By Mirko Stanić on The Capital
When discussing blockchain technologies, a question that often comes up is one of wastefulness of Proof of Work consensus mechanisms (PoW) and how a newer, often Proof of Stake (PoS) consensus mechanism, is favorable. This line of thinking demonstrates the fundamental misunderstanding of what a blockchain is and also a lack of knowledge about the history which preceded the invention of blockchain.
The blockchain technology and its first successful implementation, Bitcoin, rose up from the work of a group of cryptographers who shared their ideas on the Cypherpunk mailing list started in 1992, by Eric Hughes a mathematician from Berkeley, Tim May, a former Intel employee, and John Gilmore, a computer scientist. The basic ideas of Cypherpunks were described in their manifesto written in 1993. …
Because depending on how we define the term cryptocurrency, they either already exist or they would be to volatile.
Short answer, there will never be a true crypto-euro or a crypto-dollar because depending on how we define the term cryptocurrency, they either already exist or they would be to volatile.
To clarify a bit, we must first understand what is blockchain and cryptocurrency. Blockchain is a protocol for synchronizing the contents of a database among a group of unknown users. If the users are known it becomes a simple distributed database or a federated system. This is also one of the reasons why there is no such thing as a private or permissioned blockchain but that is another story. As for cryptocurrency there is some misunderstanding as to what it is. …
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