Like all industries we know, cryptocurrencies are constantly developing. There are three generations already. Of course, everyone knows Bitcoin and considers it the first and best cryptocurrency, but the real development is going in a different direction and we already have other cryptocurrencies that are more technologically advanced. Let’s take a look at where the evolution of cryptocurrencies is going.
Bitcoin’s blockchain was the first blockchain ever launched. On the basis of this blockchain every other blockchain has been perfected. Basically when we now mention blockchain, we’re talking about a public network that anyone can enter, transactions are searchable, and nodes are anonymous. So while you can find the wallet where you sent your coins, you won’t find the person behind the device. But that has changed with the advent of Ethereum.
That is a new platform that allows people to create their own digital currencies upon Ethereum’s blockchain. So many projects have been created on the Ethereum blockchain and the possibilities are still there. Blockchain is already reaching into a lot of industries, from medicine to gaming. And its reach is expected to expand. Here the rapid development of the whole crypto industry really started. Ethereum is thus considered as a second generation of digital currencies.
PlatonCoin was one of the projects, built upon the Ethereum blockchain. PlatonCoin is using the blockchain technology to provide highest security of transactions possible for the members of the eco-system Platon Life. Besides transactions the use of blockchain allows the use of all the advantages of digital currencies, for example fast payments, from any place in the world to any other place, without the need of using a bank intermediary. PlatonCoin and other projects, such as NFTs, are thus considered to be the third generation of digital currencies, using the best of the previous achievements.
Essentially, the need of an evolution of the finance system is what is behind the creation of cryptocurrencies. Bitcoin was created in the wake of the 2008 global financial crisis and is often presented as a deflationary asset. But there are now three generation of cryptocurrencies, some of them were created specifically for investing, others for staking, to be used in games, to be used in auctions, decentralized finance applications and more. This field is developing very fast and the development is in various directions.