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New Era Of Crypto Currency and GDC Coin

  • Free
  • Published date: August 26, 2017
    • Sangli, Sangli-Miraj&Kupwad, Maharashtra, India [ Ads Views - 10 ]
  • Call : 9503418011

When Satoshi Nakamoto invented Bitcoin in late 2008, he never imagined that crypto currency would become such a raging concept in the future. While it has taken the world by storm, the concept still remains a mystery for the majority of people.  


 


Originally invented as an electronic cash system to support transactions among peers, crypto currency today is applauded as the most potential new age currency. After many failed attempts to build decentralized digital cash system, Satoshi found that digital cash could be exchanged through consent without a central authority. In a decentralized network, every peer has a list containing all the transactions to confirm their validity in future. If the peers disagree about even one single, negligible balance, everything is broken. They need an absolute consensus. 


 


Since a decentralized network lacks a central authority, cryptocurrency needs a mechanism that prevents its abuse. Satoshi made the rule that the miners (primarily, anybody can be a miner), should invest some of their computer’s work to be eligible for this task. It’s like solving a cryptologic puzzle to build a block that you can add to the block chain. As a motivation, he is awarded some Bitcoins once the transaction is confirmed. This is how valid Bitcoins are created. You can create only a particular amount of cryptocurrency in a given time.  



There is a huge scope for cryptocurrencies as new ones emerge and old ones die every day. Every cryptocurrency comes out with a promise, only to be replaced by some new cryptocurrency. In a couple of years, cryptocurrencies may be legalised for business transactions and micropayments. On the flip side, cryptocurrencies have besieged the scope of the economic system as it cannot be controlled or changed by a government institution or a bank or any central body. It has enough scope to double as a medium of payment for outlawed economic activities and black markets.

 

GDC coins forays into the world of the digital economy to help people move to a globally accepted payment or exchange mode through cryptocurrency. Secured by an infallible system, cryptocurrency is founded on the blockchain scheme that renders it impenetrable for hackers.

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