The Journey of Cryptocurrency

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The Journey of Cryptocurrency This article talks
about the journey of cryptocurrencies and their
potential. Blockchain and Cryptocurrency have
traveled an uncertain path to worldwide
popularity. Many people are showing interest in
the blockchain technology development even if
they were not investing in cryptocurrencies.
1st phase The US subprime mortgage crisis was a
banking emergency that affected the world
economy. To prevent any such kind of event from
happening again, Mr. Satoshi Nakamoto (real name
not known) created a decentralized virtual
currency called Bitcoin. And bitcoin is backed by
blockchain technology which is transparent,
unalterable, and eliminated from third parties
like bank, government and any financial
institution from the transaction
process. Initially, it served as a payment
medium. This publicly verifiable virtual money
gradually became popular among the IT developers.
Eventually, innovation of other new
cryptocurrency started flowing which helped to
engage a broader audience.
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2nd Phase Vitalik Buterin (Russian-Canadian
programmer) came up with a wider use of
blockchain technology which is commonly known as
Smart Contracts. And the platform is Ethereum.
Certainly, Ethereum is more than just a coin. The
IT intellectuals started reviewing the potential
of this distributed ledger technology. Ethereum
revolutionized and decentralized the internet.
Thus, Decentralized Apps (DApps), Decentralized
Autonomous Organizations (DAOs) came into
being. The developers from different parts of
the world started experimenting to launch their
own tokens and raise money from the public with
ICO (Initial Coin Offerings). 3rd
Phase Scalable and practical, the 3rd phase of
Blockchain technology is in its infancy. It's
been predicted that in 2019-2020, there will be
a blockchain of blockchains with millions of
transactions per second. It will be enormous that
includes organizational structures like cities
and connected to the other bodies. Cryptocurrenci
es have made a dramatic leap in terms of
innovation and adoption in past few years. The
tokenization of many businesses across different
industries will open a wide opportunity for
economic growth. We at Sphinx Solution, are
working on Blockchain App Development and ICO
services. Our experienced developers are
thoroughly acquainted with the full development
stack. You can rely on us for scalable
Cryptocurrency Wallet, Hyperledger, Bitcoin apps
private blockchain development services.
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