1. Math Based Currency
Major Contributor: BitCoin
Year: 2009
In 2009, Satoshi Nakamoto released the software of Bitcoin. It's the beginning of everything.
2. Blockchain
Major Contributor: BitCoin
Year: 2009
Bitcoin uses blackchain to record transactions. Today the majority of cryptocurrencies are based on blockchain, and the technology is also at the center of many financial innovations.
3. Proof-of-Work Mining System
Major Contributor: BitCoin
Year: 2009
Bitcoin uses proof-of-work system to make the blockchain consistent, complete, and unalterable. Even today in 2016, many cryptocurrencies still fully rely on the system.
4. Proof-of-Stake System
Major Contributor: Ripple
Year: 2012
In 2012, many cryptocurrency users still thought every new coin needed to be "mined" to make the system work. While Ripple might not be the earliest adopter of proof-of-stake system, its success clearly paved the way of alternatives to traditional "mining" based system.
Today, out of the 6 most popular cryptocurrencies based on market cap, Steem, Ripple, and DAO don't purely rely on "mining" system to issue new coins, and Ethereum may switch in the future.
5. Smart Contract
Major Contributor: Ethereum
Year: 2015
While Ethereum might not be first cryptocurrency implementing smart contract, it has become a leader of the field. Smart Contract may be the foundation of many fintech innovations.
6. Crytocurrency with Mainstream Use Case
Major Contributor: Steem
Year: 2016
In 2016, while many cryptocurrency fans show strong enthusiasm, math based digital currencies are still not widely accepted by general public. Some argue the industry lacks valid use case to average internet users.
Steemit is rising quickly, and it may become the first cryptocurrency with a very large user base. Reddit has over 200 million unique visitors monthly. Even if Steemit can only attracts half of those, the 100 million user base will become a milestone of the industry.
7. Crytocurrency Encouraging Long Term Stakeholders
Major Contributor: Steem
Year: 2016
Steem uses Steem Power to encourage long term stakeholders. In my view, this will make the currency system more stable and user base more loyal. This may be a major breakthrough, potentially followed by many new cryptocurrencies.
While the whole cryptocurrency industry has already $12.9 billion market cap, I think it’s still at a very early development stage.
More Breakthroughs will come. We haven’t seen anything yet.
Ethereum plans to switch to Proof of Stake in 2017, however it is considered my many as very risky step. New research needed.
I think steem is economy.
Steem will continue to extend to other services.
Just learnt about Steem, and I am excited. Blockchain technology is certainly revolutionary and steem has just added some steam to the mix
Great informative post!
Very interesting read though I wonder if number 7 should go to Bitshares or Dao?
do you mean the DAO ? :D
Yeahp
Great thoughts you have. What you believe will come to past