Blockchain

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Blockchain


Blockchain seems complicated, and it definitely can be, but its core concept is really quite simple. A blockchain is a type of database. To be able to understand blockchain, it helps to first understand what a database actually is. A database is a collection of information that is stored electronically on a computer system. Information, or data, in databases is typically structured in table format to allow for easier searching and filtering for specific information.

Cryptocurrency


A cryptocurrency can be easily defined as a digital currency. However, the concept behind the value and security of cryptocurrency is quite abstract and esoteric. Some people are confused about what makes cryptocurrency valuable and what makes it efficient as a means of storing and transferring value. Cryptocurrencies are also sometimes known as “altcoins” – short for alternative coins. The most famous of all cryptocurrencies is Bitcoin, although there are many new contenders to the market, known as altcoins.

Blockchain

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Cryptocurrency

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Digital Wallet

Cryptocurrency wallets can either be software (apps) or hardware (thumb drive or card) wallets. These wallets act as smaller versions of “miners” in the sense that they record and verify transactions.

Global economy

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Smart Contracts

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Supply chain and logistics

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Real estate processing platform

Cryptocurrency wallets can either be software (apps) or hardware (thumb drive or card) wallets. These wallets act as smaller versions of “miners” in the sense that they record and verify transactions.

Personal identity security.

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How Blockchain Supports
Cryptocurrency

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The blockchain network is supported by voluntary “miners”. Miners are computer systems that are offered for use in the specific networks that support each cryptocurrency. For example, the Bitcoin blockchain network is supported by thousands of individual computers that help “mine” the network. “Mining” is the act of verifying, encrypting, and securing transactions in each block. Each miner (computer system) has a ledger of all past and current transactions operating in the network. This means that every new transaction can be recorded and verified in the ledger. If someone tries to create any counterfeit coins or steal coins from another person’s cryptocurrency wallet, this is checked against the millions of copies of the ledger. All legitimate copies of the ledger will return an invalid authentication on the fraudulent transaction, and as such, the counterfeit or stolen coins will not be recorded.


Miners are rewarded for participating in transaction verification with a small portion of coins. For example, the typical mining fee for a transaction of Ethereum may be 0.000444 ETH. This fee is split amongst all the miners who participated in the verification and authentication.

25%

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Price Volume (24h) Change
Bitcoin $6 345 $3 410 520 +0.4%
Ethereum $435.65 $1 418 630 000 +1.3%
Dash $229.19 $153 088 000 -0.9%
Litecoin $80.53 $283 573 000 +2.2%
Monero $127.35 $41 956 900 +3.75%
Steem $1.26 $902 686 -2.88%
 

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