Since Bitcoin first introduced the concept of cryptocurrency, the world has never been the same. Many new cryptocurrencies have cropped up, all vying for the attention of consumers. A good example is OneCoin.
Dr. Ruja Ignatova founded the company, and since the beginning of 2016 is considered one of the major players in the cryptocurrency industry.
Bitcoin has been around since 2009. From the time the currency entered the market, it became a breath of fresh air for the world. It was the first electronic cash system that used a peer-to-peer network, which was a genius strategy as it curbed double-spending.
Double-spending is a problem many Internet payment systems have to contend with. When a consumer pays for a service using an electronic coin, how can you be sure that he or she won’t use the same coin for another transaction?
The solution in the prehistoric days before the launching of Bitcoin was to use a Trusted Third Party. A good example is DigiCash. This was an electronic money corporation founded in 1990. The company offered a system of cryptographic controls which made it impossible for a bank or government to trace online personal transactions.
But most of these Trusted Third Party Based Systems, including DigiCash, failed. As Satoshi Nakamoto, the mysterious personage behind Bitcoin noted in an email; this would be the first non-trust based system.
Other upcoming cryptocurrencies have adopted the Bitcoin model. The popular name for these currencies is altcoins, which means “Bitcoin alternatives.” OneCoin, which plans to go public in 2018, is one of this rising tigers.
The model they use is simple and elegant. Unlike the Third Party based system, the new cryptocurrencies spawned by Bitcoin do not rely on a central entity.
Formerly, a central server was responsible for recording the balances of all transactions. This is how such systems tried to deal with the issue of double spending. But the peer-to-peer system pioneered by Bitcoin is decentralized. Every entity within the network must record the transactions.
And since each peer has a list of transactions, it can easily check its list to see if a transaction is valid. If it is an attempt to double spend, they will know.
This system opens a whole world of possibilities to consumers worldwide. Cryptocurrencies have turned into a 21st-century global phenomenon. While not many people fully understand the mechanics, few can argue that cryptocurrencies like OneCoin and Bitcoin are the future of finance in the world.
In fact, governments, banks, and accounting firms alike are taking note and they are publishing papers.
Keen observers have hailed this as “the dawn of a new age.” With cryptocurrencies like OneCoin, the world truly becomes a global village. Borders disappear. You can shop anywhere from anywhere, sell your merchandise anywhere from anywhere, and at any time.
And it is all highly secure because of the strong cryptography involved. OneCoin, Bitcoin, and the others don’t depend on people or institutions or trust. Cold, hard math: that’s what keeps your money and your transactions secure.
And with the IPO in 2018, OneCoin is opening up greater opportunities for its consumers. It will be the first fintech cryptocurrency and e-commerce company to be listed on the stock exchange.