01). The Insight To Blockchain Network
02). Understanding Dogecoin On Blockchain Network
03). Major Key Factors On Blockchain Network And Participants
04). Apart From Crypto Currency Other Ways In Which Blockchain Can Get Put Into Use
Blockchain network came into wide knowledge due to the first crypto currency success creation in Bitcoin. The term blockchain is what was foremost considered by those behinds Bitcoin creation to be the most secured system , in which through getting to use , the blockchain they would possibly get to achieved their likely common goal .
Since their intended goal and motive was to have kind of 💰 money that has maximum security created, in which all the possible crisis associated to known fiat currency and the monetary system at large. Won't get tampered with the intended system , of which they get came up with the use of Blockchain Network .
So as to derived what they actually want . That being to get created kind of monetary system that totally different from the known type . Instead that , that would be on digital form. To be known as the crypto currency.
The blockchain mainly is more than any given traditional database , in which an organization or firm even government do uses to store their data and useful information and possible transactions. But blockchain is just as that , but along great difference.
The blockchain on it own is kind of well secure and ledger base system , or the distributed ledger technology capable for storing an inputtable and programmable transactions. And the most unique thing about blockchain technology is that it basically decentralize in the nature.
“What is blockchain technology?
Blockchain technology is an advanced database mechanism that allows transparent information sharing within a business network. A blockchain database stores data in blocks that are linked together in a chain. The data is chronologically consistent because you cannot delete or modify the chain without consensus from the network. As a result, you can use blockchain technology to create an unalterable or immutable ledger for tracking orders, payments, accounts, and other transactions. The system has built-in mechanisms that prevent unauthorized transaction entries and create consistency in the shared view of these transactions. .”
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Going along an above web given definition of blockchain , that indeed shows in an aggregate that blockchain is quite unique on it own and very secure and safe to be trusted . That the reasons represent name in Satoshi Nakamoto did chose blockchain to go with for digital currency creation visible in Bitcoin. As the pioneer in crypto currency world.
Dogecoin is among those numerous coin that joined into the crypto currency market world , to give those crypto currency enthusiast varieties to go with.
Dogecoin is indeed part in the crypto currency space and Dogecoin is currently maintaining top ten (10) in position within crypto currency market.
Funny thing about 🐕 Dogecoin is that even the Creator's did get dogecoin created out of fun . While taken sight to crypto currency market and large success recorded already by Bitcoin possibly.
Dogecoin as the first meme coin to be created , entered into the crypto currency space more like a joke and fortunately break forth to become an investment attraction and get more serious ever since Elon musk did joined the meme coin investment tray as one of the major investor. Dogecoin price appreciate greatly due to Elon Musk investment in dogecoin.
Dogecoin can be use mainly for the following :
✓ Payment : Dogecoin can be use to get settled given debt payment , as well as any kind of applicable nature of payment.
✓ Purchase : 🐕 Dogecoin can meaningfully use to purchase stuffs suitably across an acceptable web stores among others.
“Dogecoin (DOGE) is an open-source, peer-to-peer cryptocurrency that was made as a parody of the crypto market following the establishment of Bitcoin. It was originally created as a light-hearted joke for crypto enthusiasts, but it quickly exploded to be one of the leading cryptocurrencies in use today
Dogecoin’s brand logo is based on a popular meme of that time that featured a Shibu Inu dog. It was created in December 2013 and was based on the same basic technology of other cryptocurrencies like Bitcoin and Litecoin .”
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Since blockchain network is more of peer to peer system at the current stage , that directly entails that dogecoin could be more suitable using peer to peer nature of transactions.
There are some key words associated to blockchain network as well as nature of participants, in which I would briefly have them here .
In terms of encrypted and decrypted nature of keys , there are of two type on blockchain cryptography
This given keys do work along side to keep the blockchain network technology more secure and to detect when , any intruder get tamperingng with the system.
These are :
The private keys these are the type of keys use in the blockchain to encrypt the chain network or the blockchain technology . Purposely to have and ensure kind of safe and secure chain system for the given block chain related transactions . In which once there happens to be a fraud or an intruder seems to intrude and tampered with the keys , it can easily get detected using the second type of the key .
This is the most commonly use keys in the blockchain to decrypt any given encrypted transactions on the blockchain technology network. And is being use to ensure kind of two ways authentic secure system in the blockchain technology transactions , whenever some body get tampered with the private keys this public keys won't work . So do when the public keys get tampered private keys won't work , so doing that make the blockchain to be more secure for crypto currency related transactions .
“Public key cryptography
Public key cryptography is a security feature to uniquely identify participants in the blockchain network. This mechanism generates two sets of keys for network members. One key is a public key that is common to everyone in the network. The other is a private key that is unique to every member. The private and public keys work together to unlock the data in the ledger. For example, John and Jill are two members of the network. John records a transaction that is encrypted with his private key. Jill can decrypt it with her public key. This way, Jill is confident that John made the transaction. Jill's public key wouldn't have worked if John's private key had been tampered with..”
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Those key words associated to the blockchain technology , are term like smart contract , permission , distributed ledger , immutable
Those Participants on the blockchain network are as follows :
Those nature of people or an organization using blockchain network and technology as major Users
Those who happens to be operating on the blockchain technology as the network operator's
Those who are in charge and control to issue kind of permission certificate authority to run permission blockchain
Other Ways in which Blockchain are being getting use are as follows :
The blockchain chain can be use by healthcare or hospital to store applicable data about patients among others
Blockchain can be use for IDs (identities)and data sharing
Blockchain can be use to monitor supply chain from source to intended destination
Blockchain can be use for internet and network management
Blockchain can be use by a large companies and banks to serve more than their traditional database
“Finance
Traditional financial systems, like banks and stock exchanges, use blockchain services to manage online payments, accounts, and market trading. For example, Singapore Exchange Limited, an investment holding company that provides financial trading services throughout Asia, uses blockchain technology to build a more efficient interbank payment account. By adopting blockchain, they solved several challenges, including batch processing and manual reconciliation of several thousand financial transactions .”
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The blockchain technology is proving to be the future of database over an existing traditional database , widely in use.
