Today we will be talking about the foundational basics of blockchain technology and cryptocurrency.
The essence of these technologies and how it affects our future,how we could be a part of it.
This and many more we will discuss in the coming days. Am so excited about these technologies, you know why? Because it gives us the opportunity to engage in the future and decide how we run things.
It’s important we all understand and engage with this revolution in tech. the irony is whether you learn about it and or engage with it, these technology is the future and it’s going to affect how we do business and relate with people, you don’t want to be obsolete.
Firstly, we will start by defining and explain as much as we can what this technologies are.
BLOCKCHAIN TECHNOLOGY: blockchain technology is a decentralized, digital ledger where transactions made in bitcoin and other cryptocurrencies are recorded chronologically and made public.
The block contains information that, once it goes into the blockchain, it becomes part of the permanent and immutable database, connecting to other blocks in the blocks in the blockchain like the links in a chain.
Block: refers to a collection of data related to transactions that are bundled together with a predetermined size and are processed for transaction verification and eventually becomes part a blockchain.
Blockchain also, could be considered as a distributed ledger technology, a decentralized database for recording transactions like a ledger book, and only shared across multiple locations virtually, and with no central authority overseeing it.
Blockchain also is a system that enables the transfer and sharing of digital assets from one source to another point.
CRYPTOCURRENCY: A type of digital currency that is generally decentralized and uses cryptography (i.e. data is converted into format that unreadable for unauthorized users) for added security, making it difficult to counterfeit or manipulate.
Cryptocurrency is digitally money used to pay and purchase goods online and could be related as a commodity and asset too.
its important we get to learn more about the dynamics of this technology to be able to maximize the potentials and opportunities it comes with and not forgetting the know how to tackle the challenges.
we have made it our responsibility to update you on the happenings in the space.
in the coming days we will discuss and show you some trading and relative terms.
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