“Activists need to educate themselves about the power of crypto currencies like Bitcoin, invented in 2009, and use crypto to leverage the success of their independent media gains to tip the balance of power away from the troika in ways that could never happen by backing a political candidate.” – Max Keiser
The cryptocurrency market was created to improve and eventually replace the existing financial markets. These conventional markets have failed the people. In order to achieve this goal of building better cryptocurrency, we must be more than efficient.
We need to build strong platforms in and of themselves. They must be better and more efficient than the current financial system.
In this blog we review the functional areas where cryptocurrency can be improved. We’ll address how to go about the process of making things better for stakeholders. The goal is to build better cryptocurrency.
Crypto Areas We Can Improve – Better Cryptocurrency
Digital currencies and cryptocurrencies are a relatively new industry. Things are very much still in development. No one knows this better than people like us who are involved in shaping the future of this technology.
We understand that there are problems and concerns with a lot of room for improvement and growth. We need to improve the speed and accuracy of crypto exchanges while reducing the cost of each transaction. Concerns about keeping coins safe and secure from hacks are also genuine.
Manipulation of currency markets and volatility are also inherent problems that must be addressed before moving forward. Greater transparency and accountability of assets will make it easier for all stakeholders.
This should help to improve the rate of adoption. We need better cryptocurrency.
We can identify the following functions that a better cryptocurrency coin must achieve.
- Secure exchange ecosystem that is resistant to attempts of hacking.
- Global accessibility that makes it possible to make an exchange from anywhere.
- Better speed where people don’t have to wait endlessly just to get a simple $10 value transaction processed.
- A more stable coin which does not fluctuate sharply due to market pressure will do well in terms of adoption.
- Low transaction cost. An individual would not be required to pay more than a few pennies for a transaction worth thousands of dollars.
- Application of proof of stake modelsl where investors would be able to claim returns for committing funds.
- Improved transparency where crypto companies provide details of crypto expense and income making it easier to evaluate currencies.
- Make cryptocurrencies easier to monitor which will ease restrictions on trade and increase adoption.
- Incentivize businesses and individuals to adopt cryptocurencies. Staking coins is one method. We are sure more advanced methods will be developed to improve adoption as we move on.
- Improvements in smart contracts and building additional layers of securitized tokens can also improve a token significantly.
In order to be successful a cryptocurrency must be customizable. Look at Bitcoin for example. It was a great concept. The currency is easily transferrable to any part of the world, is quite secure and seemed like an obvious replacement for fiat money.
However, without a smart development team supporting and improving the coin, it sometimes appears to have fallen out of favor.
Newer currencies that adapted better, like Ethereum and Ripple, have taken over a sizable portion of the digital markets while Bitcoin has gone through hard forks .
Take the first major development that was introduced with Litecoin. That coin was pretty similar to Bitcoin. The difference was that transactions required less computational power.
They were quicker to execute and transaction costs were significantly lower. Developers had seen the shortcomings of Bitcoin and built a better cryptocurrency.
The next major improvement came with Ethereum. The developers built the option of smart contracts into the platform which significantly improved the functionality for Crypto.
It was not just a medium of exchange but allowed for creation of digital assets that could be executed automatically.
Another significant change was “Proof of Staking” which incentivized businesses and individual investors to adopt tokens. Previously, mining operators were awarded a small fee for committing funds to building the crypto platform.
As the costs of building a mining operation grew too large, developers discovered methods to help smaller investors. They could pool their funds together to earn an income by supporting a token. This resulted in better cryptocurrency.
In The End
The positive thing about crypto markets is that we, the stakeholders, are aware of our shortcomings. We are constantly striving to improve platforms and test new technologies and concepts.
Hundreds of crypto projects have failed because they did not offer improvements. Many projects have succeeded as well. We are always on the look out for better cryptocurrency.
This industry is built on experimentation and risk taking.
With so much work, investment and technical knowledge put into the mix, we can often predict whether a product will be efficient and surpass any future challenges.