Evolution Of CRYPTOCURRENCY
- Today, cryptocurrency is emerging into the popular imagination and institutional financial world. However crypto is not yet mainstream because existing solutions are not well enough developed in terms of speed, ease of use, and volatility.
- The first generation of cryptocurrency was BitCoin, still the best-known and largest crypto. The innovation behind Bitcoin is the blockchain, a distributed ledger that does not need a central authority to stop ‘double spending’ and creates so-called ‘trustless’, censorship-resistant, permissionless, private applications. Once a transaction is confirmed on the blockchain network, it becomes irreversible, a quality known as immutability. This is a stark contrast to previous transaction systems that relied on central trust authorities (banks, etc) where transactions can be reversed, hacked, or changed by the authority.
- The flaws of the traditional financial systems are based on centralized, bureaucratic models and institutions such as banks and government regulators. This system is based on delivering trust, administration, and regulation but it also creates significant costs, inefficiencies, and limitations to access.
- The second generation was led by Ethereum which added smart contracts which allowed rules of exchange to be encoded into coins themselves. This led to a huge proliferation of ‘alt currencies’ with different properties built into their smart contracts. However, the first and second-generation cryptos had several drawbacks. In particular, they are highly volatile, often slow, and use huge amounts of energy. ICC is third-generation crypto backed by tangible assets that overcome these drawbacks, delivering stability, speed, and low energy usage.
Quantum Financial System
What Is A Quantum Financial System (QFS) Blockchain?
Cryptocurrency | July 12, 2022 Judith McCoyJudith McCoy (https://www.trustabletech.org/what-is-a-quantum-financial-system- qfs-blockchain)
The Quantum Financial System, or QFS for short, has become a popular technical term, especially within the finance industry. As digital technology has grown in popularity, cybercrime has also increased significantly. As we become more dependent on digital media, cyber criminals stand a greater chance of getting away with unfair practices.
It comes as no surprise that banks, as well as other financial institutions, are the most common targets of cybercrime. Consequently, many banks have updated their procedures and systems in an effort to prevent such crimes from occurring. It follows that financial institutions are finally taking advantage of the new technologies available to help them meet the expectations of their customers.
In this situation, QFS saves the day. The future-proof system is hailed as the way forward for all financial transactions. The program is not designed to run on a conventional computer but rather on a satellite-based quantum computer. Quantum Financial System is heavily secured by Secret Space Programs (SSP), providing the highest level of security.
Many experts believe quantum technology will solve issues such as security, the speed of processing, and the efficiency of data management.
Characteristics Of QFS
- A universal network will be developed to facilitate the transfer of asset-backed funds.
- It is capable of replacing the SWIFT system that is centrally controlled by the United States.
- All parties involved can be protected against corruption and manipulation at the banking
system level.
- It provides banks with monitoring and protection with respect to the signed contract for transfer fund processing.
- An independent system that does not depend on the existing centralized system.
- Rather than a cryptocurrency, this is an asset-backed digital currency.
