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One of the most popular uses of blockchain technology outside of bitcoin has been the collection of digital cats like these. Image via CryptoKitties
Blockchain has become one of the most important order words & nbsp; to make the rounds in technology and business in the last year. Big companies I mention it often in their earnings calls according to CB Insights, and a myriad of startups & nbsp; they claim to have used it to give a fairer and more transparent turn to everything, from health care to editorial to law. & Nbsp;
But many struggle to explain what it is. First a note on how to refer to & nbsp; blockchain: & nbsp;
Is it "blockchain", "blockchain" or "a blockchain?" & Nbsp;
It seems trivial, but the definition of the blockchain has become confusing because it is often defined both one thing and many things. There are actually different types of blockchain. The best known is the bitcoin, launched for the first time in 2009, while another is at the base of the ethereum network. & Nbsp;
Sometimes when people say "the blockchain", it actually refers to a larger space known as decentralized accounting technologies (DLT) that includes blockchain technologies. Some less known DLTs are not public or even decentralized. Books created by Ripple and Hyperledger are not technically blockchain, for example. & Nbsp;
Blockchain could be the word of order that has attracted everyone's attention, but the important new technology to be aware of is decentralized ledger technology (DLT). & Nbsp; & nbsp;
Ok but & nbsp; yet, what is blockchain? & Nbsp;
It is a type of distributed digital ledger. The name derives from the way new information that is part of a "block" is added to a "chain". But it's easier to think of it more like a giant Excel spreadsheet shared on many different computers. Every time the spreadsheet is updated, everyone can see the change. In this way, a blockchain is a ledger distributed through a computer network, which records all the changes that users can see. & Nbsp;
The changes made to each registry are typically known as smart contracts. With the blockchain that supports bitcoin, smart contracts are quite basic as they only perform a simple monetary transaction. & Nbsp; & nbsp; & nbsp;
What is a smart contract? & Nbsp;
They are small automatic programs that run on a blockchain. & Nbsp;
So, why should I worry about this? & Nbsp;
Because smart contracts are key to the broader promise of how capillary register technologies can transform industries. The ethereum network had one of the first blockchain to execute sophisticated smart contracts when it was established in July 2015. This was an important milestone because it showed that blockchain technology could be used for other things besides currency trading. It could break open complex systems traditionally controlled by some powerful actors, such as following all the steps in a supply chain or the process of buying property. & Nbsp; & nbsp; & nbsp;
If bitcoin represented a decentralized bank that could move money, ethereum was like a gigantic decentralized computer. & Nbsp;
So, what can you run on this giant computer that makes everything transparent?
Right now, not much, and this is one of the big challenges that blockchain developers are facing right now. The required calculations are so complicated that the creation of something that millions of people can use requires a lot of time and processing power. Get an app like Peepeth, which is a decentralized alternative to Twitter. Sending a "peep" can take about a day and involves a complicated process of buying and spending small pieces of tokens that you need to buy. & Nbsp;
The most popular program ever published on ethereum was a collection game called CryptoKitties. It was a little like Pokemon. You could buy a kitten, raise it with another and sell it to other parts. But the game has become so popular that in end of 2017 he almost closed the whole blockchain ethereum. & nbsp;
CryptoKitties It has about 400 regular users today, but at its peak had about 100,000 users. This is not really much if you hope to build decentralized alternatives to types like Facebook, Amazon or Twitter, whose user bases are billions. Many experts believe that as long as blockchain developers will not be able to solve the so-called scalability problem, it will continue to be a niche technology. & Nbsp;
See our other computer technicians:
Do you have a suggestion or a suggestion on what should we cover later? Reach me from & nbsp;e-mail& nbsp; or on & nbsp;chirping. & Nbsp;
Thanks to Pier Ridyard of Radix and the creators of the crypt of Forbes Oliver Smith is Michele del Castillo.
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One of the most popular uses of blockchain technology outside of bitcoin has been the collection of digital cats like these. Image via CryptoKitties
Blockchain has become one of the most important order words to go around technology and business in the last year. The big companies frequently mention it in their earnings calls according to CB Insights, and a myriad of startups claim to have exploited it to give a fairer and more transparent turn to everything from health to publishing to the law.
But many struggle to explain what it is. First a note on how to refer to blockchain:
Is it "blockchain", "blockchain" or "blockchain?"
It seems trivial, but the definition of the blockchain has become confusing because it is often defined both one thing and many things. There are actually different types of blockchain. The best known is the bitcoin, launched for the first time in 2009, while another is at the base of the ethereum network.
Sometimes when people say "the blockchain", it actually refers to a larger space known as decentralized accounting technologies (DLT) that includes blockchain technologies. Some less known DLTs are not public or even decentralized. Books created by Ripple and Hyperledger are not technically blockchain, for example.
Blockchain could be the word of order that has captured everyone's attention, but the important new technology to be aware of is decentralized ledger technology (DLT).
Ok but still, what's the blockchain?
It is a type of distributed digital ledger. The name derives from the way new information that is part of a "block" is added to a "chain". But it's easier to think of it more like a giant Excel spreadsheet shared on many different computers. Every time the spreadsheet is updated, everyone can see the change. In this way, a blockchain is a ledger distributed through a computer network, which records all the changes that users can see.
The changes made to each registry are typically known as smart contracts. With the blockchain that supports bitcoin, smart contracts are quite basic as they only perform a simple monetary transaction.
What is a smart contract?
They are small automated programs that run on a blockchain.
So why should I worry about this?
Because smart contracts are key to the broader promise of how capillary register technologies can transform industries. The ethereum network had one of the first blockchain to run sophisticated smart contracts when it was established in July 2015. It was an important milestone because it showed that blockchain technology could be used for other things besides trading currency. It could break open complex systems traditionally controlled by a few powerful actors, such as following all the steps in a supply chain or the process of buying property.
If bitcoin represented a decentralized bank that could move money, ethereum was like a gigantic decentralized computer.
So, what can you run on this giant computer that makes everything transparent?
Right now, not much, and this is one of the big challenges that blockchain developers are facing right now. The required calculations are so complicated that the creation of something that millions of people can use requires a lot of time and processing power. Get an app like Peepeth, which is a decentralized alternative to Twitter. The sending of a "peep" can take about a day, and involves a complicated process of buying and spending small pieces of token that you have to buy.
The most popular program ever published on ethereum was a collection game called CryptoKitties. It was a little like Pokemon. You could buy a kitten, raise it with another and sell it to other parts. But the game became so popular that at the end of 2017 it almost closed the entire blockchain ethereum.
Today CryptoKitties has about 400 regular users, but at its peak they have about 100,000 users. This is not really much if you hope to build decentralized alternatives to types like Facebook, Amazon or Twitter, whose user bases are billions. Many experts believe that as long as blockchain developers will not be able to solve the so-called scalability problem, they will continue to be a niche technology.
See our other computer technicians:
Do you have a suggestion or a suggestion on what should we cover later? Meet me e-mail or away chirping.
Thanks to Pier Ridyard of Radix and the creators of the crypt of Forbes Oliver Smith is Michele del Castillo.
