Research Article On ‘Need For Decentralized Regulation For The Decentralized Cryptocurrencies In The World’
Divyansh Singh Sisodiya, BBA LLB, Symbiosis Law School, Nagpur
Introduction
Money serves as a straightforward tool for identifying and expressing value in accounting. By allowing us to keep the proceeds from our labor or business in a handy item, money serves as a store of value. From the era of barter to the advent of commodity money, including coins made of metal, gold, and silver, to contemporary monetary systems and checks, and finally to the most recent developments in global currencies, including the arrival of cryptocurrencies like Bitcoin and Ethereum.
The introduction of Cryptocurrencies has significantly altered the world's payment infrastructure. Cryptocurrencies are an encrypted kind of digital or virtual money. E-cash is a form of anonymous cryptographic electronic money that was created in 1983 by American cryptographer David Chaum. He later put it into practice with Digi-cash in 1995. This innovative form of electronic payment needed user software to withdraw funds from a bank and assign encrypted keys before it could be transmitted to a destination. This rendered the digital currency untraceable by the government, the bank that issued it, or any other third party. A cryptocurrency's security feature makes it challenging to counterfeit. The absence of a central issuing body for a cryptocurrency is one of its distinguishing characteristics. Right now, it is entirely decentralized.
A blockchain is a decentralized ledger of transactions that offers a secure computing environment and tamper-proof records. A blockchain frequently needs many system nodes to execute the same transaction to provide a trusted computing platform, and it establishes consensus based on the majority. A blockchain combines chained blocks to offer crypto of serialized transactions to protect against double-spending attacks and create a tamper-proof history.
