Evolution of cryptocurrency
Today, crypto currency is emerging into the popular imagination and institutional financial world. But 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 that added smart contracts which allowed rules of exchange to be encoded into coins themselves. This lead to a huge proliferation of ‘alt currencies’ with different properties builds 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.