The cryptocurrency appeared in 2009, with the creation of Bitcoin by the mysterious Satoshi Nakamoto. However, until 2011, none of this was serious. It was in 2011 that the first altcoins (Litecoin and Namecoin) appeared, and an article about cryptocurrency was published in Forbes. That is why we consider 2021 to be relevant for summing up some of the results of the past decade in the field of cryptocurrency.
Cryptocurrency has come a long way over the past ten years. What was initially perceived as a joke or a little promising invention of the next geeks now takes a serious place in financial life. In ten years, the value of cryptocurrency has grown thousands of times. Once upon a time, 2 pizzas were bought for 10,000 Bitcoin (the first transaction with a cryptocurrency), and now one can buy 10,000 pizzas for one Bitcoin. No less interesting events took place with various altcoins. As soon as it became clear that cryptocurrency was serious, various altcoins began to appear at a dizzying speed. Some projects turned out to be unpromising, while others, created as a joke (a hint of Dogecoin), are constantly growing in value.
The most important challenge facing the cryptocurrency in the 10s was the first clash with government agencies. Countries had different attitudes towards cryptocurrency and held different positions. One way or another, we can state that it was cryptocurrency that emerged victorious from this struggle. No one succeeded in banning, or seriously limiting, or taking control of the cryptocurrency sphere.
Despite the successes achieved and the heights taken, the cryptocurrency has far from completely exhausted the possibilities for development and growth. Which means overcoming new obstacles and solving old problems. And there are already some hints of future development, for example, Genesis block transaction 0107.
The next problems
The most promising direction in the development of cryptocurrency is to expand the scope of its application towards daily use as a means of payment. To put it bluntly, there is every chance that in the next ten years, cryptocurrency will be able to, if not replace, then seriously squeeze fiat money as a means of payment.
Already, cryptocurrency can be used to purchase literally anything, from real estate to household items. However, there are a number of serious limitations that prevent cryptocurrency from effectively squeezing out fiat.
First of all, we are talking about such an inalienable property of cryptocurrency as anonymity and irrevocability of transactions. All previous years, these features of the crypt were the guarantor of popularity. Anonymity is still an absolute prerequisite for the existence of cryptocurrency, but the irrecoverability of transactions is increasingly seen as a hindrance.
Why is the ability to return cryptocurrency transactions so useful? The fact is that the inability to return the cryptocurrency creates conditions in which all sorts of scammers and swindlers feel extremely at ease. While the cryptocurrency was solely a tool for accumulation, investment and anonymous transfer of money between trusted counterparties, everything was fine. But with the advent of widespread use, the need to make regular, everyday payments using cryptocurrency is in conflict with the impossibility of how to identify a fraudster, because all transactions are anonymous, and return the cryptocurrency.
Obviously, the way out of this situation is in the field of returning cryptocurrency transactions. Developments in this direction have been going on for a long time and apparently the first result has finally appeared – Genesis block transaction 0107
Genesis block transaction 0107
The Genesis block transaction 0107 system is a completely new, unparalleled development by Tolycap. Created using all the most advanced developments in the field of information technology, blockchain, cryptography and finance, the system allows you to return or redirect cryptocurrency transactions.
There are no details of how the system works at the moment. In any case, there is very little official information. The Tolycap company, possessing such a demanded exclusive as Genesis block transaction 0107, strives to maintain its advantage as long as possible and gives practically no data on the mechanism of the system’s operation.
What is known at the moment? Genesis block transaction 0107 is capable of marking cryptocurrency transactions made within a system using technology very similar to Multisig. Having thus ensured the transparency of the transaction, the system uses a two-way script that allows tracking and returning the cryptocurrency with the involvement of external arbitration for each episode. As a result, if you are deceived, you can return cryptocurrency transactions with the involvement of arbitration in the person of Tolycap. It is emphasized that the anonymity of both the sender and the recipient remains intact.
The available data are certainly not enough to draw conclusions about the actual structure of the system. In addition, some of the information available is obtained through slips of the eye and rumors and may not be true to mislead competitors. One way or another, independent testing of the system showed that Genesis block transaction 0107 is indeed capable of returning cryptocurrency transactions, as the developer claims.