A crypto currency is a virtual currency which is designed to work as a medium of exchange. For the secured and verified transactions it uses cryptography as well as to control the new units. As opposed to the monetary authority it uses decentralized control.
Currency has always been an integral part of our lives. In early era, barter system was used but it lost its impact when flaws of barter system came into light. In 110 BC official currency was made, in 1250 AD gold florin was introduced and during 1600 AD to 1900 AD paper currency gained its popularity. After several iteration modern currency came into existence. Cryptocurrency is said to be future to medium of exchange with better securities.
An American scientist and cryptographer David Lee Chaum in 1983 first developed ecash an electronic cash system. In 2009 first decentralized cryptocurrency (Bitcoin) was created by Satosi Nakamoto. It uses a cryptographic hash function named SHA-256. An attempt of forming decentralized DNS Namecoin was created in 2011. Soon after namecoin, Litcoin was created and it was first successful cryptocurrency to use scrypt instead of SHA-256.
Today’s market monetary transactions are enabled through central Bank with evolution of cryptocurrency the scenario has changed. The impact of cryptocurrency on the global economy is emerging. Cryptocurrency made it to the mainstream, as the most popular cryptocurrency bitcoin gained a lot of attentions as its priced hiked from 572.3 USD in 2016 to 4, 764.8 USD in 2017. It is said that till 2030 cryptocurrency will own 25% of world economy.