IT IS ANYTHING THAT WASN’T AROUND WHEN YOU WERE BORN.
Let’ go back in time!
Do you want a change?
Be the change you want to see in the world.
Did you ever sit back and ponder, that you will only have to switch on an exclusive app to get involved with all your day to day activities?
Did you ever think of a world where you will have to depend on the “radiations” that we cannot touch or see?
But the best part is, it is all happening! This very time you’re using it as well!
Let’s sit back, relax and scroll down for more.
The advancement of technology generally evokes a range of emotions in people from all walks of life. Some view technology as a great evil that slowly diminishes our humanity, while others view it as a way to bring the world closer together and to help solve some of our greatest challenges.
It’s your choice after all everything is a necessary evil.
The 18th century saw the emergence of the ‘Industrial Revolution’, the great age of steam, canals and factories that changed the face of the British economy forever. Early 18th century British industries were generally small scale and relatively unsophisticated. Most textile production, for example, was centered on small workshops or in the homes of spinners, weavers and dyers: a literal ‘cottage industry’ that involved thousands of individual manufacturers. Such small-scale production was also a feature of most other industries, with different regions specializing in different products: metal production in the Midlands, for example, and coal mining in the North-East. New techniques and technologies in agriculture paved the wave for change. Increasing amounts of food were produced over the century, ensuring that enough was available to meet the needs of the ever-growing population. A surplus of cheap agricultural labor led to severe unemployment and rising poverty in many rural areas. As a result, many people left the countryside to find work in towns and cities. So the scene was set for a large-scale, labor intensive factory system.
Now in the 21st century the PCCL is going to hold the latest generations’ hand very tight and together we have taken the initiative to step into the 4th Industrial revolution and the 4th industrial revolution is moving with the advancement of the latest technology, which is none other than the Block chain method.
Fiat money is currency that a government has declared to be legal tender, but it is not backed by a physical commodity. The value of fiat money is derived from the relationship between supply and demand rather than the value of the material that the money is made of. Historically, most currencies were based on physical commodities such as gold or silver, but fiat money is based solely on the faith and credit of the economy.
I think it’s high time we moderate this story to a beautiful and modern story, after all there is a twist in every fairy tale.
Let’s get to a transformation, fiat to digital.
Digital money exists only in the digital form. It doesn’t have any physical equivalent in the real world. Nevertheless, it has all the characteristics of traditional money. Just as classic fiat money, you can obtain, transfer or exchange it for another currency. You can use it to pay for the goods and services, such as mobile and Internet communication, online stores and others. Digital currencies don’t have geographical or political borders; transactions might be sent from any place and received at any point in the world.
Actually, digital accounts and wallets may be regarded as bank deposits.
Crypto currency is an asset used as a means of exchanging. It is considered reliable because it’s based on cryptography.
One of the cryptography’s primary objectives is communications and how to make them secure. It creates and analyzes the algorithms and protocols so no information is changed or interrupted during the conversation by third parties. Cryptography is a mix of a large number of different sciences, with mathematics as the basic. It’s math that attaches the severity and reliability to algorithms and protocols.
Crypto currencies use Block chain and a decentralized ledger. It means that no supervisory authority controls all the actions in the network. This comes at the expanse of all the users.
Though crypto currency is a type of digital currency, there are some fundamental differences.
Structure. Digital currencies are centralized; there is a group of people and computers that regulates the state of the transactions in the network. Crypto currencies are decentralized, and the regulations are made by the majority of the community.
Anonymity. Digital currencies require user identification. You’ll need to upload a photo of yourself and some documents issued by the public authorities. Buying, investing and any other processes with crypto currencies do not need require any of that. Nevertheless, crypto currencies are not fully anonymous. Though the addresses don’t contain any confidential information such as name, residential address, etc., each transaction is registered, the senders and the receivers are publicly known. Thus, all the transactions are tracked.
Transparency. Digital currencies are not transparent. You cannot choose the address of the wallet and see all the money transfers. This information is confidential. Crypto currencies are transparent. Everyone can see any transactions of any user, since all the revenue streams are placed in a public chain.
Transaction manipulation. Digital currencies have a central authority that deals with issues. It can cancel or freeze transactions upon the request of the participant or authorities or on suspicion of fraud or money-laundering. Crypto currencies are regulated by the community. It’s very unlikely that the users will approve the changes in the Block chain, although there were some precedents such as the hack of The DAO. However, the amount of money was significant, and the decision was uncertain.
In a centralized system, there is a group of people responsible for the state of the whole system. If you made a mistake in a transaction, you can make a request to the company and rely on the successful outcome. You cannot do this in the decentralized system. On the other hand, centralized networks keep a lot of confidential information about the users. This data may get lost, hacked or be transferred to law enforcement agencies at court request. Decentralized networks do not have these problems. The same goes for a transaction cancellation. If the system is revocable, you can make changes to a transaction. At the same time, it opens room for fraudulent activities.
As reported by Forbes, more than two billion people are unbanked or do not have access to bank services. There are over five billion people that use mobile phones, and this number is growing rapidly. Thus, the banking system can be implemented into the mobile network to provide services to more people. Using crypto currency and Block chain, you can enjoy all the benefits of transparency, security and decentralization. With digital money, you get controlling body, a number of digital wallets and regulation base.
One of the examples of how to combine the two is being realized by Telcoin. The main idea is to combine mobile companies over the world with the banking system. The banking system is represented by the symbiosis of digital money and a new crypto currency that will provide different services, like mobile money, prepaid credit and postpaid billing platforms.
Join PCCL in adapting the latest and together let’s make a change.
“Any sufficiently advanced technology is equivalent to magic. — Arthur C. Clarke”
INFORMATION EXTRACTED FROM:-
- https://cointelegraph.com/explained/digital-currencies-vs-cryptocurrencies-explained
