Cryptos10 Nov 2018 15:53
There seems to be a lot of confusion surrounding cryptos.
A cryptocurrency is simply a digital currency that uses cryptography for security.
That's it.
Lionsgold are clearly trying to distance themselves from the public perception of cryptos as they presumably see this as detrimental to the credibility and respectability of their product, but if TallyMoney does not employ cryptographic security techniques such as elliptical curve encryption, public-private key pairs or hashing functions I would be extremely surprised and indeed concerned.
The Real Asset Co. website stated categorically that the original Goldbloc was based on the open-source code of Bitcoin itself and made no bones about its status as a cryptocurrency. I discussed 'Goldbloc v2' at length with Ralph Hazell, the companies founder, and it was clearly a development of its predecessor's technology. TallyMoney is unlikely to be very different imho and, as mentioned previously, I suspect Lionsgold simply want to distance themselves from (an erroneous) public perception. Furthermore, the FCA have openly stated their opposition to cryptocurrencies (they are against any alternative non-government issued currency) and Lionsgold are clearly keen to stay on the right side of them.
So the fact of the matter is that if TallyMoney is digital (which it is) and employs cryptography (which it must do for security reasons), then technically it *IS* a cryptocurrency regardless of whether it is backed by gold, linked to mainstream banking or anything else. But shhhhh, we won't mention that because the word cryptocurrency scares people!
DYOR
Sign In
Follow the stocks
