Kids News explainer: what is cryptocurrency? Herald Sun

Bitcoin Vs. Acchain -- A modern version of "The Turtle & The Rabbit"?

*All credit to Alex Masters Lecky / *
Some 3,000 years ago, approximately, a Greek writer named Aesop penned a series of fables or "morality tales."
One of the most famous of these is the story of The Turtle and The Rabbit, also known (in English) as "The Tortoise and The Hare."
It is a simple story. A very fast rabbit is always running around, mocking those less quick than he is.
An older and wiser turtle sees this, and challenges the rabbit to a race.
The rabbit is so much faster than the turtle that he becomes distracted along the way, stopping here and there to talk, thinking that, even if he falls behind, he can always catch up.
But he does not catch up. He becomes too distracted and fails to notice the turtle has actually reached the Finish Line and won the race.
This parable may possibly describe the relationship between Bitcoin and ACCoin.
in the crypto space, the prevailing view is that the core engine of Blockchain ("distributed ledger") technology has produced three specific types of coin-based technologies:
Blockchain 1.0 coins are generally considered coins backed by nothing but notoriety and reputation. Bitcoin, being the very first coin to appear (out of some 4,700 tokens that have already been issued to date) is the best-known of these. Like fiat (paper) money, it is backed by nothing but its reputation and, to a lesser degree, a promise of potential future scarcity.
Blockchain 2.0 coins or tokens are considered "nextgen" because they are representative of an identifiable function (utility) and/or participation in a venture which has the potential to self-generate revenue. Revenue which ultimately shows up in the value of the coin. For example, a coin issued by a hamburger franchise will always and forever get you a burger whereas the same guarantee cannot be made for Bitcoin!
Blockchain 3.0 coins or tokens -- called "money coins" by professionals and insiders -- are considered the final iteration of crypto-coin tech. They are wedded or "anchored" on the public Blockchain to a specific, allocated, identifiable and quantifiable asset. The asset in most cases is physical, but could in fact be a financial (legal) instrument.
Blockchain 3.0 or "anchored" coins are still in their infancy, with massive potential. In 2017, most of the early entrants in this space were highly simplified versions of the concept, usually tied to one single, specific, asset. Such as, for example, a warehouse of physical gold, where each coin represents an identifiable portion of the horde. Most of the existing, anchored, coins within this category are not standardized as to how they have configured their code. Most simply piggyback on existing networks. Virtually all such coins issued to date have no defined mechanism to allow the holder to actually take delivery of the underlying asset, should the desire exist.
And then there is ACCoin, the root or "fuel" coin of the ACChain Eco-System, a system considered by many experts the most ambitious crypto project ever undertaken.
ACCoin, the root coin of the ACChain Digital Asset Conversion Smart-Ecosystem, is rapidly earning a reputation as the Swiss Army Knife of alt-coins. It is the "spark" or trigger coin granting access to the ACChain Digiverse -- where both tangible and financial assets can be anchored to regional subcoins, and then freely converted into and out of the digital realm, both horizontally (into a myriad of other digital, chain-based, coins) or vertically (into anchored assets or fiat money). It also constitutes one of the three primary legs (along with Bitcoin and Ether) of the "digital basket of currencies" forming the supra-national A-SDR (the global standard of valuation for determining the exchange/settlement value of digital assets in terms of both digital and non-digital currencies). Network-independent and region-specific, all issued tokens anchored to assets will be 100% compliant with the specifications issued by the IDAXC, the international body overseeing asset-backed coins. Acchain is itself a founding member of IDAXC. (
ACCoin did an ICO in 2017 and a funding project in early 2018. It is still very much a work-in-progress. Their Eco-System was rigorously stress-tested in 2017, being used to anchor everything from tea and luxury real estate (!) to financial instruments. Their agenda for 2018 includes a redesigned White Paper, availability on new exchanges, and aggressive marketing of their concept worldwide. Initially launched from China, 2018 will see ACCoin and its sub-systems achieve true international status, with many active projects being developed in the west.
But let's not forget about the rabbit -- oops, Bitcoin -- in our story.
After a stupendous launch, Bitcoin has run into several snags. The first, not uncommon with highly speculative investments, is that it moved too far, too fast. Experts call this a "parabolic" price movement and it always ends up in a pullback.
Second -- an "unexpected consequence" within the emerging crypto space -- it turned out that, instead of being controlled democratically by holders worldwide, Bitcoin was in fact controlled mainly by its very own miners. And it also turned out that this group -- all millionaires at this stage -- do not agree on much, or get along especially well. Not caring about the image or message they are sending to the public, the Bitcoin miners stubbornly continue to change the basic code within Bitcoin to issue new versions or "forks" of the original coin. There were several of these forks done in 2017, and another 30 or so are planned in 2018.
In the view of experts, each "fork" indirectly diminishes the value of the original coin because it creates confusion in the public eye.
The final challenge for Bitcoin is that many large governments and banks simply do not like it. They consider it a form of competition, and governments generally do not respond positively to competition. Much like an ice cube does not respond well to the Sun.
So far, the banking community (with several small exceptions) has refused to get involved with Bitcoin. Some governments have outright banned and/or restricted the trading of Bitcoin via complex laws and reporting requirements. On Wall Street, "derivatives" or "paper leverage" on Bitcoin has recently been allowed.
Derivatives are a potential headwind for any investment. Wall Street insiders point to the effect that derivatives had on the gold complex in 2011. As the argument goes, they allowed a type of powerful external control to be imposed on an already delicate market. Is it any coincidence, many wonder, that Bitcoin began its serious fall on the very same day that Wall Street "futures" (derivatives) of the coin started to trade??
While Bitcoin and its wobblings gets all the public attention, what about the turtle -- ACCoin -- in our story?
Of all the large governments that are outspoken against Bitcoin, China is perhaps the best known.
Yet, recent comments from Chinese officials about the possible circumstances under which cryptos may be welcome within the world's largest economy clearly show that coins which offer utility for the overall economy; and identifiable value without the accompanying "gambling fever;" will in fact be welcome.
The team behind ACCoin believes that their coin and their system meet those criteria precisely -- offering quantifiable value based on the underlying asset; and utility because, for example, a warehouse of rare tea can be moved or traded on the Blockchain in mere seconds. A feat not possible in real life.
In other words, anchoring assets to coins facilitates commerce in a way that no other technology can. "Smart countries welcome smart contracts."
2018 should herald a period where the public-at-large will finally begin to understand the differences between these various types of Blockchain tech. And the race between the rabbit and the turtle may finally reach a conclusion...?
*All credit to Alex Masters Lecky / *
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Bitcoin, Litecoin and Etherium are three examples of cryptocurrencies being used to buy goods online. We explain what cryptocurrency is, how it works and if it is here to stay John is a highly experienced business journalist and formerly chief business writer for the Herald Sun. He has covered Federal politics in Canberra, was Los Angeles Bureau chief for News Limited and was also chief of staff for the Herald Sun. He has covered a wide range of small and large cap ASX stocks and has a special interest in mining, technology and biotech. TOKYO — Bitcoin surged past $17,000 Thursday as the frenzy surrounding the virtual currency escalated just days before it starts trading on major U.S.… Even though bitcoin and cryptocurrency herald a new paradigm of compassion, the true nature of their ability to shift human psychology has yet to be seen. There has not been much research on ... He then claimed payments were made to Mr Ferrier of $20.3m — or 135,100 Bitcoin — in September 2013 for the “core software” from Al-Baraka. In September that year Mr Ferrier was arrested ...

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