South Korean Startup Brings ‘Spyce’ To The Crypto World

In News

Cryptocurrencies are everywhere and sprouted like mushrooms from nowhere. There are Bitcoins, Ethereum, Ripple, and others that can be acquired from different websites and Decenternet is one of them. It could be that only a small percentage of people knew that cryptocurrency turned up to be an indirect product of a distinct ingenuity. For the information of many cryptocurrency fanatics, Satoshi Nakamoto (anonymous inventor of Bitcoin) has no intention to create a currency.


Definition of Cryptocurrency


Cryptocurrency is a kind of digital or virtual currency that makes use of cryptography for safety and anti-fabricating measures. Usually, private and public keys are used to deliver cryptocurrency between persons. It is considered as an agreement currency meaning users need to achieve a compromise between the cryptocurrency’s value and utilize it as a medium exchange.


Since it is not attached to a certain region, the value of cryptocurrency is not regulated by the bank. Instead, it is figured out by the market’s supply and demand and functions like gold and silver.


Decenternet Introduces Spyce


When we talk of cryptocurrency or cryptography, it is worth noting that we also need to consider the type of system that is being used highly. Decenternet uses a decentralized internet system solution that can be created by blockchain technology. This platform which promotes Net Neutrality also endorses its appreciating currency called Spyce. This can be exchangeable with the majority of other cryptocurrencies like Bitcoin, Ethereum, and EOS.


Spyce is Decenternet’s heart of trade and commerce. It can be used to buy apps, hosting services, goods, or manage micropayments without difficulty.  Decenternet’s entire economic activities are operated in Spyce which is attainable via domestic mining.


Advantages of Cryptocurrency


Free from fraud. Since cryptocurrencies are digital, senders cannot indiscriminately forge or imitate just like credit card charge-backs.


Identity theft. Cryptocurrency makes use of a “push” system enabling the user to accurately send what she wants to the recipient or merchant without additional information.  Credit cards, on the other hand, runs on a “pull” basis with stores instructing the payment and pulls the specified amount from your account which is very much prone to identity theft.


Instantaneous settlement. When you buy real property, it usually involves third parties, payment of fees, and deferral.  Using cryptocurrency as payment eliminates or adds third party approvals. Bitcoin contracts can be created to empower external reference figures or be accomplished at a future date or time.


Introduction to everyone. More than 2 billion people have access to the Internet or mobile devices but have no access to common exchange systems at the moment. These people are geared up for the cryptocurrency market.


Minimum fees. There are some third-party services like Coinbase that create and maintain their own bitcoin wallets. It provides online exchange system and is likely to charge fees.


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