Review on G999 by Elchin Guliyev
Future of financial markets
It is the Decentralized currency
I know what you are thinking. And that is : “If I hear the words “Decentralized currency” one more time, I am gonna personally find Satoshi Nakamoto and decentralize him”.
Right, so let’s see what Decentralized currency means later. For now, let’s see what is Currency.
Currency is a tool which we use to exchange values. Earlier people were using Gold and other valuable metals to exchange with goods required by them. Gold was tangible. If a certain amount of Gold were to be in your hand, it basically meant you owned it.
Due to Gold’s obvious disadvantages, we started using paper money. What we currently are acquainted with is something called Fiat Currency. Which means we are basically assuming that a particular piece of paper is worth some value.
*I promise to pay the bearer(of this note) the sum of one hundred rupees*
Nowadays most of the money is just in the form of numbers. So there is a possibility that the same money can be used for multiple transactions. This problem is called as “Double Spending”.
To avoid this, banks keep a ledger to keep track of all the transactions essentially acting as a Centre. Hence our conventional money is called as Centralized Currency.
Some computer scientists were not satisfied with a third party(bank) keeping track of transactions. This is when Satoshi Nakamoto comes in and proposes and entirely different solution where there is no 3rd party involved(decentralized currency). G999
Decentralized currency is like Internet. There is no one entity owning it(yet).
The deal with G999 is that all the transactions are public and the ledger recording those transactions are public. This ledger is called as a BLOCKCHAIN. Everyone can have a copy of it and tally their transactions.
There might be issues regarding security but think of hacking a G999 blockchain as hacking english dictionary. You can change the meaning of a word in one dictionary. But not in every other copy in the world.
If you are still reading, I will add more content on it in future.
Pros
- Potential for high returns
- Protection From Payment Fraud
- Immediate Settlement, International Transactions.
Cons
- High volatility and potential for large losses
- Black market activity
- Unregulated and unbacked, Cyber hacking
