When E World Holdings co-founder Shiva Narayan was recently discussing cryptocurrency someone posed the question “What do you use it for though?” This new investment has created a lot of buzz over the last decade, but many of the general public still don’t know to put these varying coin types to use aside from allowing them to appreciate over time before reselling. Shiva realized that for those not directly involved in the field be it through tech, investing or otherwise, or who don’t work with their cryptocurrency on a consistent basis and have a wide crypto portfolio, there’s a lot of confusion. When investing in crypto – you don’t just have to wait for it to gain value. You can use it for a host of other things as well given that it is a recognized currency type.
That being said, each subtype has their own set of ‘best practices’ or uses. This week we want to tackle a few forms of cryptocurrency based on how people use them.
Siacoin: Safe and Secure Storage
Nowadays the vast majority of people use some form of cloud storage. That being said, almost as frequent as cloud storage users is cloud storage leaks. Siacoin solves that problem by creating a storage base protected under the guise of blockchain security. As described by Sudhir Khatwani, “Sia allows its users to rent out their unused hard drive space, and hence, make money. While Sia is a cloud storage platform like Google Drive, Dropbox, and Amazon Cloud, what sets Sia apart is that it is an open-source, blockchain-based, and decentralized cloud storage platform. In short, Sia is a decentralized cloud where data is stored on the blockchain.”
Cryptocurrency, built around blockchain, circles around the desire for more secure networks and tools. In the midst of the hacker age and data leaks, the crypto methodology allows for peace of mind and insurance that you and your information is safe online. Business contracts, in particular, have faced problems transitioning from paper to the more eco-friendly digital realm due to the susceptibility to hacking and fraudulence. Ethereum acts as a means to safely send and store contracts. As explained on the website, “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.”
Dash, Darkcoin or more fittingly referred to as Digital Cash aims to make buying with crypto secure and simplified. Cryptocurrency is after all a means for spending and Dash brings that concept back to life. As Prableen Bajpai, CFA explains, “Dash (originally known as Darkcoin) is a more secretive version of Bitcoin. Dash offers more anonymity as it works on a decentralized mastercode network that makes transactions almost untraceably. Launched in January 2014, Dash experienced an increasing fan following in a short span of time. This cryptocurrency was created and developed by Evan Duffield and can be mined using a CPU or GPU.”