What’s the reason behind the latest trend — Cryptomania?
I guess the news has probably gone viral, of how your uber driver’s cousin’s friend who made a little fortune out of Bitcoin, with so many profits attached to it during trading. Many people has really gone crazy over it, because the blockchain technology behind it is highly trustworthy and reliable. The blockchain technology was introduced to us by Bitcoin, where the information utilized by a software or platform is stored on different computers around the globe, rather than a central database. What inspires everyone as it takes authority of data from tech giants and companies and returns it back to the people, is the decentralized system of the blockchain. Database are hosted together and they are owned by the firm on a platform in present-day, but in the decentralized system, the database doesn’t belong to the platform, it belongs to the community. Bitcoin had its initial use of the decentralized blockchain in the form of a digital currency
In the wake of 1997, no one could believe in digital services, escrow services or Paypal to move their money online. It took us less years to build that integrity. This is what’s happening with Bitcoin presently, people are getting to understand the blockchain and Bitcoin, which basically assure you of building clarity and trust using a decentralized model. Money was only transferrable from A to B on the digital platform before the introduction of Bitcoin, but presently, we have virtual money that’s supported by a solid protocol that doesn’t need an intermediary.
The details of every individual user’s digital wallets and transaction past events such as the sender, receiver and quantity of bitcoin, are reserved or stocked in the blockchain. The blockchain cannot be manipulated by an individual, neither can it be tampered or hacked, because the information or data is stored in all computers in the blockchain, rather than a central database. Bitcoin has been in existence since 2009 and it’s gradually developing to become the dominant cryptocurrency in a now $500 billion market. Sequel to Bitcoin’s achievements, several other digital coins are now being introduced, which can be used for different intention, such as Ethereum and Ripple. Ethereum has a recent feature over BTC, the smart contracts, enabling a digital contract between the sender and the receiver that doesn’t need an intermediary. Bitcoin and Ethereum are already becoming a vital part of the world economic arena. Both of these coins have a basic utility that enables rapid move of value and payment compliance without a regulating intermediary. There’s a strong technology development in progress and this is why cryptocurrencies have been broadly spread in 2017. Presently, there are over 1,300 dissimilar cryptocurrencies that aren’t bitcoin. These coins are all expressed by different firms and traded with bitcoin in cryptocurrency exchanges.
One of the most vital things to put into consideration, is the technology behind cryptocurrencies — the blockchain — which can be developed to be combined with today’s systems, it could offer the tech firms an opportuinity to combine peer-to-peer fee and beat restriction globally. In contraction, BitTorrent has been in existence for a decade and it is being used by over 250 million persons globally. BitTorrent has proven that excellent quality content can be dispatched in a decentralized and easy way. Perhaps, all of the largest firm of today which includes YouTube, eBay and Facebook may also be decentralized down the road, if it is their wish to do so. Subsequent to the recent news update, the CEO of Facebook Mark Zuckerberg made a statement, that he will be researching on the blockchain technology in 2018 to find out if they could combine it into their services, while the biggest financial institution in Japan Mitsubishi UFJ Financial Group also made a statement that they are set to launch a crypto-exchange in Japan.
A new way for crowdfunding- ICOs or Initial Coin Offerring has just been introduced by the 2nd biggest cryptocurrency known as Ethereum and it’s smart contracts. An ICO is much like an IPO(Initial Public Offering) but more like if it was incorporated with Kickstarter. With the Kickstarter model, startups were able to exhibit a product and pre-sell it around the globe to get the capital to create the product. But with ICOs what they are doing is essentially giving tokens in transactions for cash to those who participated to build a blockchain startup. This is how Ethereum started out initially. Sequel to its achievements, there are presently, various ICOs in the cryptocurrency world that offers different services that ranges from blockchain based digital banks, web service platforms to marketplaces and there were even an ICO called Potcoin that started to support Denis Rodman’s journey to North Korea. It’s a progressive business model that is used for advancing businesses that permits anyone in any part of the globe to raise funds for their startups and to anyone who intends becoming a venture capitalist or investor.
A new way of funding projects, is through the sale of ICOs. EOS, which is one of the most successful ICOs of 2017, generated $185 million through its ICO. Immediately an ICO is completed the firms begin to build their project with the funds generated and sometimes their tokens are traded on bitcoin in bitcoin exchanges. By investing in the right ICO investors are able to gain over 5x — 10x their capital in just 1–2 years. The ICOs and gains are out there if you understand what you are doing. Some of these startups will develop to become billion dollars businesses, thereby enriching their investors. The most vital part is to always out a thorough research, doing your assignments and finding out which one of these firms have the ability to come after Uber.
Recently, i came across an ICO that is set to disorganize the long-term lease market and it’s called Rentberry. Rentberry wants to revolutionize the lease market to make it less difficult to rent a long-term apartment in the Europe, US, and also in the course of time, anywhere in the World. Presently, the long-term rental proceedings are tremendous, and there is no available service that offers long-term rental apartments globally. A lot of hustle is required in renting an apartment in the city you live, let alone renting an apartment in a foreign country. Rentberry will be providing a clear field for tenants and landlords. Presently, there is Airbnb and it provides a solution only for short-term lease, the space for long-term lease is empty and the blockchain could be the most excellent fitting technology for such services. In 2015, Rentberry was established with an already working system of 120.000 live users and 230.000 properties in 5000 metropolitan areas.
Rentberry is currently running an ICO over here at https://rentberry.cryptonomos.com.
Rentberry offers a home leasing platform that works on a decentralized blockchain with a platform that includes step by step procedures of home rental from submission of information, credit reports to lease agreements and permits tenants to crowdsource their security deposits through smart contracts. Reviews for Tenants and Landlords will be introduced by Rentberry, a scoring system that features leasing background and personal data stored on the blockchain. If all the important information and files were digitally uploaded and updated for regulatory purposes, rentberry could handle the necessary legal agreements between both parties in the digital platform, reducing the time and money spent by the tenant and the landlord. Rentberry plans to utilize the ICO fundraising to boost their expansion and development of the new features on the platform.
The whole idea is decentralization and empowering everyone to be an investor. People are going to figure out slowly but surely if bitcoin is here to stay or not. I believe Bitcoin is going to be less speculative and more common by the end of this year. The legal implications of Bitcoin and regulations are as yet unclear until the governments reveal more detail in 2018.