What makes blockchain technology unique
"We are in the early phase of the crypto evolution"
In addition to Bitcoin, there are now a bunch of further developments and follow-up projects. New coins keep popping up. Which cryptocurrencies have the best chance of survival?
Bitcoin was developed as a means of payment, but is also used as a store of value and key currency for cryptocurrencies. That works well since 2008 - but Bitcoin has not been able to do more to date. It was designed only for this purpose. Changes and further developments are very difficult and lengthy because the whole network has to come to an agreement.
Ethereum, on the other hand, does not store coins, but program codes on the blockchain database, so-called smart contracts. Smart contracts are programmed contracts that are executed automatically according to the motto “If x happens, do y”, for example: If the song X is played, make a transfer from Y to the artist. On the blockchain, such contracts are unchangeable, cheap, easy to use - the potential is virtually limitless.
Another interesting project is NEO from China. In addition to the smart contracts, NEO brings digital assets and a digital identity with it. In addition to the services of smart contracts, property, such as real estate, or proof of identity, such as ID cards, can be stored on the blockchain. This makes theft and forgery much more difficult, especially in the digital world. Another NEO feature is the ability to be linked to other blockchains. This enables NEO to expand its ecosystem quickly.
Crypto technologies are particularly promising for the Internet of Things. IOTA, a project from Germany that carried out a “crowdsell” in 2017 with great success, to finance itself through a broad community, should make it possible not to have to resort to middlemen in the handling of M2M communication.
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