Ethereum update: Ethereum now has a true Cryptocurrency that can be used inside of it!
By using the literal definition, it is clear that 0xBTC is the first cryptocurrency that can be used in the Ethereum Network. Here is the definition from Google Dictionary:
Cryptocurrency: “A digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.”
Since 0xBTC is the first token to use encryption techniques (hashing, pure SHA3 mining) to regulate generation of units, it is the first cryptocurrency on Ethereum. Obviously, all tokens before it simply generated all tokens out of thin air immediately or, rarely, due to non-encryption related techniques such as purchases.
About Ethereum
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.
Author: infernal_toast
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