ethereum or, for short, ETH. But what is Ethereum? Or rather, what does it really claim to be?

Ethereum’s story begins with Vitalik Buterin, who was a Bitcoin programmer at the age of 17 in 2011. Buterin disheartened by Bitcoin’s shortcomings creates Ethereum as a new top-tier blockchain technology.

Its aspiration is to become a decentralized supercomputer capable of processing smart contracts encoded on blockchain, better known as Smart Contracts. Exactly because of one of these extremely complex Smart Contracts that Ethereum suffered a serious theft in 2016. The codes of the smart contracts generated better known as financial contracts are now increasingly in the hands of the old and gigantic cartel of banks, which with the intellectual property rights on these codes would have the power to define and modify them in a unilateral and discretionary way, thus taking over semiotics of contracts and financial transactions. It is a transformation of which there is little information and above all little awareness even within the communities themselves. SHA-256 encryption protocol, sensitive to attack by 51% POW system (pending implementation of the PoS) Slow transactions not adequate for the number of users with network fees directly proportional to the requested speed. Arguably decentralized.

Monero

Welcome to Tortuga Island!

A true paradise for expert Cracker programmers unscrupulous and outlawed, so much so that not even the original wallet downloadable from the official website is free from Spyware and malware. Let alone the elusive and libertarian mining code. The code is often used for mining or cryptojacking or through freeware programs on the net. Briefly, it is total digital anarchy where there is little to rest assured. It is clearly superfluous to continue further.

With this brief description of the coins in vogue in the current period, we should have a clear idea of ​the conformist concept on which the first two coins (as well as others not listed are the foundations) either follow that project or become the Black Swan of the cryptocurrency system as Monero. Good reflection.