Page 54 - TrumpsEconEra_Flat

Chapter 2: The Key Players

information. Walmart currently uses it to tract over one
million items. It used to take Walmart a week to trace
the origin of a piece of fruit—the blockchain network
can find the same information in a couple of seconds.
Corporate spending on blockchain software is in the
billions of dollars a year, and the country of Dubai
intends to make itself the first blockchain powered
government by the year 2020.

Bitcoin is a cryptocurrency using the blockchain
technology created in 2009 by a person using the alias
Satoshi Nakamoto. The number of cryptocurrencies
built on the blockchain network is over 1,000. By
market capitalization,
Bitcoin is now the
Ethereum raised $12
m o s t p o p u l a r million in just 10 minutes
blockchain network, in April of 2017!
followed by Ethereum,
Ripple, Bitcoin Cash,
Cardano, and Litecoin. You can view the different
cryptocurrencies as different rooms. You can be in the
Bitcoin room with other people using Bitcoin, or you
can be in the Ethereum room with others using
Ethereum.

People can use virtual currencies without banks or
government—they only exist as ones and zeroes on
computers. A blockchain system maintains the value
and rules determine how many can come into existence
at any point in time. The system creates bitcoin by
paying miners who succeed in solving mathematical
problems. Once miners win the bitcoins, they store
them in a digital wallet. Japan has declared Bitcoin as
legal tender.

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