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What Is Block Chain

The Blockchain is a public ledger which is used to keep the record of Bitcoin transactions or the transactions made in some other cryptocurrency.

There are three essential technologies used in Blockchain and none of them are new. Instead, it is their arrangement and application methods that are new.

These technologies include:

  1. Cryptographic keys
  2. Distributed Network
  3. Record-keeping and network security.

In this article, we have tried to make clear as to how these technologies cooperate to secure the digital relationships.

Technologies Used in Blockchain – Cryptographic Keys:

Suppose, two individuals need to make an online transaction of bitcoin, each of them holds a public and a private key. Both the keys are in an encrypted form.

The principle motivation behind having a public and private key is to create a digital identity reference. The Identity of a client depends on the blend of two keys.

The blend of these keys is additionally called “digital signature”, which, consequently, gives a strong control of possession.

However, having strong control of possession is not enough to secure digital relationships. While authentication is solved, it must be consolidated with a means of approving transactions and authorization.

In Blockchains, this starts with a distributed network.

Distributed Networks:

The concept of distributed networks can easily be understood with the “falling tree in the forest” example.

If a tree falls in a forest and we have cameras to record the event, we can positively say that the tree fell since we have the visual confirmation. Same can be said in regards to distributed networks.

A substantial piece of bitcoin Blockchain is a huge system of validators – similar to the cameras in above example – where they reach an agreement that they all witnessed the similar event in the meantime. But instead of cameras, they utilize mathematical verification.

To put it plainly, the size of a distributed network is critical for the security of the system.

Distributed networks are one of the primary elements of “Bitcoin Blockchain“. At the time of writing, the system is secured by 3,500,000 TH/s, more than the top 10,000 banks on the planet combined.

The System of Record Keeping and Security:

Lastly, cryptographic keys are consolidated with the system to create a super useful form of digital interactions. The procedure starts with taking sender’s private key, then making a declaration that he is about to make a Bitcoin transaction — and finally appending his private key to the recipient’s public key.

With regards to the earlier example of falling tree, a realist may come up with the question, why there were dozens of PCs with cameras, holding up to record whether or not a tree falls.

Now, translating the same question in blockchain terminology, how do you attract the computing power for the maximum network security.

With blockchains, clients are offered special rewards in return for giving their PC’s processing power to secure the system. Which, ultimately, pulls in an extensive number of clients offering their machines’ computing power. The more the power, the more secure the system.

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Is Buying Ethereum a Good Move – Top 10 Reasons to Buy Ethereum in 2017

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Ethereum is one of the leading cryptocurrencies in the digital world. In fact, it’s the second most popular cryptocurrency after Bitcoin. The technology used to develop Ethereum algorithms is same as Bitcoin, and this is the main reason why these two function in a pretty much similar way.

Now, the question that comes to the mind is: if both Bitcoin and Ethereum are similar in nature, what makes the purchase of Ethereum more sensible over the purchase of Bitcoin and other cryptocurrencies?

In this article, we have discussed 1o reasons why buying Ethereum over makes more sense. Let’s give them a read!

Reasons to Invest/Purchase Ethereum Over Bitcoin In 2017:

  1. Quick Transactions:

The Bitcoin network has recently gained the reputation of being slow. According to the news coming out of Bitcoin community, this is due to the increased volume of transactions on the network. The slow confirmation time has left the Bitcoiners extremely annoyed and agitated. On the other hand, Ethereum offers transactions that are much faster. For an insight, the average Ethereum transaction time is 12 seconds in comparison to 10 minutes of a Bitcoin transaction.

  1. Smart Contracts:

‘Smart Contracts’ is a unique feature of buy Ethereum. It is basically an exchange mechanism which holds the precise records and assists two untrusted parties to make a direct exchange. These Smart Contracts reside in Blockchain and are autonomous to third party influence.

  1. Ethereum Is Open Source:

Ethereum algorithms are open source, which means any programmer/developer can access the code without having to go through permissions regarding the improvement of the code. The biggest advantage of Ethereum’s being an open source is that it allows the collaboration of projects between different sectors of industry that are based on Ethereum. As a result, the projects become seamless and more Integrative with each other.

  1. No Third Party Involvement:

Using Ethereum allows you to avoid dealing with third parties such as banks, lawyers, etc. The transactions do not depend on any intermediaries. The only thing they are dependent on is the Ethereum network.

  1. Compared to Traditional Banking, The Security Is Much Higher:

Our traditional banking system creates transactions on a monthly basis. The code of these transactions is stored in a bank’s computer and there are validations and approvals by the central authority. On the other hand, the code for Ethereum transactions is stored on participating computers. These computers forward this code to the network’s nodes – making the transaction environment secure.

  1. Ethereum Virtual Machine:

If you remember, we discussed ‘Smart Contracts’ in the earlier part of the article. The Smart Contracts needs a specialized environment to function: Ethereum Virtual Machine is that environment! The EVM gives all the projects running on Ethereum network a common base and provides them with a standard set of instructions. Some of the major programming implementations of EVM are Ruby, Java, C++, Python, and Haskell.

  1. No Transaction Fees!

Due to the availability of EVM for Ether transactions, all the account objects reside in a common execution environment. The communication between these accounts takes place via transactions. The code gathered from these accounts helps confirm/ignore a transaction. If the code is correct, the transaction will be confirmed. Else, it will be ignored. Since all of this is the responsibility of network, no transaction fees are needed.

  1. Ethereum Is Highly Stable:

One of the biggest advantages of Ethereum is that it is highly stable, has organic growth, and does not have massive spikes in price fluctuations. Besides, Ether provides the common folk with a low-cost alternative to other cryptos. Moreover, despite having encountered a number of cyber-attacks, the Ethereum blockchain still remains in huge demand to the customers. All thanks to the high stability!

  1. The Transactions Are Immune to Frauds:

Ethereum transactions are fraud less. The decentralized nature of Ethereum allows no tempering or data loss while using the network. Moreover, the network does not allow anyone – even a programmer or data miner – to destroy the record of a transaction that has already happened.

  1. Transactions are Permissionless:

Ethereum transactions are permissionless as there is no central node in the network. Everyone can make a transaction on the network. All they have to do is install the software and they are good to go.

Wrap Up:

These are the top 10 advantages of Ethereum. In conclusion, the currency offers some unique advantages and, is perfectly safe to use, or to make an investment. If you are looking to start a crypto venture, Ethereum is the best option to take off. Good luck!

Tags: why buy ethereum, bitcoin vs other cryptocurrencies

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Earn Bitcoins easily with BitMaker

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Earn Bitcoins easily with BitMaker

What if you could earn bitcoins every 30 minutes with the least amount of effort? That is the point of BitMaker. It’s a form of advertising where the viewer of the ad also gets paid in the process.

BitMaker is a Bitcoin-powered mobile application developed by Seattle-based blockchain adtech and payments company CakeCodes.

Get Started!

First of all, you need to download the BitMaker app from Google Play Store. Then sign up and create an account along with a Bitcoin wallet, in case you don’t already have one.

BitMaker sends bitcoins directly to your wallet. You must update your wallet address each time you receive a bitcoin payment.

 

How does it work?

Users just have to try out other mobile applications or fill out forms of free trials for various products and services. Users are rewarded with in-app tokens called “Blocks”. These blocks can be converted to bitcoin or ether once it reaches a certain threshold.

When you open the app, you’ll be presented with a percentage that will slowly increase. When it reaches 100%, you earn 500 Satoshi. Since you get paid this amount every 30 minutes, you earn 24,000 Satoshi every day.

As you can see in the above screenshot, there is a timer. The counter begins at 30:00 and when it reaches 00:00, an ad is displayed after which you get paid.

Fortunately, the app has both “day” and “night” modes. In the day mode, the ad has an audio whereas at night they’re just silent videos.

 

How does BitMaker pay you?

If you keep earning enough Satoshi and meet the withdrawal threshold, BitMaker will pay you every Saturday. Withdrawing your rewards is very easy, all you need to do is update your Bitcoin Wallet address then click on “Withdraw”. You will get your rewards deposited to your Bitcoin Wallet the following Saturday.

The weekly reward for Satoshi changes every week since they are in line with the Bitcoin trade prices. You can earn more Satoshi by completing offers which offer more number of free bitcoins.

 

BitMaker Now

Since its launch in September 2014, BitMaker now reports it surpasses 250,000 active monthly users across 187 countries.

According to the BitMaker website, the app has paid out over 215 bitcoins and 34 ethers up to this point. This amounts to over $275,000 worth of payouts at current exchange rates.

On April 30th, CakeCodes is launching an equity crowdfunding campaign for BitMaker on Wefunder.  CakeCodes intends to use the money from the Wefunder campaign to increase user growth, fast track development for an iOS app and add new features to the existing Android app.

“Nearly $600 billion is spent on global advertising, and yet many ads are simply ineffective,” said Simon Yu, CEO of CakeCodes. “Advertisements are everywhere and people automatically tune them out. We wanted to combat this by giving consumers the option to opt in and get paid for their time used on trying a new product. With Bitmaker, end-users get paid, businesses only pay upon engagement, and customer acquisition costs are dramatically decreased. Everyone wins. What we’ve done is create a simple, fun way for consumers to be rewarded for trying cool new products.”

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The Biggest Misconceptions About Bitcoin and How Experts Are Trying to Debunk Them

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Is the Value of Bitcoin Interrelated to its Google searches?

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The price of Bitcoin has a 91% correlation to its volume of Google searches, according to a search engine marketing agency known as SEMrush.

 

Image credits: steemit

 

Basically, this means that the number of Google searches related to “Bitcoin value” fluctuate with the price of google Bitcoin. In simple words, when the price goes high, more people are attracted to it and as it begins to drop, people become less interested.

How was this study conducted?

SEMrush discovered from a database of 120 million US keyword searches that were linked to bitcoin. Some of them are listed below:

“Bitcoin”

Bitcoin price”

“Bitcoin news”

“Bitcoin value”

The total number of Bitcoin and Bitcoin search volume was said to be approximately around 51,400,000 last year.

 

Is the case study simply approving the obvious?

Perhaps. As mentioned earlier, the interest of people is dependent on the price. The higher the price, the more the number of searches online.

Regardless, it’s quite interesting to note this connection and to discover that the numbers actually support what we might be assuming.

image credits: steemit

Statistics:

Since April 2017, the number of bitcoin searches has climbed up by 450%.  During this time, the value of bitcoin had gone up from around $1,076 to a new hit of $5,000 just a couple of weeks ago.

 

Will it Predict the Price of Bitcoin? – That is the Question

Unfortunately, no. That is not the case and it’s silly to think that a search engine would be easily able to predict the price of the world’s most popular cryptocurrency.

 

Story Credits: steemit

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Kakao Denies ICO Rumour While Confirming Blockchain Platform Establishment

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Kakao was established in 2014 and is a South Korean internet company. Kakao is basically internet giant in South Korea and recently rumours had been circulating about Kakao’s ICO plans. However, it’s been confirmed by Kakao that it is going to set up new blockchain, revoking the rumours of any planned ICO (Initial Coin Offering).

blockchain platform

Kakao’s Blockchain-Powered Platform

On Tuesday, a press conference was held, in which the largest messenger app of South Korea, Kakao Talk’s operator said, that a new division has been launched by the company to develop a blockchain platform for the completion within a year. The South Korean news agency, Yonhap reported, that its new product will be accessible to the public as an institute for application developers.

Views of Kakao’s CEO

According to the CEO of Kakao, Joh Su-Yong and Yeo Min-soo – while mentioning Ground X, they said that the company is also planning to assimilate the upcoming services related to blockchain technology along with the current internet offerings of Kakaos.

Joh stated at a news conference:

“Now at Kakao 3.0, we will continue to explore our growth potential by seamlessly integrating services among Kakao companies and actively building a presence in the global market.”

On the other hand, this news confirms a report which was published earlier this month that a blockchain unit has been launched by Kakaos. Another rumour has been shot-down today, which is also mentioned in the report above that Kakao is considering its own cryptocurrency under the name of “Kakao Coin”, which will be issued through an ICO outside of the country, South Korea, where they are prohibited.

ICO Rumour

On ZDNet, Joh denied all the plans related to ICOs, either inside South Korea or through a foreign strategy to avoid regulation in the country that banned the fundraising method based on tokens, back in September 2017. Earlier, Kakao was involved with the establishment of Upbit (South Korean cryptocurrency exchange), when its messaging services got merged with the trading platform.

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