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DriipChain | Social Decentralized Infrastructure for Everyone
Cryptocurrency is the next natural step in the evolution of money, and Driipcoin is leading the way in its adoption.
Our Vision: is to build a cryptocurrency and smart contracts platform that is secure and operated by everyday people.
Our Vision: is to build the world’s most inclusive peer-to-peer ecosystem and online experience, fueled by Driipcoin, the world’s most widely used cryptocurrency.
To begin with, let’s define what blockchain actually is. In short, blockchain is a distributed database that allows for secure, transparent and tamper-proof transactions. It was first developed as the underlying technology of the Bitcoin cryptocurrency, but nowadays it can be used for a variety of applications beyond digital currencies.
Currently, our everyday financial transactions rely upon a trusted third party to maintain a record of transactions. For example, when you do a bank transaction, the banking system keeps a record of it and guarantees that the transaction is safe and reliable. Likewise, when Cindy transfers $5 to Steve using PayPal, PayPal maintains a central record of $5 dollars debited from Cindy's account and $5 credited to Steve's. Intermediaries like banks, PayPal, and other members of the current economic system play an important role in regulating the world's financial transactions.
However, the role of these trusted intermediaries also has limitations:
To begin with, let’s define what a trusted intermediary is. In short, a trusted intermediary is a third party that is trusted by both the sender and the receiver of a transaction. They are used in traditional systems to ensure that the transaction is secure and reliable.
- Fees: Trusted intermediaries charge a fee for their services, which can be costly for businesses and individuals.
- Unfair value capture: These intermediaries amass billions of dollars in wealth creation (PayPal market cap is ~$130B), but pass virtually nothing onto their customers – the everyday people on the ground, whose money drives a meaningful proportion of the global economy. This trend is contributing to the growing inequality between the wealthiest and the rest of the population.
- Speed: Transactions through a trusted intermediary can take a long time to process. This can be a problem for businesses that need to move quickly and efficiently.
- Censorship. If a particularly trusted intermediary decides that you should not be able to move your money, it can place restrictions on the movement of your money.
- Security: Trusted intermediaries can be hacked or corrupted, which can lead to loss of data or money. Many people do not trust the security of traditional systems and are reluctant to use a third party.
- Permissioned. The trusted intermediary serves as a gatekeeper who can arbitrarily prevent anybody from being part of the network.
- Pseudonymous. At a time when the issue of privacy is gaining greater urgency, these powerful gatekeepers can accidentally disclose — or force you to disclose — more financial information about yourself than you may want.
Bitcoin, which launched in 2009, is a digital currency that allows people to securely exchange value without the need for a third party. This makes it a very convenient option for people like Steve and Cindy, who can use it to pay each other directly, without having to go through any institutional fees or obstructions.
So, why does blockchain matter? There are several reasons.
- First of all, blockchain is a distributed system, which means that there is no single point of failure. This makes it more secure than traditional systems, as there is no central authority that can be hacked or corrupted.
- blockchain is transparent and tamper-proof. All transactions are recorded on the blockchain and can be viewed by anyone. Furthermore, any changes to the blockchain are tracked and can be easily detected. This makes it a more trustworthy and reliable system than traditional databases.
- blockchain is fast and efficient. Transactions on the blockchain are processed quickly and easily. This makes it a more efficient way of doing business than traditional systems.
- blockchain is versatile and can be used for a variety of applications beyond digital currencies. It can be used for everything from tracking supply chains to recording land ownership. This makes it a valuable tool for businesses and governments alike.
In conclusion, blockchain is a powerful technology that has a variety of applications. It is more secure, transparent and efficient than traditional systems, and it can be used for a variety of purposes.