Cryptocurrency (Written Assessment 2 COIT1123 Ethics and Social Issues)

Title of report: Cryptocurrency (Written Assessment 2 COIT1123 Ethics and Social Issues)
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Contents
Introduction......................................................................................................................................3
Background......................................................................................................................................3
Stakeholders.....................................................................................................................................3
Intellectual Property Issues..............................................................................................................4
Opportunities/Benefits.....................................................................................................................6
Risks/Drawback...............................................................................................................................7
Summary..........................................................................................................................................8
References........................................................................................................................................9

Introduction
The cryptocurrency is considered to be the digital asset which is designed to work on the
exchange medium so that one uses the cryptography to mainly secure the transactions and
control the creation of the different additional units. With this, the currencies are classified and
have the alternative and virtual currencies (Cachin et al., 2016). The use of decentralised control
opposes the electronic money and central banking system which works through blockchain for a
public transaction database. This works on the decentralised cryptocurrency working on the
blend of alternative coin. The currency is mainly set by the system which is defined to handle the
control of currency with proper pricing units.
Background
Considering about the cryptocurrency technology, it makes use of the tokens which are based on
the distributed forms of the ledger technology. The technology used is block-chain which is for
continuously listing the records that are linked and secured through cryptography. They are
resistant to the data modification (Pilkington, 2016). It includes the systems dealing mainly with
the buying, selling, investing and handling the trading, micro tipping the different aspects deals
with the blockchain native token. The technology is different at the time of dealing with other
blockchain projects like Ethereum. The cryptocurrency works on decreased production of
currency with placing the cap of currency (Yli-Huumo et al., 2016).
Stakeholders
There are different people who are considered to be the major stakeholders of cryptocurrency:
a. The academia
b. The associations of the trading and industry setup.
c. The advocacy groups.