What is cryptocurrency – money of the future or 21st century unicorn?
Today cryptocurrencies have become a global phenomenon that is known to most people. They still seem somehow geeky and not understood by the vast majority of people, but governments, banks, and many companies are aware of their importance.
Today, you will have a hard time finding a government, a big accounting firm, a prominent software company or a big bank that haven’t researched cryptocurrencies, started a so-called blockchain-project or published a paper about it.
But beyond the press releases and all the noise, many people – even bankers, scientists, developers, and consultants – have insufficient knowledge about cryptocurrencies and often fail even to understand the basic concepts.
So let us walk you through the whole story. What are cryptocurrencies?
Few people know, but cryptocurrency emerged as a side product of another invention. Satoshi Nakamoto, the inventor of Bitcoin, the first and the essential cryptocurrency, never really intended to invent a currency. Satoshi said that he developed “A Peer-to-Peer Electronic Cash System.”
Many people before him failed to create digital cash. The most critical part of Satoshi’s invention was that he found the way to build a decentralized digital cash system.
To realize digital cash, you need a payment network with balances, accounts, and transaction. That is easy to understand.
The major problem every payment network has to solve is to prevent the double-spending or to prevent that one entity spends the same amount twice. It is typically done by a central server which keeps a record of the balances.
In a decentralized network, you do not have this server, and you need every single entity of the network to have a list with all transactions to check if future transactions are valid or an attempt to double spend.
If you take away all the noise about cryptocurrencies and reduce it to a simple definition, you’ll find that they are just limited entries in a database no one can change without fulfilling specific conditions. That may seem ordinary but believe or not, that is precisely how you can define a currency.
What is Asch Cryptocurrency?
Ok, we have learned that decentralized apps are the next big thing in the world of blockchain tech and cryptocurrency.
Asch aims to become a “next-generation decentralized app platform” With a focus on security, flexibility, efficiently and DApps, the barrier to entry the for developers should be lowered shortly.
The purpose of Asch
That is what sets Asch apart from most other DApp platforms on the market. There are compelling technical features under the hood to take note of as well.
Features of Asch
Asch now stores data in relational databases rather than take the more traditional approach. That makes the development of DApps quite similar to how people build regular web applications.
It’s very different from what people would associate with blockchain technology, but there is no wrong approach in this regard. The project mainly appeals to small and medium-size enterprises, as well as developers who are passionate about decentralized applications.
Asch uses a public blockchain and a set of application SDKs to power all of this. The public chain seems that it has been built from the ground up and serves as an immutable ledger, precisely like other blockchains.
The apps built on top of this ledger will be referred to as sidechain apps. The main benefit of this approach is that Asch supports cross-chain protocols, which opens the door for a more DApp development shortly.
By embracing this sidechain model, Asch can efficiently address scaling issues which might arise in the future. As we’ve seen in the past, public blockchains struggle in the scaling department, and sidechains may be able to alleviate most of these issues.
Additionally, they allow for more flexibility and personalization as fas as DApps are concerned. It is an attractive solution, although competing with everything else out there won’t be easy.
Team of Asch
I have followed the Asch for quite a couple of months, and I can tell you this – Asch team has kept a low profile, but their success had put them in the spotlight even if they wouldn’t want it, just because their excellent work is undeniable.
The founder of Asch, Shan Qinfeng has won the “China Blockchain Industry Selection 2017” which is an outstanding award, and it serves as a recognition to his good work leading Asch.
But it isn’t just about the founder – Asch itself won the best popularity award in the “China Blockchain Technology Innovation and Application” contest. These are young, talented people who have proved themselves open to community suggestion and that is why they are now providing weekly reports.
The Asch Token Explained
Asch has its native token, as is the only standard in this industry. The Asch tokens can be used for all transactions on the network, as well as for using decentralized apps and for voting.
The voting process also facilitates the election of witnesses and delegates who are responsible for operating the entire network correctly.
The Road Ahead
Not much has been updated on the roadmap of Asch since late 2017. It is unclear for now what the future holds for this particular project, even though it’s evident that there is still a lot of work to be done.
It’ll be interesting to see what the developers come up with in the future, but one thing is sure – a project like this one will only succeed through clear and frequent communication with the community.
Like I said before, Asch won the best popularity award, which is due to their strong community, because everyday people from all over the world are helping Asch getting bigger and bigger.