The Crypto Market has become the most dynamic of all markets after just about a decade of existence. It is far more dynamic than the stock market, forex market, money market, etc.
There are two kinds of system of operation that have emerged in the Crypto Market:
• Centralized Market System (CMS)
• Decentralized Market System (DMS)
Generally, the CMS consists of centralized user interfaces, which are:
• centralized crypto exchanges
• centralized lending platforms (sometimes known as crypto banks)
All you need to access the CMS is to open an account with any of these centralized user interfaces and utilize their services.
The CMS of the Crypto Market and how you can generate income from it have been discussed in the modules of Classes 5 and 6 in the Secondary School of Cryptocurrencies.
Lecture 1.0.0. Decentralized Market System
In this Tertiary SOC, we will focus on the Decentralized Market System (DMS), which has the capacity to accelerate your wealth in cryptocurrencies.
The idea of DMS started with the desire to expand the use cases of cryptos. As the Crypto Market grew, some people were becoming dissatisfied with crypto being used simply for buying and selling. They started asking, “Can’t more be obtained from cryptocurrencies?”
The 19-year old Russian young man, Vitalik Buterin, along with his friend, Gavin Wood, brought together a team of IT experts in 2013 to experiment on the possibilities of adding more features to cryptocurrencies.
The team built a blockchain from scratch and added extra features like lending, savings, insurance, gaming, etc. They named this new blockchain Ethereum and it was launched on 30 July 2015.
In simple terms, it means on the Ethereum blockchain, you can execute money lending, run financial savings and insurance services, program games, etc. In other words, the Ethereum blockchain now has many more uses than its predecessors like the Bitcoin blockchain.
The native crypto being produced by the Ethereum blockchain is called Ether. This means Ether, besides being a crypto for selling and buying, has a whole lot more functions, which are lacking with its predecessors like Bitcoin.