New Vision, New Concept
The chances are, if you know anything about cryptocurrency, then the blockchain isn’t far away from the topic of conversation. The technology that drives decentralized finance as a means of storing crypto coin transaction history, the Blockchain is beginning to shape the way in which the new world does finance. While there are many versions of a clear Blockchain explanation, there are some core fundamentals to this technology that are consistent with every context it is discussed in.
What is Blockchain?
The Blockchain is a decentralized system used for recording crypto coin transactions and multiple other information storage purposes. The cornerstone of decentralized finance, the Blockchain allows for the likes of the Bitcoin crypto coin to change hands without the need for a centralized institution to oversee the transaction, whilst also not only matching the level of security provided by a bank but in fact going even further in its security.
The Blockchain Indonesia based traders would use is the same as any other Blockchain, as it is a universal concept.
How does blockchain function?
The Blockchain functions using a peer-to-peer network instead of a centralized institution like a bank or building society. Instead, a series of computers called ‘Nodes’ that are geographically spread out will validate the transactions listed in the ‘block’ together. All transaction information must align for the block to be valid, and any discrepancies are quickly resolved.
Top 5 blockchain projects
Projects relating to the Blockchain Indonesia traders should most be aware of are:
One of the most prominent cryptocurrencies built on the Blockchain Indonesia based crypto enthusiasts will no doubt be aware of! Ethereum is considered to be the runner up to Bitcoin, and is certainly one of the most popular crypto coin on the market.
Not the most prominent of Blockchain Indonesia projects, however Stellar is in itself a growing crypto. Stellar is described as an open network for storing and moving money, with all transactions secured by the blockchain technology that the platform is built on. Currently trading at $0.19, XLM was as high as $0.73 last year.
NEO has been on a wild ride during its near 5 year existence. Peaking at close to $180 in 2018, NEO is currently trading at a much lower level currently - but this demonstrates how much potential it may have in the future. In its day job, NEO is an open-sourced, decentralized application on the blockchain Indonesia based crypto enthusiasts should take note of.
Launching in 2018, EOS.IO is a smart contract platform, so expect to see a lot of it in the future. EOS has a crypto coin currently trading at approximately $2.40, and is built on infrastructure in the Blockchain Indonesia traders will no doubt be keen to explore.
Waves has an environmental focus on its blockchain technology, striving towards the lowest possible carbon footprint in its system. Waves has a particular focus on building user-friendly apps on its technology, and has a token that is built on its Blockchain trading at approximately $16 currently.
Advantages of Blockchain
- Using the security of the blockchain cryptocurrency is able to stay totally secure, protecting the assets of its users as part of its fundamental function.
- The Blockchain has multiple purposes - it doesn’t just store cryptocurrency transaction information. One particular use of the Blockchain is for the storage and execution of smart contracts, which are a modern alternative to the traditional filing cabinet.
- Its potential is huge - blockchain technology is still in its infancy and the extent to which it can develop is still to be determined. However, this can also be deemed as a disadvantage.
Disadvantages of Blockchain
- Blockchain is a continuously developing technology. It is not clear yet whether the blockchain has truly maximized its security potential, however for the time being it is by far the most secure means of storing information.
Is Blockchain Public Private?
Below, we provide you with a Blockchain explanation that differentiates between the public and private aspects of the technology:
- A Public Blockchain is a completely decentralized peer to peer network, controlled by nodes that are spread across a vast network
- A Private Blockchain is when the ledger is controlled by a centralized authority. That is, the blockchain is owned privately, rather than being controlled by nodes across a vast network
When did the Blockchain Start?
- The Blockchain started with Bitcoin in 2008.
- The Blockchain mastermind Satoshi Nakamoto introduced the idea of the Blockchain as an alternative to the traditional financial model as a means of storing Bitcoin securely on decentralized servers.
History of Blockchain
- Blockchain as an idea was introduced in 2008 by the creator of Bitcoin Satoshi Nakamoto.
- The Blockchain served as an alternative model to centralized finance, allowing traders to be in complete control of their transactions through the technology.
What is Blockchain technology?
Blockchain technology is a means of information and data storage on a secure network. While there are many versions of a Blockchain explanation, the fundamental properties of the technology center on the fact that it is a non-physical, decentralized technology used to store private information.
Which is the best Blockchain wallet?
There are many Blockchain based wallets that can be used to store your digital currency. Using the technology of the blockchain cryptocurrency is able to exist in a totally secure and stable manner.
How does Blockchain technology work?
Blockchain technology is exactly what it says - it is a chain of blocks that store transaction information and purchase history. Blockchain technology is what is used to validate the ownership of cryptocurrencies such as Bitcoin, Ethereum, Shiba or Doge.
What is a Blockchain in simple words?
The Blockchain is a chain of blocks that are linked together storing transaction history information in a chronological order.
What is Blockchain DeFi?
Blockchain DeFi relates to Decentralized Finance. Instead of having a centralized institution that manages transaction histories and the accounts of its users, in a decentralized system the Blockchain replaces the institution. Rather than transactions taking place through a bank, they essentially become peer-to-peer based.