How is cryptocurrency beneficial? It’s worth way more than money.
“The value of money is determined by the trust being shown towards that particular money.”
Money has been present in people’s lives for millennia. It does not matter whether we talk about salt, skin, silver, or gold; the role of money has always remained the same throughout the years. It is an objective measure for things that a given community collectively accepts and trusts. Money has always played a significant role in the formation of societies, in economic developments, in technological advancements, and in all other fields that have been shaping our history. Everyone has the right to moralize its role, but the fact is that money is necessary and indispensable in social coexistence.
However, modern day fiat money lacks transparency. Its movements within banking systems cannot be seen and cannot be checked freely. This money disregards humanity’s greatest interest, yet it is for them. With that said, this type of money is full of contradictions that can trigger and lead to different assumptions.
The last couple of decades have unquestionably been about technological developments. One of the main attractions of these developments is the blockchain. The essence of a blockchain lies in transparency; data is decentralized and accessible to anyone while being verifiable and transparent. Here comes the question: Is this really what the authority needs?
The creation of cryptocurrency is associated with Satoshi Nakamoto who brought Bitcoin to life. Bitcoin’s technology brought about an environment where people were able to conduct financial transactions transparently. However, the system clearly has its shortcomings. One of these shortcomings is the human factor which is causing and has caused so much damage over the past millennia. Innovation can only create real value if those people that use it are, in fact, able to be morally mature enough to exploit the benefits it offers.
How has cryptocurrency changed, and what has it become over the past few years? Well, a lot has changed since tokenization provided by Ethereum has fundamentally shifted the direction of both cryptocurrency and the blockchain principles from the traditional concept that Satoshi Nakamoto imagined. Instead of transparency, we are experiencing a setting ruled mainly by frauds, abuses and misuses. Tokens worth a couple of dollars were promising millions of dollars. Regrettably, people kept trusting them and believing in their promises which eventually led to an unfortunate end where everyone left the game with empty hands.
Is this really cryptocurrency? I firmly believe the answer is no, it isn’t. Unfortunately, projects like ILCoin will find it extremely difficult to compete and cope with these few-dollar tokens. Maintaining a PoW system and running its connected networks signifies a tremendous amount of burden for the development team. However, users are not always willing to pay for this extra burden. On the other hand, by contrast, a simple token is just enough.
Although facts might justify this statement, being slightly more optimistic can carry other possibilities too. Cryptocurrency is, in fact, much more than that. A cryptocurrency isn’t simply a modernized “traditional means of payment”, but it also carries business potentials. Blockchain utilization is a value that can be best expressed by cryptocurrency. Obviously, a platform that offers the opportunity for the widespread utilization of the blockchain can bring about new foundations and goals for the use of cryptocurrency as well.
A blockchain that is able to simultaneously perform multiple functions could create an immense business advantage amongst the thousands of cryptocurrencies. The potential it might have would be difficult to predict. Use of the ILCoin blockchain and the platforms being developed upon it is organically linked to ILCoin [the cryptocurrency] itself. This symbiotic system will place ILCoin in a position to not only be affected by external factors but will also generate value though usage of the platform as ILCoin will be utilized as funding for access to said platform. This signifies a degree of stability that cannot be established in a speculative market. Consequently, this could put any cryptocurrency ahead of Bitcoin because, if you wish to use the platform, you will have to pay for it with the coin associated with that blockchain.
The main objective of the ILCoin Development Team is the creation of such a platform. With the help of DCB, ILCoin will acquire an outstanding internal value that will most definitely help to differentiate the company from the thousands of other cryptocurrencies in today’s market. In other words, ILCoin will step out of the position among the masses of being just one of the thousands; ILCoin will become “the cryptocurrency”, just like Bitcoin once was.
