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December 12th, 2014 at 5:16 am

The Future of Cryptocurrency

 Matt Bernier at the DaVinci Institute’s “Night with a Futurist” talking about the future of cryptocurrencies

The first cryptocurrency, Bitcoin, was created in 2009 by a mysterious developer using the pseudo-name Satoshi Nakamoto. In 2010, the secretive Satoshi handed the reigns of Bitcoin over to Gavin Andresen, a like-minded developer who now manages the operation along with a team of five senior developers.

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Less than a third of the original Satoshi code still exists. The rest has been rewritten by Gavin and his team to plug security holes, improve usability, and make it operationally more efficient. Andresen is the one who conceived of the nonprofit Bitcoin Foundation—established in 2013—which is the closest thing to a central authority in the world of Bitcoin.

While we hear a lot about Bitcoin there are many other cryptocurrencies entering the startup arena.

Last week a total of 26 new crypto-currencies were added to the public lexicon with names like Nimbus, Vaultcoin, Darkfox, DeafDollars, and QuietCoin all screaming to be heard above the frothy growing pains of this newbie environment. With Bitcoin’s original source code now open to the public, the number of new cryptocurrencies that have entered the marketplace is over 1,000, averaging well over a dozen new players every week.

Even though most will make little more than a blip on the currency world’s radar screen, a full 27 crypto-coins have cap rates of over $1 million, with Bitcoin far outpacing the rest of the pack with a valuation of over $6.4 billion.

Rounding out the top ten are Bitcoin, Ripple, Litecoin, NXT, BitShares X, Peercoin, Darkcoin, Dogecoin, NameCoin, and MaidSafeCoin.

More at DaVinciInstitute.com

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