Introduction to Crypto, A Misunderstood Technology

July 20, 2021 by Marvin Bertin ‐ 3 min read

Series 1: Cardano The Only True 3rd Generation Crypto

  1. Introduction to Crypto, A Misunderstood Technology
  2. Bitcoin: 1st Generation Crypto, A Revolutionary Currency
  3. Ethereum: 2nd Generation Crypto, Web 3.0
  4. Cardano: 3rd Generation Crypto, A World Financial Computer

Today it is almost impossible to read the news or scroll through social media without being bombarded with click bait headlines about crypto, bitcoin or the latest meme coin. Articles are either promising overnight millions or warning about the biggest Ponzi scheme in history. The truth is mainstream media mostly misses the point about what blockchain technology is really about. Like past groundbreaking innovations, such as electricity and the internet, the utility of new technology is often, at first, misunderstood.

Blockchain earth

This blog series aims to cut through the hype and talk about crypto as it should be, simply as a new technology with untapped potential. We will address the misconceptions and shed light on the tangible benefits of such technology. We will learn about the fundamental properties of blockchains and their real-world applications, especially in the developing world. We will learn that crypto isn’t about some kind of “get rich quick” scheme, but instead about equal opportunity, democracy, inclusion and diversity.

Even if you don’t own any cryptocurrencies and never plan to do so, this series will give you a more lucid understanding of the space and a framework on which to view this new industry within a world context. For example, how a blockchain-based financial infrastructure could fundamentally change our global finance system to be more inclusive and fair regardless of your socioeconomic status. Or how smart contract-based apps will run on a new type of internet where data privacy and censorship resistance is built in at its core.

"[Cryptocurrency] is about redefining modern capitalism with individual freedom and privacy as its core principle"

Even amongst its adopters, crypto’s most important idea is misunderstood. It is about building a more fair and just system for all of us, the individual, not the corporation. A system with less loop-holes and corruption, but with more transparency and accountability. A system where power is stripped away from the elite few and redistributed to the democratic many, the creators and contributors of our society. It is about redefining modern capitalism with individual freedom and privacy as its core principle.

In doing so, we will explore some of the world’s leading cryptocurrencies, their strengths as well as their shortcomings. We will subdivide crypto projects into 3 generations and argue why we believe Cardano is, so far, the only true 3rd generation cryptocurrency on the market.

Cardano at a Glance

Cardano Africa

Created in 2017 by Charles Hoskinson, a mathematician and blockchain expert, Cardano stands out from other cryptocurrency projects in two distinct ways:

  1. Cardano is based on fundamental research, using first principle reasoning and peer-reviewed research[1]. In fact, it is an outlier in the crypto space where heuristics-based designs and fast iteration is the norm.

  2. Cardano is the only major cryptocurrency primarily focused on developing markets by promoting a global financial system focused on banking the unbanked. Here it believes blockchain technologies will have the largest impact where 31% of adults worldwide still do not have a bank account[2]. And with a strong presence in Africa and large projects already deployed in Ethiopia[3] and Tanzania[4], Cardano is well positioned to succeed in this space.

Next blog post in the series Bitcoin: 1st Generation Crypto, A Revolutionary Money

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