The Evolution of Crypto: From the Inception of Bitcoin to Today’s Offerings
Starting out as a simple concept promoting decentralization and financial control, the cryptocurrency industry has managed to overcome its obstacles and transform into a multi-billion dollar industry. This overwhelming success has promoted an economy that boasts a wide variety of impressive products and technologies that are driving the financial industry (and beyond) forward. To fully-understand this evolution, we are going to look at some of the projects that have revolutionized the industry since the first cryptocurrency emerged.
The Birth of Bitcoin
Released in 2009 by an individual (or a speculated organization) known only by the name of Satoshi Nakamoto, Bitcoin became the first digital payment system that revolutionized the financial industry. Providing users with a currency that allowed for transparency, decentralization, and seamless transactions, Bitcoin took off, albeit slowly, turning into the cryptocurrency that we all know and love today.
The Strengthening of an Empire: Litecoin
After Bitcoin started receiving more attention and gaining traction as a digital currency, Litecoin was created in 2011 as a response to the growing cryptocurrency industry. Despite some slight differences in code and improved speeds, Litecoin is often considered the silver to Bitcoin’s gold and has managed to hold that place in recent years as it has implemented software that has improved its speed and made it easier to use. While Litecoin didn’t greatly improve upon what Bitcoin built, it did serve as a sign that cryptocurrency was going to be huge and helped to foster trust and further development in the crypto space.
Leaving the Decentralization Model With Ripple
Shortly after Litecoin was released, Ripple was launched in 2012. This new cryptocurrency model sought to address the issue of government control and regulatory issues by pairing with banks in order to create a way for banks to make global payments and transactions simpler and more affordable. It also got rid of some of the other more important aspects of mainstream cryptocurrencies, like making the system more centralized for financial entities and creating a set amount of the coin rather than allowing for mining to produce more. Despite some of these main traits, however, Ripple has proven to be wildly successful and has paved the way for other cryptocurrencies of its kind.
Enhancing Privacy and Security With Monero
Although there are other cryptocurrencies out there that boast enhanced privacy and security, Monero is by far the most notable when it comes to these qualities. Launched in 2014, Monero succeeded where Bitcoin failed by making a cryptocurrency that was almost completely untraceable. It achieved this by using something known as ring signatures that keep transactions hidden away under other automatically developed signatures. For those who have valued privacy and security, Monero has been a major innovative player in the industry.
Changing the World of Crypto With Ethereum
One of the most significant developments to date, Ethereum opened up the floodgates for further innovation. Ethereum, which was launched in 2015, went far beyond digital currency and featured the development of a blockchain which was capable of hosting smart contracts that enhanced transactions as well as decentralized applications that replace their centralized counterparts that dominate the market. These developments spurred other developers to start building upon their platform or building platforms similar to Ethereum, leading to the amazing advancements in the crypto economy and blockchain industry that we see today.
While Bitcoin reigns, there are so many improvements that have taken place over the years that have led to the vast and varying crypto offerings we see today. The five offerings listed above should provide you with a better idea of how the cryptocurrency industry has evolved and how those changes have shaped our world into what it is now.