Those, who have invested in cryptocurrencies would have heard about the term blockchain for sure. Even, those working in the finance domain would have heard this term. While many of them know what is it, a few do not know what is it and wish to learn about it. If you are one such person, you are in the right place to gain some basic knowledge on this term.
What is Blockchain?
Blockchain is nothing but a system of recording information. The good thing about this recording system as against any such system available in the market is that it is something hard to cheat, hack or change.
You can think of blockchain as a digital ledger of transactions. These transactions are duplicated and distributed across the whole network of computer systems on the blockchain. The many transactions that take place in this network are added to the chain in each block. As and when a new transaction is done on the blockchain by one of the users, a record of the transaction will be added to his ledger. This will happen as and when a new transaction is done by any user of the network. This decentralized database managed by many people taking part is referred to as Distributed Ledger Technology or DLT.
Properties of DLT:
The good thing about blockchain is that it is a kind of DLT, where transactions are recorded with a cryptographic signature that cannot be muted known as a hash.
Now, you know that blockchain is a type of DLT. So, you can understand the following properties applicable to DLT apply to the blockchain as well:
- It is time-stamped
- All participants of the network agree to the validate every transaction added
- The identity of those participating is either pseudonymous or anonymous
- All records are encrypted individually
- A blockchain is programmable
- To ensure complete transparency, all participants of the network have a copy of the ledger
- Any record that has been validated cannot be changed or the record is irreversible.
Conclusion:
Now, with these properties, you can very well understand that blockchain is truly an innovation that will help the finance domain in many ways.
BitcoinBitcoin is the cryptocurrency that started it all.Although Satoshi Nakamoto described Bitcoin as a P2P currency system, today the narrative is a little different.The narrative has now changed, and people refer to Bitcoin as “Digital Gold.”Not surprisingly, many institutional investors have started buying into Bitcoin, making the supply scarce for the common investor.Bitcoin, The Store of ValueBitcoin is no longer a currency to it’s advocates, but rather a store of value like gold.Practically speaking, newer wallets with one whole Bitcoin are disappearing by the hour.This limited availability and mass adoption of Bitcoin, combined with huge cash flow from institutional investors has pumped prices skyhigh.Experts have predicted that Bitcoin could hit a whopping $200,000 by the time this bull run ends (Est.
September 2021).EthereumEthereum wasn’t supposed to be a currency system like Bitcoin.However, it is outperforming Bitcoin, and fast outgrowing its status as an Altcoin.Ethereum is essentially a smart contract platform, an ecosystem to build blockchain projects on.This solid use case, combined with the deflationary system that it follows for Ether (ETH), and popularity, has also caught the eyes of big investors.Ethereum — The OpportunityEthereum has outperformed Bitcoin in this bull run and is gearing up to move past it’s all time high.Experts have predicted that the price of Ether (ETH) could hit a tune of $10,000 by the time this bull run ends.This makes Ethereum the best opportunity for people looking to make big gains, as Bitcoin becomes the more expensive option.So, what happens after the Bull Market?After any Bull market, there will be a Bear market.This means that the prices could fall upto 90% after the market reaches its peak.So, it’s better to always take profits as you ride the wave and not wait till the top of the hill.
What on earth is Ethereum?
I mean, I keep hearing about it all the time, I’ve seen it’s the second-largest cryptocurrency around but I just can’t seem to wrap my head around it.
Is it as revolutionary as Bitcoin?
Can it actually change the world as we know it?
Like many other cryptocurrencies, Ethereum is also decentralized and can perform value exchanges and smart contract transactions without any interference from a third party.
It is completely autonomous and non-regulated by any centralized entity.
The Ethereum system is supported by a global system of Nodes.
These consensus rules are guided and dictated by smart contracts- a set of computer protocols and algorithms that control the verification and execution of a contract.
With these rules in place, one can perform multiple transactions via the ethereum blockchain network without necessarily trusting the other party.
Smart contracts ensure that the pre-defined rules of engagement are satisfied before the successful completion of the transaction.
Blockchain Training Institute: Bitcoin mining giant Bitmain’s co-founder Micree Zhan, says he is going take legal action to make his return to Bitmain.
However, he was removed from the company a week ago.
Jihan Wu, co-founder of Bitmain addressed his staff and conveyed a message saying that Micree Zhan was dismissed from all roles.
Also, he added that employees are prohibited from engaging with him.There was a struggle between the two to have powers which ended in the removal of Micree Zhan.
Zhan remained silent until Wednesday by not address any media questions.
Later on Wednesday, he posted on his WeChat saying he did not have prior information about the removal from roles and he would take legal actions to get back to the firm.“I have never thought that as a person focusing on technology and product, I have to start thinking from legal perspectives.
