Year 10 Ballakermeen High School Student, Maya Lasut shares her thoughts on Blockchain.
The idea of Blockchain can be traced back to 1991 when Stuart Haber and W. Scott Stornetta described their work on cryptographically as a chain of blocks. Blockchain was only published in 2018 by Josef Marc.
What is Blockchain?
Blockchain is a platform which specialises in cryptocurrency. Blockchain serves as a distributed ledger meaning that digital data is replicated, shared and synchronized and Digital data is geographically spread across multiple sites, countries and institutions. In 2019 the number of Blockchain wallet users globally is over 40 million.
What is Cryptocurrency?
Cryptocurrency is a digital currency which has been designed to make secure financial transactions, control the creation of additional units and verify the transfer of funds. The latest encryption techniques are used to regulate the generation of new units of cryptocurrency. The Thirsty Pigeon was the first Bitcoin ATM in Douglas. The Bitcoin network is even more powerful than supercomputers being estimated to reach 2,046,364 Pflop/s.
Difference between cryptocurrency and blockchain
There is often confusion for the general public about the difference between cyrptocurrency and blockchain, however:
- Blockchain is the platform which is used to bring the cryptocurrencies into play, it allows for transactions and transfers to take place
- Cryptocurrency is the token used within the platform to send values and pay the transactions
The big names in cryptocurrency
There are nearly 2,000 cryptocurrencies established to date – with this number increasing weekly. These are some of the main cryptocurrencies that people might have heard of:
- Bitcoin cash
- Ripple (XRP)
Additional cryptocurrency companies can be viewed here: https://cryptocurrencyfacts.com/list-of-cryptocurrencies/
Bitcoin was the first major useable cryptocurrency; it trades at the highest cost of all cryptocurrencies giving it the highest market cap. Despite having the highest price, Bitcoin still seems to be the first choice for people entering the cryptocurrency space as it is the most familiar and most invested-in coin.
Litecoin uses the same technology as Bitcoin but costs an awful lot less than Bitcoin and has a value much closer to what the average person could afford.
Ethereum doesn’t have a long ‘life expectancy’ in comparison to some of the other cryptocurrencies but it has some unique features. The cost of Ethereum is more reasonable unlike Bitcoin and it also has the second-highest market cap.
Bitcoin cash is by-product which is meant to allow for faster transactions to take place.
In comparison to other currencies, Ripple usually has a steady price due to its supply.
Cryptocurrency and the Isle of Man
The opportunity for cryptocurrency and the Isle of Man has been recognised. The Hubb has been set-up in Douglas to meet the Island’s need.
About The Hubb
The Hubb has been created to help blockchain and technology companies in this space develop and grow. The Hubb is about discovering new technologies like Blockchain that are emerging in the field of technology.
In 2019 the Department of Enterprise established a new Isle of Man Blockchain Office. This office has been created to support and help local businesses evolve as well as guide them through current and future regulations. Their focus is on expert-led assistance given from day one.