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Understanding Cryptocurrency
 

Understanding Cryptocurrency

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Cryptocurrency or virtual currency is the new in thing. This is my attempt at understanding where these currencies are.

Cryptocurrency or virtual currency is the new in thing. This is my attempt at understanding where these currencies are.

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    Understanding Cryptocurrency Understanding Cryptocurrency Presentation Transcript

    • Cryptocurrency Kapil Gupta 4/12/2013
    • Bitcoin - BTC • Peer–to-Peer technology and no central authority or banks o • Transaction fees are lower Managing transactions and issuing of bitcoins is carried out collectively by the network • • • • Open-Source, design is public, nobody owns of controls Bitcoin 21 million Bitcoins to be issued Currently the dominant cryptocurrency by far Market cap - $12 billion
    • Bitcoin anonymity • Bitcoin is pseudonymous, not anonymous, and bitcoins cant just disappear • It works because every transaction is public and visible to each and every other person using bitcoin network • A person is only as anonymous as their link to their wallet
    • Major Crypto-currencies – 5/12/2013 1. Bitcoin 2. Litecoin 3. Peercoin 4. Namecoin 5. Megacoin 6. Quarkcoin 7. Protoshares 8. Worldcoin 9. Primecoin 10. Feathercoin 11. Nxt 12. Novacoin 13. Freicoin 14. Anoncoin 15. Terracoin 16. CryptogenicBullion 17. Infinitecoin 18. Zetacoin 19. BBQCoin 20.Stablecoin
    • Differentation
    • Litecoin • • • • • • Based on Bitcoin protocol Can be efficiently mined on consumer grade hardware Faster transaction confirmations (2.5min on average) Proof-of-stake in addition to proof-of-work Scheduled to produce 84 million currency units Current market cap - $867 million
    • Peercoin • Increased security via Proof-of-work + proof-of-stake hybrid algorithm • • Energy efficiency - generating proof-of-stake blocks Current market cap - $116 million
    • Namecoin - NMC • Key/Value registration and transfer system • Based on Bitcoin technology • Allows you to: – Securely register and transfer arbitrary names (keys) – Attach value (data) to the names – Trade and transact namecoins • Use cases: – Timestamping – Bonds, shares – Voting / Web of Trust • Market cap - $62 million
    • WorldCoin • • • Faster transaction time – 30 sec (over 20 x faster that Bitcoin) 1% reward reduction weekly, encouraging quicker adoption 1 hour, maximum 10% difficulty retargeting to prevent pool abuse • Market cap - $24.5 million
    • Other major cryptocurrencies • Quark – Uses nine rounds of secure hashing from six different algorithms – Extra secure – Market cap - $30 million • Primecoin – Cryptocurrency with Prime Number Proof-Of-Work – First currency to have nonhashcash proof-of-work – Market cap - $16.9 million • Feathercoin – Market Cap - $15.9 million • Megacoin – Restricted to 42 million – Market cap - $26 million
    • Tumbling • A couple of reddit users realised that the sheer size of the heist makes “tumbling” the coins - the normal method of laundering bitcoins impossible, as long as they kept on their toes. • Someone with bitcoin can send some to a tumbler like bitcoinfog, where it will be split into smaller subdivisions and mixed with other bitcoins from other places, recombining and splitting again several times over until the whole amount eventually comes out the other end, theoretically in such a way that it’s impossible to track. • Silk Road’s in-built tumbler successfully foiled the FBI, allegedly.