| Pub. Date | : July, 2023 |
|---|---|
| Product Name | : The IUP Journal of Applied Economics |
| Product Type | : Article |
| Product Code | : IJAE030723 |
| Author Name | : Aparna A S, Moni M,Silpa Krishnan M P and Biju A V |
| Availability | : YES |
| Subject/Domain | : Economics |
| Download Format | : PDF Format |
| No. of Pages | : 16 |
Despite the challenges faced by cryptocurrencies since their inception, they have emerged as the face of a new digital age. Cryptocurrencies have gained popularity due to their potential to disrupt the traditional financial system, their security and privacy features, accessibility, and growth potential. Among the three generations of cryptocurrencies, Bitcoin, Ethereum, and Cardano are the most traded, and dominate the market by possessing more than half of the total share. Bitcoin is the pioneer cryptocurrency invented by an anonymous entity named Satoshi Nakamoto. According to Satoshi, Bitcoin is "a purely peer-to-peer version of electronic cash that would allow online payments to be sent directly from one party to another without going through a financial institution" (Nakamoto, 2009).
Ethereum is the second-biggest and most popular cryptocurrency (Malladi and Dheeriya, 2021). It is labeled as the secondgeneration cryptocurrency as it inculcated sophisticated technology allowing smart contract capabilities (Sabalionis et al., 2021). Cardano was developed as the thirdgeneration currency as it attempted to address the unresolved issues of the ethereum framework-scalability, interoperability, and sustainability-and was developed by a team of well-renowned academicians and engineers based on a scientific philosophy (Robby, 2018).