What Is Cryptocurrency?
Cryptocurrency is the use of assets or virtual money that can be exchanged with other currencies. The most common form of cytotechnology is the use of cryptoshares, which are assets that are backed by a digital asset. Assets that are backing can be anything from digital currencies such as Litecoin and Peercoin to tangible assets such as gold and silver. Other types of cytotechnology include Stellar Lumosity (SML) and Hyperbit.
A decentralized ledger or distributed ledger is one that distributes the tracking of financial transactions across multiple network nodes without the use of a traditional protocol such as the Internet. The most well known forms of this technology are Bit Swarm and ROR chains. There are other forms such as Distributed Ledger Syndrome (DLS), which is caused by an increased influence from users of the system which results in the creation of extra incentives for both creators of new blocks of digital currency and those who add to the existing supply.
One way to think about the difference between a traditional currency and a decentralized one is that instead of a central entity creating the money, there is no single entity that owns the value of the currency, rather it is created by the community as a whole. By contrast, a typical centralized organization uses the services of banks to process transactions and transfer money from one person to another. In this way, the money is almost completely controlled by a handful of large organizations. In a future article we will discuss how a future decentralized currency may benefit society.