How Blockchain Works in Cryptocurrency

Posted On October 20, 2022

blockchain is a Record keeping in a digital form for cryptocurrency technology. It is the
result of sequential blocks that build upon one another to create a permanent and unchangeable ledger of transactions. in other words, blockchain is a decentralized and public digital ledger that is used to record transaction across many users or computer world wild.

Who invented Blockchain

the blockchain technology was invented in 1991 by Stuart Haber and W.scott Stornetta, two mathematicians, with the main goal of to implement a system where document timestamps could not be tampered, in 1990, the guy’s name Cypherpunk Nick Szabo propose using blockchain to secure a digital payment system, known as bit gold [never used]

What is a blockchain Platform

the main goal of blockchain platform is to allows user and developers world wild to create novel user on top of existing blockchain infrastucture.meaning blockchain platform allows user to create a new project or smart contract and programmable tokens by using the initial coin offerings [ICOS] and non-fungible token [NFT]

What is blockchain Wallet

a blockchain wallet is a digital wallet or a numeric wallet that allows users to store [save], manage and trade their digital asset like cryptocurrency, funds, stock, blockchain wallet has its own service provider called blockchain.it an E wallet that helps customer world wild to transfer their digital asset secure and Easly by providing the smart contract or a digital address.

is blockchain a safe wallet

the answer to that question is yes, blockchain are secured, as they are cryptographically signed, it only accessible from web devices, including mobile also the privacy of user and identity are maintained.

can a blockchain wallet be hacked

the answer to that question is no, blockchain wallet are very secure and the technology behind it make it very impossible to be hacked, but there is weakness outside of it that can create opportunities for hacking.

advantage of blockchain

one of the best advantages of using blockchain is transparency, meaning blockchain makes transaction histories more transparent and easier than ever before, by providing all node in network the ability to share copy of document.

Disadvantage of Blockchain

the disadvantage of using blockchain is high implementation of cost for user or company wich delays its adoption and implementation inefficiency.

due to decentralized nature of blockchain, each transaction must be verified by the nodes before its accepted as a block and that can take mins or hour.