'Why Cryptocurrency is Better than Fiat Money: The Long TLD' cc: reitiocom Tatum_io blockchain cryptocurrency
is achieved, and the fact that decrypting it with both the receiver’s private key and the sender’s public key results in the same “Once a transaction has been authorized , it will be made eligible for inclusion into the blockchain . Only when the transaction has been successfully included, then the balance change will be reflected on both your address and the receiver’s address.
In proof-of-stake, the probability of a node mining the next block will be equivalent to the percentage of their staked tokens relative to the total tokens staked in the network. For example, if you staked 1 $ETH, and the total staked in the network is 100 $ETH, then you will have a 1% chance of mining the next block. Similar to proof-of-work, the miner will be rewarded with cryptocurrencies as compensation for each successful block inclusion.
As a byproduct of how our current financial system is structured, besides being highly inefficient by itself, it gives financial intermediaries a bird’s eye view on transactions, in which they can intervene at will. In addition, due to the silo-ed nature of the current financial system, opacity in financial markets is inevitable. For example, an asset can be securitized by a bank, sold to the bank’s investors, gets further repackaged by these same investors, and then resold again to other entities. Extrapolate this instance with every representable asset on the financial system, and what you get is a messy convoluted spiderweb of financial products with untraceable “source” assets.
Without needing to involve banks, intermediary banks, and central banks for international money transfers, sending money via cryptocurrencies to a friend residing on the other side of the world would be as if you’re sending money to your neighbor living just a few blocks down the road!
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