Cryptocurrency has become such a buzzword that any other terms related to it will immediately get a preconceived notion from people. One such term that got hit hard by crypto’s up-and-down reputation is blockchain.
People with a nominal level of knowledge in fintech investment may see blockchain as one of the most misunderstood components of crypto. However, this fact doesn’t paint the complete picture of the many qualities of a true Blockchain.
By definition, a blockchain is a ledger that is distributed in a worldwide network, as well as a public data management system. It is made up of data blocks that contain relevant information like transaction time, amount, and addresses. This ledger is distributed among interconnected computers (nodes), and the data blocks are sequentially linked via cryptographic algorithms.
It may be easy to mistakenly identify blockchain as Bitcoin, but it’s important to remember that blockchains are the prerequisite for the existence of the popular cryptocurrency.
If you’re curious about what makes a true blockchain, you only need to look for the following qualities:
- A blockchain must be publicly shared. The records must be easily accessible by the public, and no single node has complete power over its control.
- The transactions made in the blockchain must be transparently recorded in chronological order. These transactions must also be accessible to various entities for audits.
- Recorded transactions on the blockchain cannot be changed or deleted to ensure the blockchain’s integrity, reliability, and security.
- Blockchains facilitate faster and cheaper transactions than those done manually.
- The transaction record must be secured across a network of computers to allow for traceability.
Every individual interested in crypto trading should be familiar with blockchains, as they are the building blocks of the entire ecosystem. To have a better understanding of what true blockchain is and how it works, check the following infographic.
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Did you realize that the terms blockchain and Bitcoin aren’t synonymous?
To put it another way, it’s an open, distributed ledger (database), which means the information stored in the blockchain is distributed (duplicated) among multiple computers and hence decentralized.
However, Bitcoin is only one type of cryptocurrency; blockchain technology also powers other cryptocurrency networks.
Moreover, it was unusual because it tackled a prevalent problem in digital currencies: “double spending.” This guarantees that each Bitcoin is one-of-a-kind and cannot be duplicated.
Because all Bitcoin transactions are immutable and confirmed by a network of independent miners, you always know where your money has gone.
While blockchain was created for digital money, it is currently being used for smart contracts and tracking items along the supply chain.
Blockchain system has evolved, from solving problems to keeping up with future development, the cycle has not ceased.
The reason it has become a huge success lies in the nature of this system, where it is consensus based and works without intervention of any authority.Libonomy is one of its kind blockchain that has achieved the goals of innovation and creativity with great success.
The kind of innovation it advertises attracts and reaches out to masses that have the knowledge that the system is fulfilling its role of greatness.
The specialty of Libonomy Blockchain is that it does not use the previous consensus algorithms that have been used for a very long time.
The data regarding the capability of how far the nodes are willingly taking part in the blockchain is gathered as well as the speed of the transactions and communication is gathered, all this information is combined to understand the nature of the nodes in the respective system.
Once, the analysis is completed the data is transferred to the algorithm which then classifies the information depending on the nature of the nodes and assigns a pool to each one of them.There are four different types of pools.
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