Blockchain Technology and Cryptocurrency
The digital age is upon us. it is now affecting the way we do everything from talking to friends and family to how we hold and spend our money.
The digital world is now a part of out DNA so it is only natural that we try to learn as much about this revolution as possible. Our world have changed since the last decade, we are now in the second era of the internet called the "Internet Of Value" (IOV).
These changes cannot be ignored because it permeates every part of our society from the way we communicate to the way we keep our money.
A major leap in IOV revolution is the creation of the blockchain. We are living in truly exciting times and blockchain technology is one of the main technological trends that can change our societies forever.
What is blockchain technology?
The Bitcoin Network is the first successful implementation of blockchain technology. - Alyson (Blockchain Blogger)
“Blockchain is the tech. Bitcoin is merely the first mainstream manifestation of its potential.” - Marc Kenigsberg
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” -
Don & Alex Tapscott, authors Blockchain Revolution (2016)
The term "blockchain technology" typically refers to the transparent, trustless, publicly accessible digital ledger that allows us to securely transfer the ownership of units of value using public key encryption and proof of work methods.
The technology uses decentralized consensus to maintain the network, which means it is not centrally controlled by a bank, corporation, or government. In fact, the larger the network grows and becomes increasingly decentralized, the more secure it becomes.
The potential for blockchain technology is not limited to Cryptocurrency. As such, it has gained a lot of attention in a variety of industries including: financial services, charities and nonprofits, the arts, and e-commerce.
What Is Cryptocurrency?
A cryptocurrency is a digital currency (money) in which encryption techniques [cryptographic codes] are used to regulate/control the generation [which involves a process called, mining] of the unit [coins] of the currency and verify transfer of funds, operating independently from a central bank. Like paper money and gold before it, cryptocurrency allow parties to exchange value. Unlike their predecessors, they are digital and decentralized.
Essentially cryptocurrencies are protocols that allow the validation of transactions without the need of a third party such as banks, credit card companies or escrow agents. Decentralized cryptocurrencies such as Bitcoin and other Altcoins now provides an outlet for personal wealth that is beyond restriction and confiscation. For the first time in history, people can exchange value without intermediaries which translates to greater control of funds and lower fees.
In terms of innovation, cryptocurrencies have the potential to impact various aspects of the financial markets and the wider economy. They can dramatically reduce transaction costs, give access to financial transactions and avoid pitfalls in certain monetary systems.
The value of digital currencies depends on supply and demand. Therefore they are often compared to gold, hence called 'virtual gold'. The more a cryptocurrency is used, the more its demand and value rises.
Cryptocurrency is going mainstream due to the increasing raise in price. Get involved now!
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