At Launch Pad we’ve been interested in crypto-currency and blockchain tech for a while now, and after several months of experimentation we’re excited to announce our latest project. Cumulus is a new cryptocurrency with its own blockchain and token. The current command line interface allows users to create wallets, mine coins, and send funds to other users. In the future, the command line will be replaced by a more user-friendly mobile app.
A cryptocurrency is a system where digital money (“coins”) can be stored and transacted. What differentiates typical cryptocurrencies from a fiat currency like the US Dollar is that there is no central authority. Instead, a network of computers all in agreement on the rules of the system cooperate to produce new coins and allow other coin owners to send and receive coins to and from their accounts.
What makes all this possible is the use of cryptography to ensure the system remains secure. Digital signatures are used to ensure that only the owner of a coin is allowed to send it to someone else. An immutable, append-only blockchain is used to ensure that once a coin has been spent, the transaction cannot be reversed and the coin cannot be spent again. A blockchain is an ordered list of transactions, separated into groups called blocks, that is constructed so that each block has a link to the previous block. This link ensures that nobody can modify previous blocks without modifying the entire blockchain.
Why We’re Making Cumulus
There are a lot of cryptocurrencies out there already, so it’s a fair question to ask what makes Cumulus special over other, more entrenched currencies like Bitcoin and Ethereum. The short answer is because we’re all excited by the possibilities created by this technology! In addition, there are many problems in the blockchain space that remain to be solved. Other cryptocurrencies have significant downsides like small block sizes and vast computation waste spent securing the network. We are addressing many of these problems in Cumulus. Beyond that, we see massive opportunities in this space in the years to come. Cumulus is the infrastructure on which we can build in the blockchain space as it matures.