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BLOCKCHAIN – CRYPTOCURRENCY

blockchain

blockchain

 

Blockchain

This site is designed to be your dictionary, your place to go to look for something that you are missing, definitions, you will always have ready information to link to people you want to make explain, understand and show.

Let’s make a point of the situation for the new ones.

Criptocurrencies ( go to the post )

How you can get it ( go to the post )

Transactions ( go to the post ) 

And what regarding this Blockchain which everyone is talking about? ( which less than a half does not know what it really is  )

BY DEFINITION « the technical definition is ” secure cryptographically and decentralized master book of transactions”».

The real revolution in all of this is not the Criptocurrencies but the technology stays behind. This is technology is named Blockchain.

That’s a very technical concept but I will do my best to put it in simple terms.

If you won’t understand something, write me regarding every kind of information you need, all of you already know I will always answer back.

Blockchain is nothing more than a distributes database.

Let’s have an example on banks.

Normally, the bank where we have our own account, it also has a server where all our information and transactions are recorded.

What’s the point?

The point is that the bank (by having access to its servers) could modify this data, or at least anyone who gains the access, once in, can do what he wants, look at the different hacking cases.

With blockchain all this is impossible, just because Blockchain is not on a server, but on hundreds of thousands of computers around the world, from here the name of “distributed database”, so it is impossible to change all of them.

It’s been proved that to change blockchain is physically impossible, we should agree with all the people having the permission to enter all the computers to make the changes.

So, the first quality of Blockchain is

THE  INVIOLABILITY.

The blockchain is more secure banking sites. It is proof of each network occurred exchange of criptocurrencies; each transaction represents a chain block, English Block Chain precisely. It is a popular database that keeps track of what happens in the bitcoin market and to avoid fraud.

Second quality of Blockchain is that it is PUBLIC.

All transactions were made in the world since the born of Bitcoin in 2009 are public and they can be consulted by anyone on the official web site https://blockchain.info.

blockchain

Blockchain records all transactions and once they have been recorded they can’t be amended.

Every types of exchange and payments, better known as transactions, unlike banks, they are free and immediate.

So, the third  quality of Blockchain is that the transactions are FREE and IMMEDIATE.

So, why is Blockchain revolutionising the world?

Just because it is a prefect and 100% safe exchange-system.

I would add mathematically and logically safe. Blockchain, already used by Criptocurrencies, will be used in many other contexts, such as the exchange and property registry.

It will take the place of the Land Registry actually, it will be used in every bank-transaction and not by avoiding all of the costs/fee. I could go on to list you all fields in which it can be applied.

Infact, according to experts , Intel and IBM are exploring the job-market looking for Blockchain experts.

More generally, we can say that it is a technology that allows you to trade on the internet not only information but, for the first time, also properties.

Not only the payment or exchange of goods and services, but any other form of collaboration between men can take advantage of the possibilities offered by the network, thanks to this innovation.

The difference with other peer-to-peer systems, such as BitTorrent which is used to exchange music or video files on the network, is the shortage: a bitcoin, unlike MP3 files, is not infinitely reproducible, is not duplicable.

They can not even be created in endless amount: bitcoins contained in the Protocol are like gold in a mine, which contains only a predefined amount of metal, after which it runs out.

Each new “block” records all transactions that have taken place since the creation of the previous block, and so works backwards for all blocks.

Basically, each block contains the transaction history in Bitcoin.

The creation of the blocks is based on game theory.

Who wants to generate BitCoin offers the resources of his computer to solve complex arithmetic problems, which are then verified by cryptographically in order to create more blocks.

Who can create new blocks is rewarded with new Bitcoin. Phenomenon called MINING.

THE FUTURE

The protocols that manage the exchange of cryptocurrency and the distributed databases such as blockchain are proliferating.

Soon, no doubt, you will hear about at length of these trading-systems and new developments in the sector will lead to an alternative hypothesis seriously and widely recognized of exchange for consideration.

We’re actually starting to hear , with reference to the blockchain technology, of epochal economic revolution.

It opens an opportunity for all: to understand in time what blockchain is and what its potential is could open the doors to a bright future.

“The value of a bitcoin is its utility as a” digital gold “and that allows the use of the Bitcoin system.

And the value of the Bitcoin system is to be able to bring the finance and commerce in the Internet without having to go to fiduciary third-party or central authorities, better known as Banks. It’s about  a revolution comparable to that one represented by Internet itself in the 90s.

I like to give an example on e-mail technology: what value had an email address as soon as the technology is appeared ?

A fan of technology could also open up an e-mail address, in 1993, but who could he write to? , if no one else used it? Yet even since then,  the most acute they could understand that they have to do with the future of communications.

Well Bitcoin is happening in the same way.

Although the number of users is still small, and therefore the possibilities of effective use of technology are still only embryonic, those who study the system understand to be in front of the future of finance and trade. Therefore it is better to be upfront about the phenomenon. “

blockchain