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Illustration of the blockchain network.Photo courtesy of Gerd Altmann via Pixabay.
Bitcoin becomes title. I see them too. I admit it attracts attention, but the substance is blockchain technology. This is why it is essential to familiarize yourself with the blockchain technology. To do this, start here:
Blockchain is a distributed public ledger. For much of history, we live in a centralized world. We have governments, financial institutions, large technology companies and credit bureaus as "trusted" third parties that allow us to transact and interact. These brokers control and have access to our data and money and are occasionally violated. Blockchain technology allows decentralization. It is essentially a database managed by a peer-to-peer computer network. Blockchain facilitates the transfer and payment of digital money without the need for a trusted entity, such as a bank. The data it contains are public and immutable.
Blockchain is not bitcoin. Bitcoin is digital money, a virtual currency that was the first successful blockchain product. Blockchain is the technology that allows cryptocurrency like bitcoins. While going hand in hand, there are other cases of use for blockchain as well as bitcoins. Blockchain can guarantee that the terms of programmable autonomous contracts, known as smart contracts, are met. It can be used for online voting to deal with electoral fraud. It can be used to protect identity and many other situations where transparency and security are lacking.
There is a consensus mechanism.& nbsp; Establishing consensus is the basis of blockchain technology. Several blockchains have different protocols to establish a consensus. With blockchain, an & # 39; organization will not confirm transactions or data. The public verification and date and time records. The public is essentially made up of thousands of globally dispersed computers or nodes, which are mostly anonymous. Once the data is validated by the participant nodes in the network, the transaction is added to a block. The new block is then permanently added to the blockchain and distributed to the entire network. & Nbsp; The added block is chained to the previous block by cryptography, hence the name blockchain. The block is then transmitted to the entire network so that there is consensus, which means that the copy of each node of the blockchain is identical.
Blockchain is safe and secure. Security is a great topic and everyone should understand it fully. Perhaps you've heard of hack centralized exchanges. And you've probably heard of a person who is 'dipping in the bins'. to find an old hard drive because their private key has been stored there. It is important to know that virtually all losses were due to the hacking of centralized control units, the loss of private key information and the control of private keys by malicious actors, and not to some security vulnerabilities in Bitcoin technology.
Blockchains, like Bitcoin and Ethereum, have not yet been hacked. They are considered very safe. It is very difficult, almost impossible, to modify transaction information once it has been validated and becomes part of a block. Bitcoin is commonly referred to as digital gold. The reference to bitcoin as insecure or dangerous is like calling insecure or unsafe gold.
Blockchain allows pseudonymy. The blockchain is public where the transactions are recorded and visible to everyone, so it is not purely anonymous. But it provides pseudonym. For example, digital portfolios are identified via the public address of the wallet (ie the public key). The public key is not connected to other personal information of a person such as the name or address. This allows participants to perform private and reputable transactions with data that remains secure.
The Blockchain technology has been referred to as the next revolution and although it is only in the early stages it is here to stay.
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Illustration of the blockchain network.Photo courtesy of Gerd Altmann via Pixabay.
Bitcoin becomes title. I see them too. I admit it attracts attention, but the substance is blockchain technology. This is why it is essential to familiarize yourself with the blockchain technology. To do this, start here:
Blockchain is a distributed public ledger. For much of history, we live in a centralized world. We have governments, financial institutions, large technology companies and credit bureaus as "trusted" third parties that allow us to transact and interact. These brokers control and have access to our data and money and are occasionally violated. Blockchain technology allows decentralization. It is essentially a database managed by a peer-to-peer computer network. Blockchain facilitates the transfer and payment of digital money without the need for a trusted entity, such as a bank. The data it contains are public and immutable.
Blockchain is not bitcoin. Bitcoin is digital money, a virtual currency that was the first successful blockchain product. Blockchain is the technology that allows cryptocurrency like bitcoins. While going hand in hand, there are other cases of use for blockchain as well as bitcoins. Blockchain can guarantee that the terms of programmable autonomous contracts, known as smart contracts, are met. It can be used for online voting to deal with electoral fraud. It can be used to protect identity and many other situations where transparency and security are lacking.
There is a consensus mechanism. Establishing consensus is the basis of blockchain technology. Several blockchains have different protocols to establish a consensus. With blockchain, an & # 39; organization will not confirm transactions or data. The public verification and date and time records. The public is essentially made up of thousands of globally dispersed computers or nodes, which are mostly anonymous. Once the data is validated by the participant nodes in the network, the transaction is added to a block. The new block is then permanently added to the blockchain and distributed to the entire network. The added block is chained to the previous block by cryptography, hence the name blockchain. The block is then transmitted to the entire network so that there is consensus, which means that the copy of each node of the blockchain is identical.
Blockchain is safe and secure. Security is a great topic and everyone should understand it fully. Perhaps you've heard of hack centralized exchanges. And you've probably heard of a person who is 'dipping in the bins'. to find an old hard drive because their private key has been stored there. It is important to know that virtually all losses were due to the hacking of centralized control units, the loss of private key information and the control of private keys by malicious actors, and not to some security vulnerabilities in Bitcoin technology.
Blockchains, like Bitcoin and Ethereum, have not yet been hacked. They are considered very safe. It is very difficult, almost impossible, to modify transaction information once it has been validated and becomes part of a block. Bitcoin is commonly referred to as digital gold. The reference to bitcoin as insecure or dangerous is like calling insecure or unsafe gold.
Blockchain allows pseudonymy. The blockchain is public where the transactions are recorded and visible to everyone, so it is not purely anonymous. But it provides pseudonym. For example, digital portfolios are identified via the public address of the wallet (ie the public key). The public key is not connected to other personal information of a person such as the name or address. This allows participants to perform private and reputable transactions with data that remains secure.
The Blockchain technology has been referred to as the next revolution and although it is only in the early stages it is here to stay.
