Review Largo Coin
Decentralization of payment systems
Today’s global financial system provides access to private individuals and companies to resources, exclusive information and connections with financial centers around the world. However, such a structure puts everyone participants in the global financial system depending on often rash decisions made by large corporations like for example, which caused the major financial crisis of 2008–2009. Those events negatively affected both individuals and companies around the world, and banks and corporations fell apart like dominoes. As a result, to stop the crisis, the governments of many countries have joined forces and spent a huge amount of finance to save the largest banks from complete bankruptcy.
At the same time, these events forced many look at what is happening from the other side and see the need development of alternatives to today’s global financial system.
Despite the fact that for many years, banks that have demonstrated stability in
favorable market conditions were considered “too great to collapse “, it became obvious that blind confidence and greed with management has led the financial system around the world to instability and problems. This is what will later form the basis of the ideology development of decentralized financial systems. Another prerequisite for the creation of such systems was the technological development, whose products we all use today in everyday life everyday life. And despite the fact that, perhaps in itself, technological development and could not become the basis of the financial revolution, it widespread adoption can be one of the key factors in determining what our world will be like in 10–20 years.
The range of technologies that enabled decentralized financial systems
to appear:
Internet (early 1990s) — A technology that evolved from research project (ARPANET), which began in 1969, on today is in daily demand for most people in all countries of the world. Today, people are simply not in able to imagine life without access to the Internet. The world and the network is currently the main information resource, accessible to everyone. More than 4 billion people are estimated to be (more than half of the population) at the time of this writing connected to the Internet, and the global trend shows a constant increasing the number of users.
Smartphones (2007) — With the introduction of the iPhone as the first massively widespread solution for smart applications, the Internet has become more important part of our daily life and the future of technical
development. This trend has also made many financial services more affordable, since banking services and online commerce have reduced
the cost of services. According to a World Bank report, two-thirds of the nearly 1.7 billion people without access to banking services smartphones, which also allows them to create sufficient demand for emerging decentralized systems.
Digital Banking (1994) — While Traditional Banking has existed for many centuries in one form or another, ubiquitous the trend towards globalization is completely changing the whole concept of transactions and financial interactions, both in relation to individuals and businesses and enterprises.
Due to the fact that digital banking is becoming more accessible and easier to use for people of all age groups and different material wealth, more and more people replenish ranks of users of modern digital financial products.
This, in in turn, stimulates the growth of demand for an even larger range of different services that allowed traditional banking to transfer a significant part of its processes online, while at the same time reducing the cost of these processes, which, as a result, had a positive effect on both the final price of services for consumers and their ubiquitous availability. Juniper study found that audiences of online banking users in 2018 exceeded 2 billion person.
Distributed Ledger Technology — One of the most revolutionary concepts that influenced the development of decentralized financial systems, — Distributed Ledger Technology, and derivatives from it cryptocurrencies such as Bitcoin, Ethereum, DASH and Litecoin. The recent surge in the cryptocurrency market has created an entire industry with a number of different services, ecosystems and companies that represent their products and experiencing market solutions through new technology.
Fintech — After the digitalization of most of the areas of our life that began at the end of the 20th century, large companies and startups started creating products for the financial industry to improve existing processes, reduce costs and ensure availability services for more people around the world. Services,
appearing on the consumer market as a result of this trend, includes P2P lending platforms and applications that allow unqualified investors to buy assets at stock exchanges, build a portfolio and manage your finances in
a broader sense.
Differences
Decentralized finance is represented today by new financial systems built on public blockchains. The most notable examples of such blockchains are Bitcoin and Ethereum. It is worth noting that this is not just digital money — these systems are built on open source and supported by distributed development teams. This means that everyone has the opportunity code audit and verification of its work mechanisms. This also means that changes and improvements to this code can be made by people from all over world that have a common goal — to allow people to freely manage money without the restrictions of centralized systems, bypassing intermediaries. This property allowed public blockchains to change the way how finance works over the past 10 years, and at the same time the largest changes are still pending.
There are 6 main properties that separate public from private blockchains
networks used by governments and traditional financial institutes:
• Open Access: Equal connectivity and using the network for everyone in the world
• Decentralization: Transactional ledgers are stored in thousands computers forming a single replicated database
• No need for trust: the system is built on an economic game that forces all participants to act in the interests of the entire system and allows them to trust the system not trusting its other members
• Transparency: all registers are public, the code is open, causal relationships can be easily understood by anyone who wants audit registers
• Protection from censorship: there is no single controlling person who could cancel any transactions
• Programmability: these systems are sets of tools, which can be customized for a set of different business cases and logic without high costs
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