Do Digital Currencies Spell The End Of Capitalism?: [Essay Example], 613 words GradesFixer
exit-popup-close

Haven't found the right essay?

Get an expert to write your essay!

exit-popup-print

Professional writers and researchers

exit-popup-quotes

Sources and citation are provided

exit-popup-clock

3 hour delivery

exit-popup-persone
close
This essay has been submitted by a student. This is not an example of the work written by professional essay writers.

Do Digital Currencies Spell The End Of Capitalism?

Print Download now

Pssst… we can write an original essay just for you.

Any subject. Any type of essay.

We’ll even meet a 3-hour deadline.

Get your price

121 writers online

blank-ico
Download PDF

In the article the author ‘Ed Finn’ mentions that three years ago, a group of programmers launched a new software platform called Ethereum which was inspired by the Bitcoin. This software allowed in conducting transactions without any central bank or currency authority. ’TOKENS’ called Ether instead of dollars and pounds were in use. They likewise permitted “keen contracts” to bargain in a wide range of routes, from alternatives contracts fixing to future ware costs to expound corporate administration and voting plan. After all the thought process and working out the bugs, they created a clever contract a Digital Autonomous Organization. Later on a hacker exploited a flaw in the code which made the creators of DAO very upset.

As Ethereum is a digital currency they were trying to figure out ways to reverse the flaw. Cryptocurrencies depend on a public ledger system,that works as a “blockchain”. So everyone who makes a transaction sends out an announcement on the network of fellow traders and all that gets bundled up into a “Block” so everyone competes to see who can authenticate it fastest. The main purpose is to provide transparent unit of currency making sure that no money is stolen or used twice. After all that the Ethereum community “fixed” the problem by creating a new Ethereum Classic where transaction in question never took place. They became second and seventh in the world for cryptocurrency including ethereum classic. Financial groups created public investment funds to the currencies like Bitcoin and Ethereum and even retailers accept them as a form of payment. It proves that money can become code, means it was no longer defined by its financial value but computational value. Its validation for transactions is not by volume or exchange rates but the processor cycles required to compute the next bit of blockchain.

They are also called as programmable money. All of this happens to matter because now we have started valuing things instead of Processor cycle instead of the price something can be sold for, which will result us in engaging ourselves in future ruled by machines. The more the value tends to become thornier, the more we tend to rely on algorithms for encoding and defining our parts of information, and not just to manage it. people have started seeing money as in terms of code and no longer in terms of financial valueWhat is meant to be a data should be a data only and not question about our value because it will then lead our whole lives changing towards senseless lives based on orders and logics of machines or technology. Also, can say as of like vehicles with no drivers or bodies with no soul and just running with set of instructions.

Things in which I am baffled in:

  • What is Digital Autonomous Organization (DAO)?
  • What is DAO’s motive?
  • What is block chain?
  • What is processor cycle?Answers to the above questions
  • It is a form ofautonomous organization and a form of investor-directed venture capital fund which is used in industry of Cryptocurrency software venture capital
  • DAO’s motive was to provide a decentralized form of business for organizing profit and non-profit type of businesses. It represented on Ethereum blockchain with no board of directors.
  • A blockchain is something which resists modifying data. It is an open ledger accessible to all that can permanently record transactions between the parties. once the data is recorded it cannot be altered without altering of all subsequent blocks which requires agreement of majority of networkers.
  • It is just computer terms which means speed of a computer which is further determined by clock cycle, which is amount of time between two pulses of am oscillator.

Remember: This is just a sample from a fellow student.

Your time is important. Let us write you an essay from scratch

100% plagiarism free

Sources and citations are provided

Cite this Essay

To export a reference to this article please select a referencing style below:

GradesFixer. (2019, November, 26) Do Digital Currencies Spell The End Of Capitalism? Retrived February 26, 2020, from https://gradesfixer.com/free-essay-examples/do-digital-currencies-spell-the-end-of-capitalism/
"Do Digital Currencies Spell The End Of Capitalism?" GradesFixer, 26 Nov. 2019, https://gradesfixer.com/free-essay-examples/do-digital-currencies-spell-the-end-of-capitalism/. Accessed 26 February 2020.
GradesFixer. 2019. Do Digital Currencies Spell The End Of Capitalism?, viewed 26 February 2020, <https://gradesfixer.com/free-essay-examples/do-digital-currencies-spell-the-end-of-capitalism/>
GradesFixer. Do Digital Currencies Spell The End Of Capitalism? [Internet]. November 2019. [Accessed February 26, 2020]. Available from: https://gradesfixer.com/free-essay-examples/do-digital-currencies-spell-the-end-of-capitalism/
close

Sorry, copying is not allowed on our website. If you’d like this or any other sample, we’ll happily email it to you.

By clicking “Send”, you agree to our Terms of service and Privacy statement. We will occasionally send you account related emails.

close

Thanks!

Your essay sample has been sent.

Want us to write one just for you? We can custom edit this essay into an original, 100% plagiarism free essay.

thanks-icon Order now
boy

Hi there!

Are you interested in getting a customized paper?

Check it out!
Having trouble finding the perfect essay? We’ve got you covered. Hire a writer

GradesFixer.com uses cookies. By continuing we’ll assume you board with our cookie policy.