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FINS5547 Cryptocurrency And Decentralised Finance

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FINS5547 Cryptocurrency And Decentralised Finance

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FINS5547 Cryptocurrency And Decentralised Finance

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Course Code: FINS5547
University: University Of New South Wales is not sponsored or endorsed by this college or university

Country: Australia

Introduction on Cryptocurrencies and topic description and also u need to include
1. Basic introduction of cryptocurrencies
2. How cryptocurriences are created3. How will be the rise and fall of the value of Cryptocurrencies4.Types of cryptocurrencies

Introduction to the cryptocurrency:
Cryptocurrency is a digital asset which uses advanced technology for the operation. The main characteristics of the cryptocurrency are that it acts like the parallel monetary system, the nature of the cryptocurrency is decentralized in nature (Roja, Peevitha and Lakshmi 2018).  The traditional monetary system operated and controlled through the centralized bank,   while the block chain is managed through the use of the block chain technology. The base of the block chain is distributed ledger technology which is used for maintaining the transaction of the public finance (Roja, Peevitha and Lakshmi 2018). The first cryptographic cash was invented at 1983, which was first known as the ecash. Later it was implemented through digicash (Akira 2018). There are six conditions regarding the characteristics of the cryptocurrency- the whole cryptocurrency system does not require the central monitoring, rather it is distributed in nature (Abraham et al. 2016). The whole system keeps track of the ownership of the cryptocurrency units, ownership of the cryptocurrency can be proved cryptographically, new cryptocurrency can be created, in case if the ownership of the cryptocurrency is changed the system allows to perform the transaction on the changed ownership of the crypto currency, in case, if two requests for changing the owner is entered into the system, the cryptocurrency will process one of the requests.
Creation of the cryptocurrency:
The creation of the new crypto currency can be developed through the modification of the existing code of the cryptocurrency (Hayes 2017). The users who are willing to create new cryptocurrencies can develop and modify the existing code (Roja, Peevitha and Lakshmi 2018). As the platform for the creation is open source, the code can be available in different platforms. The respective source code will help to create the altcoin of the users. Some of the platforms for the creation of the cryptocurrencies are CryptoNight, CryptoNote. Apart from that there are many host services which provides the services for hosting of the code for making new crypto currencies. One of the hardest part for creating of the cryptocurrency is the adaptation part. Without adaptation and the network effect the cryptocurrency will have no significance (Roja, Peevitha and Lakshmi 2018). Once the cryptocurrency gained enough  to tract, people can make transaction using the crypto currencies (Hayes 2017). In order to monitor the  transactions in the crypto currencies, the  public ledger is maintained (Kim et al. 2016). The use of this ledger makes the nature of the crypto currency decentralized. The maintenance of the ledger is operated by the use of the block chain technology (Hayes 2017). The decentralized nature of the cryptocurrency makes it impossible to identify the both parties in the transaction(Roja, Peevitha and Lakshmi 2018). Apart from that  the mining of the currencies in the system can help to generate the new currencies.
Raise and fall of the value of the cryptocurrency
There are different factors regarding the raise and the fall of the value of the crypto currencies. The factors can be divided into two categories- internal factor and external factor.
Trader of the crypto currencies: It can be said that the major traders have less significance or the impact on the price for the high digital currency capitalization (Thelwall 2017). The price of the crypto currency depends on the readiness of the major traders regarding the buying and selling of the cryptocurrencies.
Price of other crypto currencies: There are several cryptocurrencies available in the market (Hayes 2017). The price of the different crypto currency is different (Li and Wang 2017). It can be seen that the price of one type of crypto currency goes up and can affect the price of the other crypto currency. In this context the example of the bitcoin and the altcoins can be given (Roja, Peevitha and Lakshmi 2018). The price of the bitcoin goes high and  it affects the price of altcoin by decreasing the value of the altcoin. This is because that the fund of the altcoins is pushed for the bitcoin.
External Factors:
Acceptance of the cryptocurrency: The acceptance of the cryptocurrency has made the devaluation of the traditional money (Hayes 2017). This raises the value of the different cryptocurrencies.
Technical upgrade of the crypto software: The upgrade in the crypto software affect the price of the crypto currencies in a significant way (Partanen 2018). In this context the example of the Litecoin and the bitcoin can be taken. After the update of the crypto software SegWig the LTC has experienced the increase in the rate of the price (Roja, Peevitha and Lakshmi 2018). Bitcoin has also experienced the same thing which is increase the value in terms of price.
Evaluation of the crypto currencies by the government and the media. The evaluation and the impression of the government and the media  has certain affect on the pricing of the cryptocurrency (Hayes 2017). In case, if the government and the media has the negative impact on the evaluation of the crypto currency the price of the crypto currency may fall.
Block chain collaboration and the security of the crypto currencies: The collaboration of the block chain technology has ceratinaffect on the pricing of the bitcoin. It can be said that the proper use of the block chain technology can be helpful in maintaining the security of the bitcoin technology (Roja,  Peevitha and Lakshmi 2018). The secured way of the transaction for certain crypto currency will help to gain the positive impact and will be beneficial for the enhancement of the value of the respective cryptocurrency.
Types of crypto currency:
In general there are three type of crypto currencies- the first ever cryptocurrency was bitcoin which used block chain for maintain the ledger and the security. After the bitcoin  the new block chains are created named altcoins. Some of the examples of the altcoin are NEO,Litecoin (Roja, Peevitha and Lakshmi 2018). The third main type of the crypto currency is  tokens  or dApps. Some of the examples of tokens or dApp are Civic, BitDegree and Wepower.
Abraham, I., Malkhi, D., Nayak, K., Ren, L. and Spiegelman, A., 2016. Solidus: An incentive-compatible cryptocurrency based on permissionless byzantine consensus. CoRR, abs/1612.02916.
Akira, S., 2018. Cryptocurrency Investment Strategy: How To Get Rich With Cryptocurrencies.
Hayes, A.S., 2017. Cryptocurrency value formation: An empirical study leading to a cost of production model for valuing bitcoin. Telematics and Informatics, 34(7), pp.1308-1321.
Kim, Y.B., Kim, J.G., Kim, W., Im, J.H., Kim, T.H., Kang, S.J. and Kim, C.H., 2016. Predicting fluctuations in cryptocurrency transactions based on user comments and replies. PloS one, 11(8), p.e0161197.
Li, X. and Wang, C.A., 2017. The technology and economic determinants of cryptocurrency exchange rates: The case of Bitcoin. Decision Support Systems, 95, pp.49-60.
Partanen, C., 2018. The viability of cryptocurrency in relation to the response of financial institutions and governments.
Roja, R., Peevitha, B. and Lakshmi, A.B., 2018. Cryptocurrency Exchange Interface Platform that Translate Human to Robotic Intelligence.
Thelwall, M., 2017. Can social news websites pay for content and curation? The SteemIt cryptocurrency model. Journal of Information Science, p.0165551517748290.

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