Blockchain for those who have no idea what it is
Listen, it is no magic or sorcery, they just happen to be updated with whatever is new but here is the thing, even for those who claim to understand it, blockchain is still a mysterious topic because we’re still very early in the development and widespread adoption of blockchain technology. However, we’re here to help, we got you.
In simple words all cryptocurrencies use blockchain technology to record transactions. For example, Bitcoin and Ether use their own blockchain network.
The difference between a bank network and the blockchain is that the blockchain is decentralized, the bank’s data are centralized in their private network. Decentralized means that nobody owns the blockchain, everyone with his PC can be a part of the blockchain,all the transactions (buy,sale,send and receive token ) are recorded and duplicated through all the network.
Among the advantages of the blockchain :
- No one can change or manipulate the data already recorded in the blockchain;
- The network is public so everyone can be a part of it, opposite to the bank which uses the private network, and for a reason or another they can decide to not give you access to your money no more ( Greece crisis , Lebanon crisis , taxe confiscation);
- All the transaction can be visible to everyone (which could fix the corruption problem);
- Your assets can be available to you wherever you go in the world and accessible through your smartphone.
There are two different types of technologies of Blockchain , proof of work and proof of stack, this would be the subject of the next article .
Yes, that’s it.