From Virtual Currency to Cryptocurrency

Even before Satoshi Nakamoto presented the revolutionary idea of a peer-to-peer electronic cash system, I have been involved in the creation and promotion of virtual currencies that are derived and generated by putting people to work which can be likened to STEEM’s Proof of Brainconcept. Like STEEM, I believe in the value of human capital in ways ever imagined, specially in their ability to provide content. Monetizing Content is done by becoming a Google Adsense Publisher and distributing those earnings to authors, curators and commentators on our WordPress-based Platform. Rewards were distributed using a platform on storing and distributing Complementary Currencies called COMPUCEEDS (derived from Compumatrix Proceeds) on Cyclos. The problem with Cyclos is that the platform was for sale, it was centralized and the software management was tedious. The free version of it doesn’t provide as many functionalities as the paid version.

The emergence of the open-sourced Bitcoin platform changed the entire playing field. With it, virtual currencies became digital assets which are immutable and irrefutable proof of digital property ownership through cryptography which we now call cryptocurrencies.

Cryptocurrencies presented a whole new paradigm in monetization.

The transition was not easy. Most of my members are not savvy enough to understand that their activity points, credits and earnings are now turning into digital assets which they can use to trade in exchange for cash, goods, services or other cryptocurrencies on a global scale. The revolution opened doors, breaking international boundaries, and each unit of digital asset became a means of securely communicating money over the Internet without the need for a middle man such as Monetary Financial Institutions (MFIs) and Banks. What’s cool about this is that cryptocurrency owners are in control of their assets: from distribution, marketing, and sales. The middleman (usually banks and MFIs) seemingly gone in the equation.

Along came Bitshares

Converting our digital assets from the Cyclos platform to a blockchain-powered system required a lot of thought. First of, it has to be something that is easy to use, where transactions are processed as fast as Cyclos, and would not be too cumbersome to my members. We had to decide whether we would create a new altcoin. However, transaction processing requires too much time if we were to emulate the Bitcoin platform at that time. I had to look for something better. Finally, I saw the Bitshares platform.

Bitshares to me is an all-in-one solution and platform. It is a one-stop shop for acquiring a digital asset that is on a decentralized wallet, non-gibberish address, on an exchange that uses tools from Tradingview. Topping it all? It processes transactions faster than any known decentralized blockchain. And thus we decided to use it. This is a perfect fit to what we have in mind.

Did I say Bitshares is an all-in-one decentralized platform? It is currently gaining traction as the need for decentralized exchanges increase amidst the call for regulatory control. Bitshares can be a lot of things:

  • A Wallet
  • A Cryptocurrency and Digital Assets and Tokens Hub
  • A Trading Platform
  • A Decentralized Exchange
  • A Prediction Market
  • A Decentralized Crowdfunding Solution, and
  • An Affiliate Program

There is no other platform out there that offers these features. Open your Bitshares Account on our Compumatrix Ecosystem today.

Recent developments on the Bitshares platform continues to evolve as the user experience and user interfaces are simplified for the casual user.

About the author

Henry is the Founder and Executive Managing Director of Compumatrix and Networks International. He is also the Editor-in-Chief of the Compumatrix Bloggers' Network.

Comments

  1. It’s great to see the many different views of Bitcoin and Asset through Henry’s eyes. He no doubt looked at all the current angles and how to best approach them. As a novice here it’s great to have a place to learn more about the many assets I have acquired so far.

  2. I remember when I joined Compumatrix and someone told me that Henry James Banayat had created this business before Bitcoin was invented and I was wondering if he was in fact Satoshi Nakamoto due to his vision and passion about virtual or crypto currency. Henry must have been the first person to start working in Virtual currencies. So it kinda made sense to me that he created Bitcoin. However, I have been told that its not true. So someone must have copied him then 😀

  3. It is with pride that I am a member of Compumatrix whose membership is global and whose founder is a Filipino. The fact that this company, which has struggled for more than a decade with a good number of pioneers hanging on to find their place in a complex financial world, tells of the sense of integrity and perseverance of Henry and his BOD. What a rewarding experience this will be to all of you pioneers when the doors finally open to the rest of the world.

  4. I opened my Compumatrix account two years ago, since them I can see an amazing evolution of the platform.

  5. The first sentence in this post says, “Even before Satoshi Nakamoto presented the revolutionary idea of a peer-to-peer electronic cash system…”

    That is a very powerful opening line that provides a clue as to the depth of vision that the author, and Compumatrix Founder, Henry has. The details of the history of the emerging company are fascinating to me. I’m proud to be part of Henry’s vision and a faithful member of Compumatrix.

    It is interesting that the centralized platform Cyclos is out of the picture for us but those COMPUCEEDS are still with us on the decentralized Bitshares Decentralized exchange (DEX).

  6. Bitshares seems to have everything needed for all of our cryptocurrency needs. I love the simplicity of it, and the security of it. Being able to trade in real time, and being able to have a platform to see all of your assets and current values is wonderful Couple that with the ease of just setting up an account without any KYC or Identity having to be revealed makes it all the more appealing,

  7. I am so happy to be part of this journey with Compumatrix! Everything is so new and exciting to me – hearing about Compuceeds and Bitshares and then trying to learn anything and everything about them is just so thrilling. For example, I did some research on Bitshares and its founder Dan Larimer. I also learned that Bitshares uses Proof of Stake for faster transactions. I think about how a person like Dan Larimer thinks and try to emulate that. Sorry that might sound a little weird, but I figure if he is successful and thinks like that, then maybe I will be successful by thinking like that.

  8. Yes, mrn540, all this stuff sounds like gibberish and is so new to me too! I have a day job so it is difficult for me to study this stuff, but in my free time I think as best I can. Very excited to be a part of this company!

  9. I am glad to know more about Bitshares and how it functions as a company. Bitshares will essentially be able to accept the Compumatrix coins and turn them into Bitshares. With the Bitshares, we will be able to use trading, the DEX, a wallet, etc.! It is good to see the progress that both Compumatrix and Bitshares have made in the past year! 🙂

  10. I read your Blog with great interest and being with Compumatrix from its inception i take pride in being here with Henry. His Vision about future of currency far ahead of Satoshi and in due course of time will be a household name and a powerhouse to be reckoned with.Bitshare platforms is ideal for our purpose until something superior emerges.

  11. this is a great read thru again and love the keep it simple business mode of Bitshares even now — and do believe from straight up business 101 –you keep your business simple and simple for people to utilize whatever the business is leads to much quicker and longer lasting business success — jmho

  12. this blog and replies are so good to come back and study again — after reading few others this morning and seeing and learning a couple more new points — it still is amazing just how so many mesh together and as we put out the business the simpler we can keep it and the easier our success will be jmho — rj

  13. Great to read this blog. We are proud to be members of the company whose founder Henry  had established crypto currencies even before the Stoshi Nakamoto had established bitcoin and blockchain technology. I believe this is very good straight Bitshares business.That opens the door to success for us.

  14. Yes I knew that ……“Even before Satoshi Nakamoto presented the revolutionary idea of a peer-to-peer electronic cash system… that you Henry have started this already under a different name but what we call today Compumatrix.
    As a long time member or founding member, I have seen it with my own eyes the transformation over the many years until now. What a rewarding experience this will be once we are opening the Compumatrix Digital Asset Portal and its one-stop-shop functions.

  15. Thank you Henry for this informative blog about the transition from Virtual Currency to Crypto Currency.Yes a lot of us are still not aware of this and are quite amazed about this transition.
    We are in the process of learning a lot about Crypto Currencies and it’s use in real terms.
    Bitshares can play a major role in helping us understand the true value of Cryptos,as we see the rise in value of BTS aminly in working and helping to grow our business in Compumatrix.

  16. Thanks Henry good information.
    Really looking forward to seeing CDAP in full operation so that we can all reap a reward for your efforts and ourpatience. Thanks again

  17. Well done Henry A post we can all understand that is so relevent to where we are today. I trust the waiting will be fully rewarded when CDAP appears. Thanks again

  18. I am learning more about Bitshares and how it functions with this Company.
    Bitshares will be able to accept the Compumatrix coins which is great news and change them into Bitshares.
    Will be wonderful that we will be able to use trading, the DEX, and a wallet

    It is coming together and in progresses with both Compumatrix and Bitshares and wi;l be a great experience .once we are opening the Compumatrix Digital Asset Portal and grow from all.
    We know Seeds sown GROW. if we nuture what we have ,
    and the possibilities are endless, and the rewards can be reaped.,
    Thank you for this opportunity Henry.

  19. this is such a great read with so much legit info and when i take time to read a couple times the understanding happens better and simpler — this is an awesome learning spot and so many other postings that put so much of this Biz in perspective — thank you again Henry

  20. This is my takeaway: When virtual currencies became digital assets that we now call cryptocurrencies, these cryptocurrencies presented a whole new paradigm in monetization. Each unit of digital assets became a means of securely communicating money over the internet without the need for a middle man. Owners are in control of their assets from distribution, marketing, and sales and the middleman has been eliminated in the equation. So, when we are told to get busy and earn activity points from writing and reading blog posts, it now makes sense in that activity points are now turning into digital assets which we can use to trade in exchange for cash, goods, services, or other cryptocurrencies on a global scale. Points = spendable funds.

  21. Thank you, Henry, for the great blog. This should get people thinking if you are not writing yet or were on the fence. This should just throw some into waking up; if not, something will, when it’s your time to wake up. I am learning and doing it.

  22. oh here we are so close to Thanksgiving day in USA and of course — now trying to do without and wow — but anyways seeing and reading this great blog and understanding better with each week and studying more and more — just am glad we are getting so close to putting most all these Dreams and Ideas of HJB into an actual day to operation with real rewards and true meaning — thanks again Henry Truly — rj

Leave a Reply

Your email address will not be published. Required fields are marked *