ARCoin is a medium of exchange designed around securely exchanging information which is a process made possible by certain principles of cryptography. The first cryptocurrency to be created was Bitcoin in 2009. Since then, numerous cryptocurrencies have been created. Fundamentally, cryptocurrencies are specifications regarding the use of currency which seek to incorporate principles of cryptography to implement a distributed, decentralized and secure information economy.
Within ARCoin systems the safety, integrity and balance of all ledgers is maintained by a community of mutually distrustful parties referred to as miners, who are usually members of the public, handling cryptocurrency transactions for a small fee. Miners use resource-intensive computer software to help secure a particular cryptocurrency's network by increasing that network's ability to solve mathematical equations which the network directly uses to impede fraud.
Central bank representatives have stated that the adoption of Cryptocurrencies such as bitcoin pose a significant challenge to central banks' ability to influence the price of credit for the whole economy, they've also stated that as trade using Cryptocurrencies become more popular, there is bound to be a loss of consumer confidence in fiat currencies. Gareth Murphy, a senior central banking officer has stated "widespread use [of cryptocurrency] would also make it more difficult for statistical agencies to gather data on economic activity, which are used by governments to steer the economy, He cautioned that virtual currencies pose a new challenge to central banks' control over the important functions of monetary and exchange rate policy.
ARCoin seek to add more crypto-currency & knowledge to the world, with its main focus being security and anonymity. We welcome you all to participate in this project.
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