Blockchain

A brand-new revolutionary technology is rapidly gaining momentum. The blockchain technology, which was created in 2008 to serve Bitcoin when it launched a year later, is being used almost in every corner of our world. 

“The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts.” – wrote in an announcement Satoshi Nakamoto, a founder of Bitcoin. 

The blockchain is a public record of Bitcoin transactions in chronological order. The blockchain is shared between all Bitcoin users. It is used to verify the permanence of Bitcoin transactions and to prevent double spending. Majority of people use a trusted third party, for example, a bank to make a transaction. But blockchain allows both consumer and supplier to connect directly, eliminating the need for a middleman. 

How does Blockchain work? 

On a simple example, we will find out how this system works. Imagine you want to send Bitcoin (or some other cryptocurrency) to a friend, or sell it, that information will be available for every user on the blockchain. They might not know who you are, but they will know exactly how much trade coins have been transferred from one person to another.

Supporting Cryptocurrency Business: US takes the Lead
Nov 27, 2020 at 11:12
News
Supporting Cryptocurrency Business: US takes the Lead
The existing interaction between banks and cryptocurrency companies is not the best so far, and there are little to no efforts being put in place to address this issue. Some central banks are giving orders to other financial institutions not to deal in cryptocurrencies including Bitcoin. Bans and warnings have been issued by banks to keep away from using or trading cryptocurrencies.
The New Era of DeFi: xSigma
Nov 26, 2020 at 12:04
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The New Era of DeFi: xSigma
Decentralized finance (defi) burst onto the scene in 2020, as investors rallied behind the enormous potential of peer-to-peer financial services.
APEX Network and Red Pulse Phoenix to Merge and Develop Horizon DeFi Platform
Nov 24, 2020 at 10:23
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APEX Network and Red Pulse Phoenix to Merge and Develop Horizon DeFi Platform
After months of meticulous planning and discussion, two blockchain projects APEX Network and Red Pulse Phoenix have made a strategic maneuver to combine their platforms and ecosystems through a merger that will create a comprehensive enterprise data blockchain platform.
Digital Identification Might Replace Physical IDs by 2025, but Is It Actually Better?
Nov 23, 2020 at 14:03
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Digital Identification Might Replace Physical IDs by 2025, but Is It Actually Better?
Global digitization and coronavirus pandemic have created the need for innovative solutions to replace some traditional ones. Digital identification (ID) is one of such significant solutions trending in the world.
Bitcoin Adoption: Giant Businessman and Billionaires Support Cryptocurrency Amidst Bullish Trend
Nov 19, 2020 at 09:34
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Bitcoin Adoption: Giant Businessman and Billionaires Support Cryptocurrency Amidst Bullish Trend
The bandwagon of cryptocurrency has not left out some of the prominent businessmen from the traditional field. Most of them are now realizing the benefits of digital currencies and the blockchain, the underlying technology behind Bitcoin.
Crypto Scammers Use Celebrity Endorsements to Promote Their Schemes, but Some of the Stars Are Actually Into Bitcoin
Nov 18, 2020 at 14:13
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Crypto Scammers Use Celebrity Endorsements to Promote Their Schemes, but Some of the Stars Are Actually Into Bitcoin
People tend to look up to celebrities. That is why when they set a trend for something, common folks take up the trend almost immediately. For this reason, scammers often use their popularity to look more reliable and attract potential victims.
ICO, IPO and STO: Which Offering is Better?
Nov 04, 2020 at 10:47
News
ICO, IPO and STO: Which Offering is Better?
One of the developments in blockchain is crowdfunding and Venture funding for startups. To raise funds effectively, one must understand the essence of the main tools for attracting investments.
Digitization and Finance: Visa is Expanding Its FinTech Initiatives
Nov 03, 2020 at 14:27
News
Digitization and Finance: Visa is Expanding Its FinTech Initiatives
The global debit card issuance giant Visa is known for its interest in innovative finance. After having successfully launched its first blockchain-based initiative, the company has been working further on expanding its innovative projects.
Not Unhackable: The Number of Blockchain Cyberattacks is Growing
Oct 30, 2020 at 13:58
News
Not Unhackable: The Number of Blockchain Cyberattacks is Growing
Blockchain technology is considered to be secure and immutable due to its decentralized nature. But as it becomes more popular with new solutions popping up almost daily, hackers become inventive enough to find vulnerabilities and attack it.
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