Could Cryptocurrency Be Just As Important As The Internet?
As absurd as it may sound, this could potentially be the case. And before you start throwing rocks and an assortment of vegetables my way, like they did in the Middle Ages, hear me out.
Now, let’s start off by talking about the Internet. It’s arguably the greatest invention of the past 50 years. I don’t recall any invention having been able to shape an entire cohort entirely. And the cohort I’m referring to is the cohort of Millennials. We Millennials have always been depicted as a group that places great emphasis on an online presence and an increased tech-savviness.
But the Internet is much more than that. It’s the greatest platform through which people can share information. The reason that Millennials are considered to be extremely opinionated is because of the Internet and the easily accessible information that it brings with it.
Students are now more likely to make use of Google over the encyclopedia they have at home. MMOs were once unfamiliar waters — now, because of the Internet, almost every game has an online multiplayer mode. And I strongly believe that the best way to describe the Internet is that it’s a tool.
And like every tool, the results of its use depend entirely on the wielder. You could say that a hammer is a tool that’s essential for building structures. Other people could say that it’s a pretty effective murder weapon. The Internet is pretty much the same way — while it brings so much good (the ability to share information), it can bring so much harm into the world as well. Hacking is a common problem that every Internet user faces.
Enter cryptocurrency. It’s been extremely popular for the past decade that so many cryptocurrencies have popped up like a multitude of pop-up ads when you visit a shady website. In fact, there have been so many currencies that the use of sites like The Coin Offering became necessary in order to monitor them all.
But here’s the plot twist: I’m not here to talk about cryptocurrency.
I’m talking about the security method that was built to keep cryptocurrency safe. Just think about it. Since cryptocurrencies have been introduced, there hasn’t been a single instance of the system being compromised. On the other hand, we’ve had data leaks from big companies such as Yahoo! and some national banks that won’t be named. In fact, just recently in June 2018, a Master Chef finalist was left homeless after she fell victim to a hacking scheme.
Cryptocurrency is protected by a security system known as the blockchain. What sets it apart from all other security measures is that it’s maintained by everybody in the network. This means that there isn’t a single, centralized authority to target. Literally, the entire network has its eyes on every transaction in one form or another.
Each node plays a vital role in verifying transactions that are assigned to it and once verified, the updated information is then added to a series of unalterable and permanent data known as the blockchain. Everybody on the network sees this update and a discrepancy could easily be singled out because that person would be the only person with incorrect data. There is literally no way to infiltrate a system where everybody is on watch and I strongly believe that every bank, and every institution, should adopt this security measure.