An event in October 2008 was the start of a new technology that would disrupt our lives forever. Firstly, what does “disruptive technology” actually mean. A disruptive technology displaces an established technology, a trailblazing product that shakes up an industry. Disruptive technology creates an entirely new economy.
This is exactly what Bitcoin and the underlying technology, blockchain, has done. Bitcoin’s whitepaper was released to the world by Satoshi Nakamoto on 31 October 2008 unleashing disruption to the financial industry, leading the way for more cryptocurrencies to be developed. Cryptocurrencies are not equal as some have a strong use case vs others simply as a “me-too” to Bitcoin. According to CoinMarketCap, there are currently 1548 Cryptocurrencies trading in over 9000 markets.
A spin-off from the success of Bitcoin, has been the way in which capital is raised for new projects or start up companies. Initial Coin Offerings now open up investment in these projects or startups to the public vs the traditional method of raising capital such as from Banks, stock exchanges or Venture Capitalists. Crowdfunding and Token Sales have become very popular of late and Billions are being raised, some ICO’s raise millions of dollars in a matter of minutes. The compliance of ICO’s are gaining attention from Regulators – Read more from the SEC here
The Blockchain is disrupting many industries, either as public and decentralized or private and centralized. Blockchains are potentially suitable for the recording of events such as real estate transfers, medical records, identity management, transaction processing, food traceability, and safety or voting. Many blockchain start-up companies are emerging. Existing companies who add “blockchain” to their name or strategic focus have seen a significant rise in their stock value, for example, Kodak.
As explained by the dictionary Merriam-Webster.com – “The sometimes perplexing domain of digital financial exchanges opens a window into a subject that requires explanation for many of us, hence the detailed definition of cryptocurrency as well as an entry for initial coin offering, which refers to the first sale of Bitcoin-like digital currency. Keeping records of financial transactions in a digital database as part of a publicly accessible network uses blockchain technology.”
Merriam-Webster was established in 1828 and they recently added 850 that comes from a “cross-section of our linguistic culture”.
While you now find these “crypto” terms in the dictionary, there are many other terms in this new economy explained in this article – Learn more here:- Understanding Cryptocurrency Terminology
And, if you thought that a Unicorn was this….
Think again… A Unicorn is actually “ a rare but non-imaginary unicorn is a start-up that is valued at one billion dollars or more”.
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