Advancement in technological tools and infrastructure has always been central in influencing technological innovations. One of such innovations is the Blockchain technology. Although many individuals attribute Blockchain technology as a new concept, Blockchain has been in existence for quite sometimes and is increasingly being integrated with other technological concepts such as cloud computing and modern e-payment systems (Hughes et al., 2019). However, there are increased challenges associated with the effective adoption of Blockchain technology by businesses and industry.
One of Blockchain technology, which is increasingly adopted is the Litecoin. Litecoin was released in 2011 and uses the same basic structure as Bitcoin. Key differences include between Litecoin and Bitcoin a higher programmed supply limit (84 million units) and a shorter target blockchain creation time, two-and-a-half minutes (Zheng, et al., 2018). The encryption algorithm is slightly different as well. Litecoin is often the second- or third-most popular cryptocurrency by market capitalization.
Coiyne is another cryptocurrency, which is increasingly becoming used in most of the modern business environment. Coinye, a semi-defunct cryptocurrency, is worth mentioning solely for its bizarre backstory. Coinye was developed under the original moniker â€œCoinye Westâ€ in 2013, and identified by an unmistakable likeness of hip-hop superstar Kanye West. Shortly before Coinyeâ€™s release, in early 2014, Westâ€™s legal team caught wind of the currencyâ€™s existence and sent its creators a cease-and-desist letter (Hughes et al., 2019).
To avoid legal action, the creators dropped â€œWestâ€ from the name, changed the logo to a â€œhalf man, half fish hybridâ€ that resembles West (a biting reference to a â€œSouth Parkâ€ episode that pokes fun at Westâ€™s massive ego), and released Coinye as planned. Given the hype and ironic humor around its release, the currency attracted a cult following among cryptocurrency enthusiasts. Undaunted, Westâ€™s legal team filed suit, compelling the creators to sell their holdings and shut down Coinyeâ€™s website (Zheng, et al., 2018). Though Coinyeâ€™s peer-to-peer network remains active and itâ€™s still technically possible to mine the currency, person-to-person transfers and mining activity have collapsed to the point that Coinye is basically worthless.
1) Provide extensive additional information on the topic of atleast 150-200 words.
2) With APA format and proper citations and a reference.