Crypto Reviews

DLT refers to distributed ledger technology, commonly referenced in the same way as a blockchain. A blockchain company would use DLT to power its ledger. DLT is a distributed database that is share across a network or computers either in a private or public network. 

A Blockchain is a ledger of information, typically a record of transactions. Blockchains can be public or private, the former meaning that they are managed without centralised governance or controls but rather on proof of work, where as the later refers to a centralised body who would own the ledger. For example: Bitcoin is a public blockchain, IBM hyper ledger is a private blockchain. We also see hybrids of the two!  

A 51% attack is an assault on a blockchain by a group of miners who control more than 50% of the network’s mining hash rate. These attackers who have majority control of the network can interrupt the recording of new blocks by preventing other miners from completing blocks.

A private key, is a personal password that enables access to a cryptocurrency account. It must be kept offline and private for full security purposes. Private keys play a crucial role in symmetric cryptography, asymmetric cryptography and cryptocurrencies.

Alt coins are all other cryptocurrencies other than Bitcoin. Typical examples of altcoins would be Ethereum, Ripple, Stellar Lumens, IOTA and ZEC (Zcash). Altcoins also have whitepapers and are usually funded through ICO’s or Initial Coin Offerings.

Fiat is the term used to describe currencies used by countries and national central banks. So for example, the fiat currency of the United States is the US Dollar, the currency of the United Kingdom is Pound Sterling and that for China is the Chinese Renminbi Yuan.

That’s quite a big question as regulation varies considerably across all countries. Dedicated regulation around cryptocurrency based business, such as crypto trading have been seen in countries like: Germany, Gibraltar, Malta, Switzerland, Delaware and other US states such as Wyoming. There’s also been a push for regulation in places such as Thailand and Vietnam where cryptocurrency is a popular patent method especially for those who don’t have bank accounts. Such regulatory setups are usually applicable to crypto exchanges, ICOs, brokers, wallet providers, advisers, and asset managers. Most countries have recognised crypto trading, but have not drafted new laws around it, rather they have opted to adhere crypto trading to their national securities and tradings laws. 

Crypto or for a more correct term, cryptocurrencies are digital assets designed to work as exchange mediums. Individual ownership records are stored in a digital ledger or computerized database using strong cryptography thus securing transaction record entries. There are various cryptos apart from Bitcoin including Thereum, Ripple, EOS, ZCash, IOTA and many more.

Crypto is as safe as the organisation who makes it and the individual who stores it. Never buy cryptocurrencies (alt coins) you have not done research on. If it seems too good to be true it probably is. Always look at governance of the ledger or exchange you are buying from to see how the organisation plans to manage their coin storage. Storing crypto is also your responsibility, doing it safely requires a hard wallet and keeping your private keys safe.