The crypto market is hot and booming but it comes with huge disadvantages and loopholes. Time is of the essence so let’s dive into it, shall we?
1.) PROBLEM WITH SCALING
Pump your breaks because this is real ball-buster! The limitation to the speed and number of transactions it can process at a time is something to ponder. Bitcoin and other digital currencies use smart contracts. The way that smart contracts were designed puts a great limitation on the rate and speed of your transactions.
2.) ISSUE WITH VOLATILITY
Unless you are okay with uncertainty and you have billions of monies to spare, you can be okay with a volatile crypto market. But if you are a wise investor and know how to execute the most fluid risk-calculated move ever, you will have a hard time in injecting some money. Tons of major corporations are still iffy about the crypto market because of this very reason.
3.) IRRESPONSIBILITY WITH MINING
Yes. Ahhhh mining — good concept on paper. Brings you in a bit of money. BUT, it can be a vehicle for a lot of scam-laden mining entities. Plus, the fact that mining uses tons of energy. Tons of energy? YES, GAZILLION TONS OF ENERGY. According to digitaltrends.com, a study
“Conducted by Alex de Vries says that Bitcoin mining consumes 24 THw of energy or as much as Ireland. To make matters worse, the study estimates that Bitcoin’s energy use is doubling every six months. By the end of 2018, Bitcoin could use as much as 67 THw or the annual energy consumption of the Czech Republic.”
I don’t know about you but I want to make money in a responsible manner. Enough said.
So with that in mind, I happen to stumble upon a new digital currency called Skipjack Encrypcurrency and have read their white paper regarding the new technology they are bringing forth.
Let’s review shall we?
1.) NOT CRYPTO. So what is Skipjack really? It is said that they are the world’s first encrypcurrency that ensures double encrypt security for your transactions and wallet. As per their whitepaper,
“An encrypcurrency is a digital currency designed to work as a medium of exchange that uses an encryption algorithm to secure its transactions, to control the creation of additional units, and to verify the transfer of currency. It is classified as a subset of digital currencies based on underlying asset and is also classified as a subset of alternative currencies and virtual currencies. Also look into the trend, Skipjack vs Bitcoin.
2.) FASTEST TRANSACTION SPEED EVER
They say that it is 100,000 times faster than bitcoin and can transmit transaction speeds at 0.3 seconds. Say what?! 0.3 seconds?!!! And if that is the case, then it would be the fastest peer-to-peer payment system ever. However, this is one of the 10 incredible benefits of Encrypcurrency.
3.) ENERGY EFFICIENT
The new technology behind Skipjack which is what they call Superencryp Block promises to be a catalyst in energy-efficient financial technology-related activities. Reducing carbon-footprint and maintaining a responsible energy consumption index. You should definitely look into the big bang theory behind skipjack.
For more information and study, here’s the link to their blue paper: