Consensus 2018 talks about new emerging era with crypto-technology

New York City is the place for fostering innovation and technology. According to the recent 2018 Consensus, New Yorkers believe this year to be the ‘casting call’ for the most heated topic of the past few years, the ‘blockchain technology’. Blockchain changes the functionality of how all the digital transactions occur. New York is the fitting home for creating a resilient economy to not only protect their customers but also enable transparency.

As per reports, New York is creating a blockchain hub where stakeholders and investors will bring about innovation by overcoming challenges faced in this eco-space. From securely registering voters or tracking food supply chains, blockchain helps tackle real challenges faced today. Coindesk hosted a blockchain job fair with the help of big companies like IBM and Deloitte.

Initial Coin Offerings [ICOs] has raised more than $3.25 billion this year, creating the first visible strategy what analysts believe could eventually become a multi-trillion dollar industry. Through the ICO fundraising model, start-ups can raise capital by issuing cryptocurrency tokens on a blockchain.

Don Tapscott, a Canadian business executive and the author stated:

“Most important and foundational innovation is the blockchain. We are entering the second era of the internet.”

He then takes the platform to talk about his book ‘Blockchain Revolution’, where he explores the 7 different types of crypto-assets including:

  • Cryptocurrencies: Encrypted digital currency generated with the usage of mining algorithms, the total supply and block times.
  • Platforms: Exchange platforms like Koinex (Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Ripple) provide their users with a great level of security, instant deposit, and low trading fee. Other platforms include Coinbase which is used largely by Americans to buy cryptocurrency.
  • Utility Tokens: These are also referred to as user tokens or app coins that help secure access to future developments in the specified company’s service.
  • Security Tokens: These tokens create the ability to issue tokens that represent shares of the company’s stock. They derive value from an external and tradable asset and are subject to federal implications and laws.
  • Natural Asset Token: It is fraud resistant and enables smart contracts. The token helps the owner gain revenue through their transaction fees which the token holders pay into their wallet. The revenues are produced in form of bitcoin.
  • Crypto-fiat currencies and stable coins: These do not hold any intrinsic value and is government regulated. They mostly cater to the number of supply and the number of demands made.
  • Crypto-collectibles: These are digital assets comprised of specific and unique attributes with a limited run of quantity.

One definition of crypto-collectibles from Decentraland:

A crypto-collectible is a cryptographically unique, non-fungible digital asset. Unlike cryptocurrencies, which require all tokens to be identical, each crypto-collectible token is unique or limited in quantity.”

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