What is Block chain Technology?
What is Block chain Technology?
Block Chain is a medium of collecting and storing information in ways that make it impossible to break into or hack the system. This can be said to be a digital ledger of transactions that is replicated and sent across a vast network of computer systems on the blockchain.
A blockchain has several transactions each time a new trade happens on the blockchain. It is recorded and added to the ledger of every participant. A decentralized database is managed by various participants and is known as distributed ledger technology (DLT).
Blockchain is a type of DLT where transactions are recorded with an unchangeable cryptographic signature known as a harsh. The signature makes it possible to tell if one block in one change has been interfered with. If a hacker tries to temper the blockchain system, they would have to change every block in the chain along with all the distributed links of the chain.
Block Chains like Bitcoin and Ethereum are gradually growing because of the addition of new blocks to the chain, strengthening the ledger’s security.
Properties of DLT (Distributed Ledger Technology)
- Programmable: This means a blockchain is programmable (i.e., based on smart contracts).
- Secure: All records are singly encrypted.
- Anonymous: The participant’s identity is anonymous.
- Unanimous: All participants in the network have one agreement on the validity of each of the records.
- Distributed: All participants in the network have a duplicate of the ledger to ensure complete transparency.
- Immutable: All validated records are unchangeable.
- Time Stamped: all activities on the blockchain are time-stamped and recorded on the block.
How to Invest in BlockChain
- Purchase cryptocurrencies like bitcoin or ethereum or buy shares of cryptocurrencies.
- Purchase an Exchange Traded Fund (ETF), especially those that invest in shares of companies with affiliation to the blockchain.
- Research and watch out for unique coins, know what you are about to invest in, and watch out for volatility.
With the advent of the internet, many companies want to give out crypto currencies in exchange for your time. Crypto coins are exchanged for FIAT coins or bitcoin. Companies like
- Steam it
- Brave
- SMS chain
- Create Your BlockChain
This can be done by writing your code. Creating a native cryptocurrency requires knowledge of blockchain technology. Creating your native coin is a very innovative idea. It makes the cash superior because it is operated on its blockchain. It is higher in comparison to tokens built on other blockchain networks. What is Block Chain Technology
- Choose an Agreement Mechanism
The protocol for the working of blockchain is known as a consensus mechanism. E.g., proof of work or proof of Stake.
- Create your Blockchain Architecture
This structure helps you decide the permissions set on the blockchain. One can choose to keep it private or public.
- Audit New BlockChain Code
Developers can hire special technical personnel called blockchain auditors to review blockchain code and check for errors.
- Get Legal Advice
It is best to pay for legal advice on minting a novel cryptocurrency. The professionals will properly handle complaints in line with the regulatory laws of cryptocurrency.
Mint and complete the supply coins for a single batch, increase the coin supply as the community of users expand to earn money on sell on exchanges.
- Modify the code of an existing BlockChain
The source code of another blockchain can be used to create a novel cryptocurrency. After downloading the source code, you can modify the source code to your desired adjectives. Source Codes on Block Chains Can be Found on Github.
- Hire a Blockchain Developer
When creating a coin, if the creator is not versed with the idea of creating a blockchain, companies such as “Blockchain As A Service(BAAS)” offer services to develop and maintain new blockchain networks or build on existing blockchains.
Benefits of Creating a Cryptocurrency
- Opportunity to modify or design your coin.
- Medium to understand and learn about blockchain technology.
- Potentials to own a cryptocurrency with excellent market value returns.
The cost of creating a cryptocurrency differs based on coin customization. Creating a blockchain requires a proper understanding of blockchain technology.
A comprehensive guide on how to profit from crypto and block chain is ex-rayed in our ebook: Crypro Investing Secrets. So after reading this article “What is Block Chain Technology” go for it.
