Transparency in the Cryptocurrency; It’s All in the Blockchain

Transparency in the Cryptocurrency; It’s All in the Blockchain

The cryptocurrency industry is young, unregulated and insanely competitive. Companies that deal with this form of currency have set high standards in the market by making transactions more secure, transparent and faster. However, this innovation mainly lies in the blockchain. Blockchains are spinning the wheel of the technological revolution in cryptocurrencies.

As you know, a blockchain is a digital but shared database for recording financial transactions. Once the transaction is recorded on the blockchain, no person can alter it later.  Often, many people refer to the blockchain as a “distributed ledger.”

Transparency in the Cryptocurrency; It’s All in the Blockchain

Blockchains can either be open source or closed. Open-source cryptocurrencies are not safe; since the blockchain is public, anyone can tamper with it. A cryptocurrency with a closed blockchain system has an advantage over the open-source network. This is because of cryptographic auditing and known identities. Also, users cannot tamper with the data, and if mistakes happen, they can be traced back. Private blockchains are cheaper, faster, and secure.

A public blockchain is prone to hacking. Take for instance the case where hackers intruded a Bitcoin exchange in Hong Kong and made away with a whopping USD $72 million. In the history of cryptocurrency, the Hong Kong incident is the second biggest security breach. When such an incident happens, consumers lose all their investments, and in most cases, the company can do less to help them recover the losses.

OneCoin’s Blockchain is Different

OneCoin is one of the cryptocurrencies with the most secure and transparent blockchain. Unlike Bitcoin that uses an open-source blockchain, OneCoin’s blockchain is closed. In other words; Ruja Ignatova, the founder, and his team control the transactions within the blockchain. If hackers hit the OneCoin blockchain or if fraud happens, the management can revert the transactions.

OneCoin’s blockchain has records for all the transactions ever performed on the network. The company does not allow anonymous transactions. Unlike decentralized cryptocurrencies that resemble a public ledger, OneCoin blockchain is a centralized system. So cases of duplicity, forgery, and fraud are unheard of.

Being the first cryptocurrency with a blockchain that stores know-your-customer (KYC) documents, OneCoin’s dealings are transparent and honest. Also, the company audits its blockchain every month.

Ever since the OneCoin started operating in 2014, their blockchain has never been breached. This makes it one of the cryptocurrencies with a secure and stable blockchain. OneCoin blockchain is the most powerful; the digital ledger is capable of processing mass transactions. Their blockchain handles more transactions than any credit card union.

The latest release of OneCoin’s blockchain also saves on time. OneCoin users can transfer payments even faster. The old blockchain would yield blocks after every 10 minutes. The new blockchain operates each single minute.

Bottom line

Leading banks now want to tap into the opportunities provided by blockchains. Even young entrepreneurs are turning to the Blockchain technology when starting a business. There is no doubt, the future of businesses and the finance markets lies in the technology and effectiveness of the blockchain.

Leave a Reply

Your email address will not be published. Required fields are marked *