Release the Kracken on the Blockchain of Cryptocurrency

Release the KrackenMy adventure in cryptocurrency started recently, despite having joined Steemit a few years ago I did not start purchasing Bitcoin until 2017 but began investing and trading in February of 2018. This is the beginning of my cryptocurrency love affair, the evolution of which became heated with the combination of an excellent buying opportunity and the introduction to Kraken for exchange and Exodus for wallet and cyber asset management system. All of a sudden I found myself enraptured by the allure of power, control and simplicity.

Cryptocurrency market timing knowledge is the only missing ingredient, for which we have found a guru on Youtube with a Channel called the “Arcane Bear”. There are others too, as well as Clif High the predictive linguistics prognosticator, that has developed a habit of being correct about the future of the crypto market, the climax of his analysis is that Bitcoin is here to stay and could reach $1 million dollar valuation in 3 years and will find itself above $84,000 by the end of 2018 – very impressive upside, even if these predictions were 10% accurate and Bitcoin was worth $100,000 each by 2020.

For several years I’ve been promoting cryptocurrency because I sincerely believe in the concept. I also think that the old system was rigged, corrupt and bankrupt so why wait for the banksters to try to fix the system, the next time it crashes, let’s take the future into our own hands. This is exactly what is described in theĀ  famous Bitcoin white paper by Satoshi Nakamoto.

Satoshi Nakamoto is the name used by the unknown person or people who designed bitcoin and created its original reference implementation. As part of the implementation, they also devised the first blockchain database. In the process they were the first to solve the double-spending problem for digital currency. They were active in the development of bitcoin up until December 2010.

Bitcoin: A Peer-to-Peer Electronic Cash System

Bitcoin Abstract

A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they’ll generate the longest chain and outpace attackers. The network itself requires minimal structure. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone.


Release Kracken Photo credit: aforonda on Visual Hunt / CC BY-SA

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