Have you ever think about, that the world needs another blockchain protocol and another cryptocurrency.
What is the blockchain?
We all know that the blockchain is one of the biggest buzzwords in technology. The blockchain is commonly associated with Bitcoin and many other Cryptocurrencies. It is the structure of data that shows financial ledger entries of the transaction. It ensures that authenticity and no one tampers with your transaction, so the ledger itself and the existing transactions within it are assumed to be of high integrity.
The Blockchain Technology
is an effective database which is validated by a wider community. It collects the records that a crowd oversees and maintains rather than doing like bank or government, relying on a single entity. A physical database kept on paper could never be managed by thousands of peers. Here the computer and the internet comes in. Here in the case of the blockchain, each “block” represents a number of transactional records, and the “chain” links them together with a hash function. Once the records are created, they confirmed it with the distributed network of computers, after that they paired up with the previous entry in the chain. All the process of creating a chain of blocks or a blockchain.
Bitcoin and Ethereum both free falling in value. Proof of many works has been revealed as an environmental catastrophe. There have been some bright spots of innovation by using blockchain in real lives working application such as in South Carolina crypto REIT and IBM/Walmart’s food safety project. There are many of the innovation in the crypto space has been of the financial shell game type and not the kind lawmakers like.
All of these things pretty clear that we desperately need blockchain innovation that is scalable, eco-friendly and addresses real business and social needs.
Also published on Medium.