“Technology Empowering Cryptocurrency”

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After the never-seen boom of cryptocurrency in 2017, people have been investing heavily in cryptocurrency. I am sure you also might have invested in one or the other of the cryptos out there. During this time many different companies have come up offering trading platforms to the people. So, which technology has made cryptocurrency so strong and fundamental? That’s what we gonna talk about in this story.

When it all started?

In 2009, the first decentralized cryptocurrency, bitcoin, was created by presumably pseudonymous developer Satoshi Nakamoto. In early 2009, Nakamoto released Bitcoin to the public, and a group of enthusiastic supporters began exchanging and mining the currency. Satoshi’s whitepaper outlining bitcoin also describes the concept of blockchain technology for the first time, saying that “the network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work.

Technology Empowering Cryptocurrency

So if we talk about technology, “Blockchain” is the technology that enables the existence of cryptocurrency. But wait what is so special about blockchain that empowers cryptocurrency and makes it so secure and trending nowadays?

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A simple analogy for understanding blockchain technology is a Google Doc. When we create a document and share it with a group of people, the document is distributed instead of copied or transferred. This creates a decentralized distribution chain that gives everyone access to the document at the same time. No one is locked out awaiting changes from another party, while all modifications to the doc are being recorded in real-time, making changes completely transparent.

What makes blockchain so special?

Each payment made using blockchain technology is recorded accurately and securely. Where all the transactions are transparent, hashed, and cannot be edited thereafter which makes it almost impossible to break into the chain of blocks. Blockchain is way more than just making payments. There are numerous applications where blockchain comes out to be a great choice. In fact, some people have also believed that blockchain technology carries the potential to even eliminate banks in the near future. Now you can relate that how big this thing is.

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At Last…

If you want a detailed story on what is blockchain and how it works, you can comment down below. If you enjoyed this informative content in some or another way please consider following.

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Kartikey Tyagi

Kartikey Tyagi

A computer science 🖥️enthusiast learning and exploring technical as well as non-technical domains😅. Looking things forward with an entrepreneurial mindset. 📈