The former Prime Minister of Israel, Ehud Barak, expressed on the Ponzi schemes and the cryptocurrencies, recently. Barak acknowledged the blockchain technology and smart contracts as the significant and mathematical concept. However, Barak stated, “The cryptocurrencies, Bitcoin and all others, that’s a Ponzi scheme,” and vouched that he would not invest.
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A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.
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