Blockchains and their cryptocurrencies
Blockchains are best seen as an infrastructure supporting decentralized applications (i.e. Bitcoin). Even though many well known blockchain projects have a cryptocurrency, they are working towards something much bigger.
Blockchain is a technology where a series of distributed computing systems can compute the authenticity of transactions in a decentralized way. In simplest terms, blockchain harnesses a significant number of computers to cooperate and create a common record (referred to as a “ledger”) that is accessible to everyone and controlled by no one. This database is maintained by the community of users and not a centralized authority (e.g. private corporations, government agencies, etc.). The decentralized database is secured by encryption to prevent unauthorized mischief and manipulation. The encryption uses complex mathematical functions to determine who owns what and when they own it.
A blockchain’s corresponding cryptocurrency in a way acts as its credit and debit accounting that enables entrepreneurs to raise awareness and ultimately funds for development. From a technical perspective, the vast majority of cryptocurrencies are forked from Bitcoin or Litecoin. Bitcoin is the most commonly used which is in C++ while the newer Ethereum has multiple ports, some even written in Go. The vast majority of altcoins are written in Python, Java, and Ruby. There are lots of options and for the most part, everything works.
AC3’s blockchain which is exclusively designed for online educators and content creators was originally forked from Bitcoin and uses X11 and DGW3 algorithms. Each block has a target time of 2 minutes with difficulty recalculation every block. Going beyond payments, the AC3 desktop wallet for Windows, Linux, and OSX, is built using Py-Qt and allows users (creators and fans) to cryptographically hash and distribute their content via the AC3BC (“AC3 blockchain”)
Empowering creators to send video directly to users wallets with a unique hash fundamentally changes how online educational content is distributed and protected.
For any further questions about blockchain, AC3, or crypto in general reach me at Steve McGarry on Instagram.
