A DEFINITIVE GUIDE
to the
PHENOMENON & DEFINITION of
CRYPTOCURRENCY, eWALLET & its RISKS
WORLD FIRST -- authored by
Lin Hsin Hsin,
October 3, 1996
is an AUTHORITATIVE ENCAPSULATION of an
📍 Empowerment
📍 Ecosystem
📍 Era
1 when Definitive
2 money It is about money
3 itself Definitive
4 bits & bytes Digital currency
5 it travels Money travels, human doesn't
6 via satellites digital currency is subjected to hacks
Example 1
2020 December, Nexus Earth planned to put their data in space by developing its own micro-satellite network so as to offer global coverage unlimited by the range of existing network infrastructure. such that these communication satellites can be launched into Low Earth Orbit (LEO).
Example 2
2017 August, Blockstream, announced it planned to launch its Blockstream Satellite network. where it was renting existing satellites located in geosynchronous orbit. This network will be able to send bitcoin to anyone in the world where Internet may be unavailable or cost-prohibitive. The hardware needed to receive data directly from Blockstream satellites will only be about $100.
Example 3
2016 September, SolarCoin announced a deal with Cloud Constellation, an upcoming satellite data storage company building a network of satellites called SpaceBelt which will be able to store both the vault and the private key of SolarCoin required to access it on a server on a satellite in space
7 fibre optics
Solar Bankers & a few other companies build their currencies on Fiber technology whereby it offers best-in-class encryption, speed, & reliability.
8 stored value
A stored value card is a type of electronic bank debit card that have a specific dollar value pre-loaded to them. Credit card networks, bank card issuers, and retail merchants provide these cards as a way to provide non-cash payment cards to the public for a variety of purposes.
It can be used anywhere that accepts general use credit cards
9 rechargeable smartcard
there are 2 meanings for rechargeable
📍 Battery-powered smart cards
2017 June Visa Vendor Forum SFO was eady to start certifying cards featuring dCCV2 technology
📍 Reloadable credit prepaid card is online card payment technology that can be used to withdraw cash, pay bills or make purchases anywhere, in person or online
Smart card technology
📍 A smart card is a hardware capable of performing operations such as key pair generation with minimum power consumption in the least possible time.
📍 The secure key pairs are capable of handling attacks of a critical and advanced nature of blockchain applications
📍 Protects private keys inside hardware with tamper-resistant hardware security
interaction restricted to a limited set of commands & responses
which indirectly increases the overall security of blockchain applications
📍 Smart card & blockchain technology is a perfect match for
proper management of cryptographic data of applications
10 digital signature
A digital signature is a mathematical scheme for verifying the authenticity of digital messages or documents. A valid digital signature, should be created by a known sender & that the message must not & cannot be altered in transit.
Digital signatures are a standard element of most cryptographic protocol
to be used by financial transactions, digital assets to resist & defy forgery or tampering
11 e-money
The world first occurrence of the definition of digital currency
Because it is encoded by digital signature, it is also defined as cryptocurrency
12 e-trusts
e-trusts define the importance of online privacy
13 transactions
means e-money deposits, payments, loans, transfers etc
14 will be done over the net
will be done over the Internet
15 via credit cards
2021 March 29, Visa announced the acceptance of USDC as payment settlement
2021 February 10, Mastercard has begun facilitating cryptocurrency transactions on its network.
16 smartcards
2021 March 30, PayPal with 325 million active account holders worldwide,
announced checkout with cryptocurrency
17 e-wallets
e-wallet is defined as an digital wallet to keep e-money
notice it is plural, because a e-money user can have more than one e-wallet
18 e-safe vaults
📍 Essentially e-safe vaults are cryptocurrency vaults which is similar to digital wallets where a user can deposit or withdraw funds.
📍 Withdrawals from e-safe vaults come with more restrictions
📍 There are vaults investors use to store their funds, & in some cases, investors deposit funds as collateral for loans
19 e-cash
e-cash is a well-defined vision of the STABLECOIN (BitUSD, 1st released on July 21, 2014) which denotes digital cash -- a 1 to 1 digital to fiat, the notion of US dollar to digitalization of a dollar
20 & assets' information integrity
digital currency or cryptocurrency is a digital asset
hence the importance of information integrity
-- must ensure no vulnerabilities & prevent exploits
21 their circulation security
In monetary economics, circulation is the continuing use of individual units of a currency for transactions.
Specifically, e-money in circulation is the total money supply of a cryptocurrency as defined with all facets of cyber security in mind.
22 should be assured in your armchair tranquility
emphasizing the importance of security assurance of using digital currency
23 guarding the clients' information assessibility
would be the utmost priority
raising the importance of the prevention & averting any network down time, reinforcing 24/7 availability
24 for any e-financial authority
any -- this is the first indication of a decentralized finance organization
a preemptive notion & assertion of the would-be DeFi (circa 2018 April) & DAO (circa 2016, May) that have begun.
25 this is when you'll see
e-bank erases the concepts of
merchant, investment & off-shore banks
2016 first digital bank started accepting BTC
26 this is when you'll see
e-smartcards e-merge with credit cards
e-smart card is essentially software that holds the same information as a regular smart card
but on a digital module instead of a physical chip
27 & you'll truly walk around without money
Realizing the concept of digital currency, cryptocurrency
28 nevertheless, you'd beware of e-robberies
anticipating cryptocurrency siphoning, malware, ransomware
29 e-frauds & e-conspiracies
anticipating electronic money laundering, phishing, scams, exit scams, rugpulls, hacks, exploits
30 the day will come
when your servers & hard disks
will be confronted with fearful e-risks!
anticipating cryptojacking, all network, storage, cloud, local & global vulnerabilities & exploits