The World of Cryptocurrency - Blockchain πŸ˜„

in #bitcoin β€’ 7 years ago (edited)

The future is now! We are going to travel in the crypto-currency world and understand it piece by piece. In my previous post, I discussed on "Currency Evolution" and "Which ICO will I Invest?". And now let us travel deeper and discover what blockchain really is.

IMG-20171104-WA0005.jpg

A blockchain is essentially a record or a ledger of digital events one that is distributed or shared among many different parties. It can only be updated by consensus among a majority of the participants in the system and once entered, information can never be erased. The blockchain contains a verifiable record of every single transaction ever made.

IMG-20171104-WA0003.jpg
Image Source

The key value in blockchain lies in its nature - a decentralized system where it's encryption cannot be altered. Once a digital identity has been created and successfully associated to an authentic identity, all their previous and future transactions can be traced back with 100% accuracy thereby leading to full transparency - that is why it enticed both bank and regulators alike.

IMG-20171104-WA0002.jpg
Image Source

At a high level, there are two types of blockchain private and public. In a public blockchain, you are trying to convince every stakeholder to agree to changes at the same point. While in a private version, we don't run into similar complex computational issues as we trust everyone on the network because we have agreed to join it in the first place. If public blockchains are internet then the private blockchains are intranet. The banks intend to use a fusion of private and public replicas of the technology rather than the original version of blockchain which was public. The result is a more robust system where entries can be made transparent only to selectively parties, hence the level of consensus that is required becomes lower thereby achieving faster settlement.

IMG-20171104-WA0004.jpg
Image Source

In conclusion, blockchain is a solution looking for a problem and not a problem looking for a solution. Countless economic applications like trade finance, anti-money laundering, know-your-customer and payment services that utilize the blockchain or apply the concept in an innovative manner are in the pipeline. How the evolution of the blockchain ecosystem plays out is about as clear as the development of the World Wide Web in the early 1990's. That is to say, the path is not clear at all but clarify is a bit every day and it certainly is worth following.


Footer.gif


Sort: Β 

In conclusion, blockchain is a solution looking for a problem and not a problem looking for a solution.

Very accurately put! I think It has already solved many problems including the extra expenses of transferring money from one country to another.

Its an amazing feat for human technology πŸ˜„

It's great that you share your journey here...

Thanks buddy πŸ˜„

Yup, That's True!!

Thanks πŸ˜„

Β 7 years agoΒ Β Reveal Comment

Congratulations @elizahfhaye, this post is the third most rewarded post (based on pending payouts) in the last 12 hours written by a Superuser account holder (accounts that hold between 1 and 10 Mega Vests). The total number of posts by Superuser account holders during this period was 640 and the total pending payments to posts in this category was $2558.22. To see the full list of highest paid posts across all accounts categories, click here.

If you do not wish to receive these messages in future, please reply stop to this comment.

Thanks buddy πŸ˜„

Thank You for Informative article @elizahfhaye Resteemed and Share on Steemit Viral Facebook Page by @irfansardar Good Luck!

Calling @originalworks :)
img credz: pixabay.com
Nice, you got a 4.0% @minnowbooster upgoat, thanks to @elizahfhaye
Want a boost? Minnowbooster's got your back!

Thanks πŸ˜„

The @OriginalWorks bot has determined this post by @elizahfhaye to be original material and upvoted(1.5%) it!

ezgif.com-resize.gif

To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!

Thanks πŸ˜„

Good job

This post has received a 13.17 % upvote from @buildawhale thanks to: @elizahfhaye. Send at least 1 SBD to @buildawhale with a post link in the memo field for a portion of the next vote.

To support our daily curation initiative, please vote on my owner, @themarkymark, as a Steem Witness

Thanks πŸ˜„

Gud .. keep it up

That was a great post. You have effectively conveyed the essence of the BLockchain without getting too technical. Awesome will be following you.

Nice summary of the Blockchain!

This wonderful post has received a bellyrub 11.65 % upvote from @bellyrub.

Thanks πŸ˜„

Laser Online Platform is getting stronger: https://laser.online/?referrer=Ed108

wow bro your post is very great post.I like it.
I love your post
reply my comment bro

Good post ...carry on

Great Article. Upvoted

Β 7 years agoΒ (edited)Β 

Be one step ahead of the curve....
Bitcoin; Ethereum = bitcoin 2.0; Eos = Bitcoin 3.0
Iota's tangle is definitely the way I see transactions being done in the future.

Resteemed by @resteembot! Good Luck!
Curious?
The @resteembot's introduction post
The @reblogger's introduction post
Get more from @resteembot with the #resteembotsentme initiative
Check out the great posts I already resteemed.

I like your post......WOW

this is very valuable blog

This post has received a 18.27 % upvote from @booster thanks to: @elizahfhaye.

Thanks πŸ˜„