The journey from Bitcoin to ICOs

Technology has become an essential part of our lives today, and a few people can imagine living without it. We have achieved a lot of things with the help of technology, among which are the cryptocurrencies and ICOs. Almost all people have heard about Bitcoin and its value today. But, what the Bitcoin actually is and how it helped companies to create value with the use of ICOs?

In 2009, a pseudonymous software developer by the name of Satoshi Nakamoto has developed the famous Bitcoin. The idea was to develop a decentralized electronic cash payment network that enables transferring value peer-to-peer. It is an electronic cash that allows direct payments from one party to another. This means that with the use of Bitcoin, there will be no need of a third party, such as government, bank, company, or a person who owns bitcoin. Instead, the balances are stored online, on the digital asset software platform known as Blockchain.

On the beginning, Bitcoin was not so popular and people were skeptical about it. Today, Bitcoin has become the world’s first and biggest digital currency and payment network. That is why a lot of companies want to create their own cryptocurrencies and make a successful ICO.

There are many popular cryptocurrencies that have followed the Bitcoin’s footsteps, such as Ethereum, Ripple, Litecoin, Cardano, etc. We live in a time when technology is one of the main factors in our lives, and these ways of raising money have become recognized everywhere in the world.

ethereum, for example, is a decentralized platform that makes smart contracts — apps that run without any fraud, censorship, downtime, or third party interference. Their cryptocurrency Ether can be transferred between accounts and used for compensating participant mining nodes. Ethereum has had such a great success that it is expected to overcome Bitcoin in 2018.

On the other hand, Ripple is a real-time gross settlement system, currency exchange and remittance network. It is a shared and public database that works as the world’s first universal money translator. Their XRP Token has become a successful cryptocurrency that makes transactions clear in 4 seconds or less. Thanks to the XRP’s success, the Ripple Company has earned a lot of money and their token has become one of the biggest cryptocurrencies worldwide.

Moreover, Litecoin is a peer-to-peer cryptocurrency and software project that enables instant, zero-cost payments everywhere in the world. It was inspired by and similar to the Bitcoin. It is based on Bitcoin’s open source codebase, but it has differences. It is said that the Litecoin is the silver to Bitcoin’s gold. The average Litecoin process a block every 2.5 minutes. It is cheaper and faster to use than Bitcoin. Today Litecoin has big popularity and it is expected to reach more success in the future.

The introduction of Bitcoin has helped companies to realize that the technology is constantly improving and making progress and that they can create value with the use of ICOs. Many people and companies started participating in ICOs. The 2017 was the year of the ICO. More than 90% of all funds raised through ICOs happened in 2017.

The Initial Coin Offerings (ICOs) have increased due to the Bitcoin technology as well as the other introduced cryptocurrencies. The ICO is considered as an alternative form of crowdfunding that is different than the traditional financial system. There, the cryptocurrencies are preallocated to investors in the form of tokens, in order to exchange for legal tender or other cryptocurrencies like Bitcoin. When the ICO project is launched these tokens become functional currency.

The reason why ICOs are so attractive is a relatively low barrier to entry, enabling people and companies to raise a lot of money. ICOs have become a powerful force for increasing awareness of cryptocurrencies and blockchain. The world is ready to see more ICO ideas in the future, and even now there are many promising ICO projects.

That is why Energy Premier is committed to develop a blockchain-based electricity retail bidding platform, staring with the presale and crowdsale.

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The journey from Bitcoin to ICOs was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.