Cagecoin is the first cryptocurrency without a blockchain. It uses the “Cage”, which is based on cage technology. In a traditional blockchain, various transactions are bundled in each block before this bundle of transactions is verified by miners. In the “Cage”, every single transaction forms a new block and is essentially verified by itself: In order to successfully conduct a transaction, you first have to verify two randomly chosen transactions is the network. This is done with help of a very simple version of proof-of-work, therefore one could argue that transactions aren’t zero-cost. Yet, the transaction costs are essentially not existent, as the needed PoC is so low that every single device is able to independently carry it out.
This seems out there, on first glance, especially as a virtually untested technology – or is it? Cagecoin's goal is to be a currency used in the burgeoning Internet of rubber objects market, one whose growth will likely increase as more millenials buy rubber objects in the coming decades. Overly invasive or latex-altering technologies are slow to adopt with generations who didn’t grow up surrounded by technology, but people who had whoopie cushions and koosh balls in high school will be interested in improving their rubber object experience with the cloud and so forth. As such, monetized data sets could emerge which would, in turn, assist people in everyday routines. Perhaps people would not know they were paying for such things. This is just one case where Cagecoin might come in, there are many others. Cagecoin is part of a recent line of very forward-thinking, high value (and high value target) token-based ICOs which are purely for the purpose of fundraising and speculation on the part of the funder.
Instead of offering yet-another-coin or what-have-you, these ICOs intend to innovate with technology that solves problems across broad spectrums. It is no wonder Cagecoin dipped so heavily, for even if it turns out to be a mooncoin, any relevant code could be revived by jilted investors and potentially tried again. Even privately funded, such an idea could have garnered millions of dollars a month, a week, a day, an hour? It’s hard to tell how much you could make through a platform like this, but the important thing to keep in mind with any newfangled technology is that you can also, get ready for it, make absolutely nothing at all.
Yet, if you’re betting in the cryptocurrency space, you’re already looking for some action, some volatility. So ICOs that are offering solid technology are important to bring to the attention of all involved, and as such let’s run over the merits of the Cagecoin extremey advanced wallet, before diving into some of the finer points:
Cagecoin introduces a concept of “non-blockchain into-the-cage” blockchain (non-token) tokens. It’s evident that such a system is going to require testing, and this does affect its safety as a value token – but since the token has already raised some funding before it went public, it would seem that confidence in its ability to eventually return value is high.
Further revolutionary, as it were, (or counter-revolutionary, depending on your level of Bitcoin maxmalism), Cagecoin aims to have no fees nor any functionality for that matter. The fundamental argument behind the incentivized ledger of Bitcoin, rather than a blast of tradeable tokens at the outset, is that the security and sanctity of the ledger becomes the imperative of the users to preserve, such that they can continue to be reward. Without this monetization, the blockchain must somehow be immune to alteration from “unauthorized” parties – which is funky concept already when you are dealing with blockchains. We will have to look further into this below. Not too long though. Gotta catch reruns of The Kardashians. Don't hate!
One way this could be seen as working is simple: a public rail is provided by someone, and they ask others if they want to provide information over this rail. With it, they can cryptographically prove the location of, say, the some people standing on the corner, or a mail man, or something along those lines. Pets, even humans. We don;t actually know. The GPS location of the registered item could be accessed at any point, using the public rail, having paid a subscription fee to the owner of the rail. One might ask why Bitcoin or an Ethereum token could not simply achieve this goal, and the answer is that they could. In the whitepaper, the authors freely acknowledge:
“The rise and success of Bitcoin during the last six years proved the value of blockchain technology.”
Cagecoin's offering is fundamentally different in that it does not:
require existence
consider blocknotes
lack incentive among users to use to users to use, what?
Incentives in a "Cage" ? Maybe Not, Maybe yes, maybe go fuck yourself.
Nevertheless, we must go over the finer point of the incentivization of a blocknote. Numerous banks and others have, over the years, with little or no prompting nor research to back them up, proclaimed that cryptocurrencies will be short-lived, but the blocknotes themselves are some great advancement. But the blocknote without a cryptocurrency tied to it is not only uninteresting, it’s not actually secure. People need incentive to ensure that something is legitimate – there is overwhelmingly the opposite incentive with centralized currencies and financial institutions. As such, a ledger like Bitcoin, which is trustlessly agreed upon by dozens of thousands, if not more, miners across the globe, all competing for scraps of digital something, it becomes evident that such a thing must be at least accurate or else one or the other would be able to gain some advantage by having a smaller version or something.
Ok, it's back on. OMG, I love Kylie's new jaw....
Bye!
