Cryptonomex, the company that authored the Graphene blockchain, originally developed as the foundation of Bitshares.”>President of Cryptonomex, the company that authored the Graphene blockchain, originally developed as the foundation of Bitshares. When blockchain technology and cryptocurrencies were first coming to market, one of the primary functions was to solve previously diagnosed pain points in the way we use money.
When economies start making the shift from a paper currency to primarily digital currency, a whole host of issues begin to present themselves. One of those issues posed by making the digital switch was the double-spending problem.
Unlike physical cash, digital fiat currency does not exist physically, so businesses and financial institutions run into some tricky issues when digital money is spent quickly and an accurate record needs to be kept. Blockchain technology solved this.
With the open public ledger, all transactions are chronologically recorded and time stamped to ensure that the same value is not “copied” and spent again. The protocol for cryptocurrencies with DLT means that there is nothing to “copy” in the first place.
Instead, the DLT is a continuously updated series of transactions of who has what. There’s no way to “copy” a bitcoin and paste it into one’s own account. Read more from forbes.com…
thumbnail courtesy of forbes.com