Gauge Newsletter January 2019 | Page 47

Ethereum Decentralized software platform which enables smart contacts and to run without a downtime, fraud or interference with another party. major currency, it will have to gain acceptance among people first. Ripple This network offers instant, low-cost international payments. It doesn’t need mining, which helps to reduce computer power. Industrial investors will invest in cryptocurrency. Once the regulations are established, they will have a chance to invest with confidence, knowing their assets are secured by law. Also, it will get other people’s attention to cryptocurrency. Global standard rules and regulations will be introduced to cryptocurrency networks. This topic had been discussed in many international meetings throughout the world in past years, including the G20 summit which was held in Argentina. Cryptocurrencies are very much volatile. Which means, its value changes frequently. There are many factors that keep Bitcoin cash it volatile. Even though regulations are introduced into the This was created to increase network, this volatility will keep going. There’s a chance that the block size limit of Bitcoin. this volatility can crash the whole network. Effective from August 1st, 2017. Cryptocurrency uses a peer-to-peer network for its transactions. Using a mobile device, two people can access the Litecoin network and exchange. With the vast usage of smartphones Created in 2011 based on an and mobile devices these days, more people will be attracted open source global payment to these kinds of transactions in the future. network. This is also a peer- to-peer network. Quotes “Bitcoin is really exciting because it shows how cheap it can Monero be. Bitcoin is better than the currency in that you don’t have This is an open source to be physically in the same place and, of course, for large cryptocurrency mainly transactions, currency can get pretty inconvenient.” - Bill focused on privacy. Any Gates person can access its public ledger, but outside observers References cannot find the transaction 1. What is Cryptocurrency. Guide for Beginners, 2018, accessed on details such as value and 10 November 2018 source. Future of cryptocurrency Though cryptocurrency is growing fast, it is still a very miniature portion of the whole currency system. And most of the people around the world do not use it in their daily transactions. If cryptocurrency is to be a 2. What is Cryptocurrency: Everything You Must Need To Know!, 2018, last accessed on 10 November 2018 3. How Does Cryptocurrency Work?, 2017, accessed on 11 Novem- ber 2018, H.M.P.M.K. Herath 3rd Year- Department of Electrical and Electronic Engineering, Faculty of engineering, University of Peradeniya. GAUGE Magazine University of Peradeniya PAGE| 45