by Marvin Dumont
It’s been 10 years since a person or entity called Satoshi Nakamoto published the whitepaper “Bitcoin: A Peer-to-Peer Electronic Cash System.” The nine-page document outlined the designs of blockchain-powered money and, in doing so, launched a new industry.
Cryptocurrencies are disrupting the global financial system because most digital currencies don’t need third parties (such as banks) to facilitate payment transactions. As 2008 Financial Crisis showed, banks may not be trustworthy as a middleman, and their actions may cause systemic risks to an economy.
Satoshi Nakamoto’s whitepaper discusses a peer-to-peer, decentralized payment network where trust is replaced by verification. Under such a system, blockchain transactions would be irreversible which reduces the possibility of fraud. To secure the network, decentralized computers (i.e., miners) would provide computational proof of the chronological order of the transactions. A timestamp server would order the transactions.
His (Her) groundbreaking work solved the double-spend problem of electronic cash. The problem refers to the possibility of a user spending the same digital token more than once. With blockchain money, a single token can be spent one at a time. Nakamoto also says that privacy is achieved by keeping public keys anonymous. The public may see sending and receiving amounts between addresses but transactions would not be linked to any identity.
Ten years later, the crypto market continues to evolve. Apollo Foundation believes in adding as much utility to a digital currency as possible, and to give users as much privacy as possible.
Based on this vision, the Apollo team is developing the most feature-rich cryptocurrency. We’re also developing a 0% inflation currency that will protect users’ purchasing power. Apollo (APL) will give users the ability to transact in complete privacy.
Combined with Olympus Protocol, the user’s internet protocol (IP) address and the transaction carrying the message will be invisible to outside parties. The foundation believes that your business is for your eyes only, and that anonymity is crucial for the exercise of individual liberty.
The Apollo team is also developing Hermes Blockchain to make Apollo a reliable network. The first part of Hermes 1.0 was released today which includes Chain ID and 10-second blocks. The latest update makes Apollo six times faster than before.
As cryptos evolve to satisfy the needs of users and investors, utility and privacy will be key attributes of a successful currency.