Former Google Developers Are Working On Digital Currency To Dethrone Bitcoin

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The Bitcoin’s apparently relentless surge to record highs isn’t deflecting rivals.The Ex-developers at silicon valley are currently working on a new project and they will be launching at least two new versions of the digital currency.

Basecoin is looking to resolve bitcoin’s instability with a group of previous Google Inc. coders that are building what they expect will be a more steady form of the digital money. Cypherium has previous Google, Amazon Inc. furthermore, Microsoft Corp. engineers assembling a blockchain that expects to have the capacity to deal with an extended workload all the more effortlessly.

This type of rivalry is not new for Bitcoin as there are approximately 1000 various technology and system that are used for verifying and recording transactions known as blockchains. There are many competitors such as zCash and monero are already working on improving the first and biggest cryptocurrency. Another rival ethereum will also be providing applications.

Image by Bitconnect

So far none of the competitors or rivals have succeeded in defeating Bitcoin. The company, however, experienced a downfall and dipped below 50 % of the total cryptocurrency market but they worked their way up and is back at its dominant position.

According to Peter Van Valkenburgh, research director at Coin Center:

“When you have a whole new industry, competitors within that industry aren’t really competing with each other, they’re competing with the old industry and generally all boats rise together”

The Basecoin’s goal is to develop a central bank that is based on algorithms which provide similar money supply and regulates function performed by the Federal Reserve, this is also based on blockchain which requires no human discretion. They aim to develop a stable digital currency that can compete against Bitcoin’s wild value swings. The Basecoin’s investors include venture capital firms Andreessen Horowitz, PolyChain Capital, Pantera Capital and Mark Cuban backed confirmation, among others.

In the Cypherium blockchain, designers compose brilliant contracts and do administration work off-chain, with the goal that all the power can be committed to exchanges. The goal is for the digital currency to deal with a huge number of exchanges every second, compared to bitcoin’s less than 10.

Newcomers will have a considerable measure of making up for lost time to do, as bitcoin keeps on breaking new records, now transcending above $5,000, as it disregards parts on its blockchain that originate from differences on settling the very issues which these new digital forms of money will resolve.

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