Money has transformed from physical commodity to virtual asset (encrypcurrency). The trends about blockchain technology and cryptocurrencies are way beyond government control. However, a new era of digital currency is yet to hit the surface.
Mr Skipjack sounds the birth of encrypt currency as the next phase of digital currency. This may stand the chance to dominate cryptos and the known blockchain technology. I will be revealing more facts on how this can happen (in future posts), for now, let’s talk about encrypt currency and banking.
Encrypcurrency breed from the algorithm technology more than 40 years hidden from the public. It uses a block cipher tech which is known to be an algorithm for encryption developed by the U.S. National Security Agency (NSA). Block cipher on the other hand is a deterministic algorithm operating on fixed-length groups of bits, called block, with an unvarying transformation that is specified by a symmetric key.
The inventor of encrypt currency, Mr Skipjack, created the technology to oppose the traditional fiat currency and crypto currency. However, this tech is shielded with modem technology design and protocol in currency architecture encrypted in such a way that it will take 166 years to break.
What Encrypt currency and Banking means?
An encrypt currency or banking is a digital asset designed to work as a medium of exchange that uses encryption algorithm to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. However, it is classified as a subset of digital currencies and is classified as a subset of alternative currencies and virtual currencies.
This currency is available in digital form only and exhibits properties similar to physical currencies, but allows instantaneous transactions and borderless transfer-of-ownership like virtual currencies; cryptocurrencies or even central bank issued “digital base money”. Therefore, it can be used to buy goods and services but may be restricted to certain communities such as online game or social network.
Encrypt currency on other hand can be termed as a money balance recorded electronically on a stored-value card or other device, allowing the transfer of value on computer networks (particularly the internet), and also claim on a private bank or other financial institute such as bank deposits. We can term it encrypt banking.
Phase of Money, where encrypt currency comes in?
As seen in the below image, you can tell that encrypt currency is the next phase of digital currencies. It all began with fiat currency (although we had so many monetary system before fiat) in 1971 to digital currency in 2007 as crypto currency came in as the first phase of digital currency in 2009 (introducing blockchain tech with 1 layer encrypt and 4 hash/sec) and now encrypt currency with superencryp block tech, super layer encrypt an 100,000 hash/sec.
In conclusion, encrypt currency being the next phase of digital currency stands chance of dominating all other digital form of money. Next content details more about dime, superencrypblock and lots more related info.