Hybrid cars. Hybrid computers. Hybrid species. You have heard it all. Ever heard about “Hybrid Crypto-currency”? Yes. It’s no more a concept. The reality is here!
With the global ecosystem changing at an unbelievable pace the need for the hour is a simplistic yet flexible solution model that can easily adjust to these fluctuations. From the rise of conventional cryptocurrencies including Bitcoin and Ether which lead to a drastic surge in undisclosed and decentralized transactions all over the world, the orthodox financial institutions have fallen in the face. With no single centralized entity to monitor the unregulated flow hundreds of millions of worth of virtual currencies across the globe, these federal government institutions were left dumbstruck.
This leads them to finally interfere and take some major actions to resist this unsanctioned economic framework. Major sanctions were applied on dealing in Bitcoin and other similar cryptocurrencies by various federal reserves. But do you think this is the solution? How can you expect that the mere imposition of certain rules on the people would make them behave in an ideal manner? After all, “Rules are made to be broken!”. Is this the last resort? If in any case, they are running out of options, the solution is here. A mid-way solution to this problem can be rooted in a small compromise between both the past and future technical frameworks. Confused? The answer is simple “Hybrid crypto-currency”.
Now let’s get into some key insights on how this concept is more focused on duality. Everything although decentralized and unregulated, the major financial institutions do have a word in taking major decisions that avoid illegal practices. Same peer-to-peer network but partially monitored by the federal reserves in a way that it’s not biased in favor of any particular nationality. Furthermore, every country has equal say in the final decision making.
In this hybridized module, Miners(people responsible for solving complex mathematical problems) don’t receive 100% of the financial offerings. Instead, 40–45% goes to the financial institutions who have the huge responsibility of decision making and as a result of that, they don’t charge any fee from the end-user. The rest 55% is divided between the Miner(40–45%) and the operational cost of the platform including developer recruitment, maintenance, etc.
In conclusion, the user gets the following benefits :
I know it appears to be an ideal world scenario. Things can never be so perfect. Everything comes with a set of pros and cons, so does this concept. So what do you think will this system able to survive? The bigger question is not just about its survival but more about its growth in the current challenging scenario of virtual crypto-currencies. Let’s wait and watch how it goes.
Did we miss out on any point on ‘Hybridization- The Cryptic Way’? We would love to know.
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