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Crypto technology

What is Blockchain and smart contract?

  • Blockchain is a specific type of database.
  • It differs from a typical database in the way it stores information; blockchains store data in blocks that are then chained together. 
  • As new data comes in it is entered into a fresh block. Once the block is filled with data it is chained onto the previous block, which makes the data chained together in chronological order.
  • Different types of information can be stored on a blockchain but the most common use so far has been as a ledger for transactions. 
  • In Bitcoin’s case, blockchain is used in a decentralized way so that no single person or group has control—rather, all users collectively retain control.
  • Decentralized blockchains are immutable, which means that the data entered is irreversible. For Bitcoin, this means that transactions are permanently recorded and viewable to anyone.

Smart contract is a smart contract is a computer program or a transaction protocol which is intended to automatically execute, control or document legally relevant events and actions according to the terms of a contract or an agreement.

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Why Crypto?

Cryptocurrencies are booming as we turn the calendar over into 2021. Three of the four largest cryptocurrency tokens posted massive gains last year, driving the industry’s total market value to $860 billion on January 4, according to data from Coinmarketcap.com. The once-reviled asset class is gaining respect and interest from governments and financial giants around the world.

If you haven’t added a handful of leading cryptocurrency names to your portfolio yet, this would be a great time to dip your toes into the waters of crypto tokens such as bitcoin and Ethereum. At the very least, you should absolutely become familiar with the cryptocurrency market. And you can do it all without buying any of the tokens.

Credits: The Montley Fool