THE AGE OF CYRPTOCURRENCY- “It is not new its logic is old”

CryptoCurrency Explained — Cryptocurrencies like Indicoin are often described as complicated and technical. They’re not: The core concept is simple.If you have 60 seconds to spare read the explanation below and ‘own’ that concept forever.
CryptoCurrency Explained in 60 seconds:
First of all we start with an analogy. Until just over 100 years ago the people of Yap, a Pacific island, used large stone disks as coins. The picture on this page shows some.
Cryptocurrency Explained — Yap Island IndicoinYappians used these stones for large expenses such as dowries. Because the stones were large the islanders didn’t bother moving them about. They just transferred ownership. People knew who the current owner was because it was public knowledge.This made it difficult to commit fraud.You couldn’t spend someone else’s stone, because everyone knew who owned the stone.
You couldn’t spend the same stone twice because everyone would know.
You couldn’t fake the currency, because to do that you’d need to carve a new stonwhich anyone could do anyway.
It was a great system. It just didn’t scale up well.
But cryptocurrency works in exactly the same way, and does scale up.Here’s why they’re the same.
INDICOIN don’t move around. They stay fixed on a public ledger, the “block chain”. Anyone can check ownership by checking this ledger.
This makes it difficult to commit fraud:
You can’t spend someone elses Indicoin, because everyone knows who owns them (from the ledger.)
You can’t spend the same coin twice, because the network keeps the ledger up to date and there’s only one ledger. If you did try to spend it twice, everyone would know.
You can’t fake the currency, because to create a INDICOIN you need to work on different social problem. You need to prepare a proposal of work,which gets reviewed and if the users upvote, winner gets a brand new indicoin as a ‘Reward’ through voting. There’s no way to fake the answer — as the users will review.
Openness is at the heart of both the Yap stones and cryptocurrencies. Everything is there for anyone to scrutinise.Indicoin is a platform Independent, self-governing social service DApp for a community of people who really want to contribute for the society. Indicoin aims to use the technology of Blockchain and Smart Contracts to provide meaningful tasks to the user community and linking a monetary value ( indicoins) on these tasks approved by the community through a decentralized,unbiased and transparent voting process thereby incentivizing and encouraging the user community to undertake more such social tasks. Indicoin has the potential to address certain limitations of the current processes by modernizing, streamlining and simplifying the traditional siloed design.Indicoin will provides social service with a shared fabric of layers of technology for a first ever social platform where people can not only contribute but also validate through any kind of content anonymously from anywhere, anytime and also earn through it .

OUT TO BE LIVE SOON…………..
CONTENT-ADITYA PRAKASH(PR AND NEW MEDIA STRATEGIST)
INDICOIN- BLOCKCHAIN REDIFING SOCIAL SERVICE


