Decentralized cryptocurrency is here.
CoBrand2 has developed a number of different 'cyptokens' built on blockchain technology. These cryptokens can function as score points in a game, loyalty points for Fight.TV subscribers, or as gift credits --- yet they are fungible assets that you can trade, like Bitcoin or any other cryptocurrency.
A blockchain functions as a secure, public ledger of all transactions on a peer-to-peer network. This ledger cannot be tampered with, except through the use of an impractically large amount of computing power. A complete copy of the ledger is stored on each node in the network, allowing for such security.
SECR is built on the Ethereum blockchain in order to achieve a completely decentralized system. The benefits of a decentralized system are numerous:
- Firstly, on a decentralized system, there is less likely to be a single point of failure on the network. In a centralized system, if the central node in the network fails, the whole network fails with it. However, in a decentralized system, the network’s data and computational power is distributed among many nodes, requiring a larger number of nodes to fail before the network is seriously impacted by the failures.
- Secondly, by distributing computing resources across a decentralized system, as the network grows, so too does the computational power of the network.
- Finally, in conjunction with blockchain technology, a decentralized network allows transactions to be independently verified by any node in the network, eliminating the need for trust in a central institution to verify transactions for everyone.
As the benefits of a decentralized network become more apparent, it is clear that the future of the web (sometimes called Web 3.0) is a decentralized one.
The WeedCrypto wallet can be found in the Google Play store.