what is blockchain
Ever wonder if there is an easier way to exchange money or complete a transaction without the need for online wallets, Banks, and third-party applications. well, it is possible now thanks to blockchain technology. Here is everything thing you need to know about this blockchain technology. When a transaction is made through a bank it could face a lot of challenges such as technical issues, security issues, daily transfer limits, and high transfer fees. To solve such problems cryptocurrencies came into existence, Cryptocurrencies are a form of digital and virtual currencies that runs on a technology known as blockchain technology. These new Cryptocurrencies are immune to counterfeiting, do not require a central authority, and are protected by strong and complex algorithms. In a market of thousands of cryptocurrencies like Lite Coin, Ethereum, Z coin, and so on, one that reigns supreme is Bitcoin.
Blockchain is a new class of information technology that combines cryptography with distributed computing both of which existed for several decades. It was the idea of Satoshi Nakamoto to combine them in new ways. Distributed computing is a network of computers that collaborate towards maintaining a shared and secure database. A blockchain is simply a distributed secure database. The database consists of a string of blocks where each block has a record or data and is given a unique identifier number called the hash. The network of computers is mined to validate transactions and add them to the block and then broadcast to other nodes so that all of them can have a copy of the database. Since there are no centralized components to monitor the alterations made to the database the blockchain depends upon a distributed consensus algorithm (i.e.) one computer cannot make alterations to the database without the consensus of the other. Once all the distributed computers agree to this consensus an entry is made onto the blockchain as a block. Each time a blockchain is completed a new one is generated and all of them are connected as chains. Blockchain is developed in a way that transactions cannot be Deleted. Each block has a hash value that depends on the previous block which makes them linked together. If one block is altered, it would affect the rest of the blocks. This mechanism makes blockchain immune to tampering and holds data related to transitions almost forever without getting deleted off the network.
Blockchain is a distributed database that everyone can get a copy of. It holds a long list of databases that can be provided as digital proof. The database is commonly known as a public ledger and the ledger is protected by its strong encryption. Every person with a copy of the transaction or digital proof can add new transactions and digital proof to the database, once the entry is made it is almost impossible to alter or delete the transactions and digital proofs submitted. The process of creating blocks and adding new blocks to the global network by several computers allows this blockchain technology to step aside a generation of businesses that is responsible for validating and maintaining a secure environment.
KanaSwap is a platform for quick swaps of crypto assets and liquidity running on the distinct blockchain network. It is built to be fast, secure and provide lower gas fees compared to other cross-chain liquidity networks.
- CoinDCX Review | Crypto Margin Trading Exchanges
- Red Dog Casino Review | Swyftx Review | CoinGate Review
- Bookmap Review | 5 Best Crypto Exchanges in the USA
- How to trade Futures on FTX Exchange | OKEx vs Binance
- CoinLoan Review | YouHodler Review | BlockFi Review
- ProfitTradingApp for Binance Review | XT.COM Review