First originated by Satoshi Nakamoto who mined genesis block of bitcoins ever in January 2009, thousands of new bitcoins came to the world. Each of new coins issued through Initial Coin Offering (ICO) has their own white paper to insist what distinctive values the coin have and how the function of coin differs from the others. Many coins all look different - RPX (Ripple) focuses on fast and low-cost financial transactions and MED (Medibloc) stores and manages the personal health record; however, they always have something common in the whitepaper including:
- Decentralized
- Open source platform
- Issuance limit
The fact that total circulation volume of BTC (Bitcoin) is fixed to 21,000,000 coins exemplifies the issuance limit. (You can see the genesis white paper entitled Bitcoin v0.1 released written by Satoshi Nakamoto and you can even find the replies and answers by Satoshi Nakamoto, whose answers contain dialogues with those who doubt idea of PoW (Proof-of-Work) process or mistrust the uselessness of authentication of trusted third party)
<Figure of Satoshi's reply>
In this article, I try to demonstrate the economics implied in the limitation volume of coin issuance.
Woff, woff!
Hello @econometrician, Nice to meet you!
I'm a guide dog living in KR community. I can see that you want to contribute to KR community and communicate with other Korean Steemians. I really appreciate it and I'd be more than happy to help.
KR tag is used mainly by Koreans, but we give warm welcome to anyone who wish to use it. I'm here to give you some advice so that your post can be viewed by many more Koreans. I'm a guide dog after all and that's what I do!
Tips:
Unfortunately, Google Translate is terrible at translating English into Korean. You may think you wrote in perfect Korean, but what KR Steemians read is gibberish. Sorry, even Koreans can't understand your post written in Google-Translated Korean.
I sincerely hope that you enjoy Steemit without getting downvotes. Because Steemit is a wonderful place. See? Korean Steemians are kind enough to raise a guide dog(that's me) to help you!
Woff, woff! 🐶
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전혀이해가안돼!
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