Hi guys. This is me with another blog post about CyClean. Actually, today I am not going to specifically talk about CyClean itself but about the thing that is related to CyClean: blockchain and its technology. Without understanding blockchain technology, you can’t fully embrace the idea behind cryptocurrencies.
What is Blockchain?
Blockchain was created by Bitcoin’s founder, Satoshi Nakamoto. It is a public distributed ledger where transaction details are shared by nodes in a peer-to-peer network. Also known as a distributed database system, blockchain helps people who do not know or trust each other build a dependable ledger.
The blockchain is structured by a series of blocks that go from the genesis block to the current block, and each block contains a cryptographic hash of the previous block, a timestamp and transaction data. Because these connected blocks look similar to a chain, it is called “blockchain.”
What is a Block?
A block is a space that stores transaction details for a certain period of time (around 10 minutes in the case of Bitcoin). Each block contains the transaction history as well as a time stamp and a hashed value of the previous block. A newly created block will be added to the blockchain every 10 minutes (in Bitcoin’s case it is 10 minutes, but it isdifferent based on which cryptocurrency you are talking about) via the proof of the work system completed by miners. It is known that Bitcoin stores about 1800–4200 transactions per block.
Why is this Important?
Well, blockchain in the past was treated like something that people only use to create cryptocurrency. Now? Many people believe that Blockchain can replace many parts of this world. Cryptocurrency was just created to incentivize those who actually produce blocks. Blockchain itself can do many things other than cryptocurrency. For example, blockchain can be used as a banking system through which each individual becomes bank. Also, blockchain can be used to acquire public consensus more efficiently. Think about it in this way: if you want your data to be decentralized, you have to use blockchain. Many people think that Bitcoin and other cryptocurrencies have no value at all, but once they understand the concept of blockchain, they will realize that blockchain itself is valuable enough to back cryptocurrencies.
The Current Trend
Nowadays, many big corporations like Samsung, Facebook, and Google have actually made teams that are dealing with blockchain. This shows that blockchain is not a joke. It is now a very serious technology. Even major banks around the world are starting to adopt blockchain networks. As time goes by, more and more corporations and people will adopt blockchain. This is about decentralization of power. The more people use blockchain, the more free they are going to be. So, join the CyClean movement and get to know about blockchain technology firsthand!
[ For more information about CyClean, please visit our website at cyclean.io ]
