Keywords That Explain Cryptocurrencies

by Marvin Dumont

Image for post
Image for post

We examine common terms and phrases associated with cryptocurrencies.

Decentralized

Most cryptos are decentralized payment systems that use distributed computer nodes (miners). Miners verify transactions based on a currency’s blockchain protocol.

Cryptocurrencies are not issued by a central authority such as central bank or national government. That’s in contrast to sovereign cash like the U.S. dollar, which is administered by the Federal Reserve and federal government. (If you examine a dollar bill, you’ll see the words “Federal Reserve Note” printed on top.)

Peer-to-Peer

In the 1990s and 2000s, peer-to-peer file sharing networks such as Napster and Limewire gained popularity as a way for users to directly share multimedia files with other network participants. Similarly, cryptocurrencies are a way to transact directly with other crypto holders without requiring a central authority or middleman.

Peer-to-peer lets users share files (whether multimedia or payments) with other users in the ecosystem who follow the same protocols. This capability became possible with digital payments when Satoshi Nakamoto, inventor of Bitcoin (BTC), solved the double-spend problem that can arise in electronic cash transactions.

Adaptive Forging

Adaptive Forging refers to Apollo’s revolutionary blockchain tech that eliminates wasteful, non-stop block creation. With Adaptive Forging blocks are only created and forged when a transaction occurs.

Apollo Foundation created this process to simplify the blockchain. It enables fast settlements as well as eliminates bloat issues. Moreover, resources can be focused where they are most needed, making the chain hyper-efficient.

Trustless

Most cryptos don’t need what Satoshi Nakamoto called “trusted third parties” such as banks, credit card companies, payment processors (i.e., PayPal), regulators, and other middlemen. Therefore, the digital coins are said to be trustless.

The combined fees of all intermediaries can greatly increase transaction costs, cause delays, and make settlements and disputes a complex process. Moreover, fraud can occur when a trusted party behaves carelessly, unethically or illegally. (Think 2008 Financial Crisis.)

Frictionless

Thanks to blockchain, people can send funds to recipients around the world, and do so fast, cheap and without much hassle. Thus, blockchain-powered payments are considered frictionless and borderless.

That’s in contrast to traditional bank transfers and wire services (i.e., Western Union) in which settlements can take hours or days (for large amounts). And it’s not uncommon for international transfers to take weeks to settle. These methods almost always require ID verification and government reporting which expose people’s private affairs to outside parties.

Bearer Instrument

Cryptos are like lottery tickets in that whoever possesses the item is entitled to its prized funds. With digital currencies, the person who controls the private key can access the money. It wouldn’t matter whether or not he rightfully owns the funds — only that he would control it. Just like a person who finds a lost winning ticket and claims the lottery jackpot.

About Apollo:

Apollo all-in-one privacy currency (APL) has fixed supply and 0% inflation. It combines all mainstream features in an unregulatable platform. APL is also one of the fastest cryptos anywhere with 2-second block speed.

With the launch of Olympus Protocol 2.0 APL offers the best privacy in the industry by obfuscating your physical location and transaction details. (See announcement and YouTube video.) A forthcoming 3.0 version will add more privacy tech such as Advanced IP Masking, Private Ledger, and Decentralized Exchange.

By combining encrypted-data IP Masking, people who live in restrictive jurisdictions such as China (where Tor is blocked) can still transact using Apollo.

Check out our listing on CoinMarketCap.

“If ever you find yourself environed with difficulties and perplexing circumstances, … do what is right, and be assured that that will extricate you the best out of the worst situations…. [Follow] truth, justice, and plain-dealing, and never fear their leading you out of the labyrinth in the easiest manner possible.” — Thomas Jefferson

Written by

World-Shaping solutions for a global economy www.aplfintech.com

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store