Encrypcurrency without doubt is built on high tech, superencryp block cipher. However, it poses as a treat to blockchain technology and cryptocurrencies. Its layer is super encrypt and speed is 5000 times faster compared to that of bitcoin and blockchain technology.
Over the past few years, government have tried their very best to see if bitcoin currency could be regulated, but it’s already gone beyond their control. The reason that it’s used for so many illegal activities has kept the government in a state of crinkle-crackle.
The use of blockchain technology is a great evolution but crypto currencies have encountered so many fails. Few known to us includes, low security exchange platforms, ICO scams, Ponzi schemes, illegal transactions, money laundering, incomplete regulatory framework, uncertainty, deflationary, government interference and black market.
Encrypcurrency on the other hand is come to rule the global market as it’s going to be a stable underlying asset and centralized electronic money which is going to be regulated via the implementation of KYC policy. However, with such aid, it would not just help the financial economy but also the global economy in general.
Bitcoin today being the king of cryptocurrency has faced so many fails. Notwithstanding, the market instability and low speed transactions has recorded huge loss of investors’ funds, and believe me, it gets worse when it surface increase in value. With the underlying technology behind encrypt currency and thousand times faster transaction speed compared to cryptos. This would supply a huge impact in the financial market.
Finally, the superencryp block cipher used by encrypt currency is much more better than the blockchain technology. However, the fact that it uses clipper chip to address as new way of secured currencies in a payment system. This algorithm was initially classified as SECRET. This was made so, in other to be examined in the usual manner by the encryption research community. However, it uses a 512-bit key and a symmetric cipher algorithm which is similar to DES. Data is encrypted in blocks of 64-bits, using an unbalanced feistel network with 32 rounds with more security than bitcoin and difficult to hack.
The algorithm is developed to replace the crypto currency leading by bitcoin which experiences many issues. In this, encrypcurrency will definitely dominate crypto currency in the digital currency financial market.