If you’re like me a year ago, any mention of the word would raise immediate question marks — and then you admit defeat of your lack of knowledge and find yourself Googling one of the most-searched keywords in this topic: “What is blockchain?”
And then you’re directed to a long list of technical articles that outline new projects, ICO’s and advances in innovation without taking the time to explain this “future” technology in plain English.
What Is A Block?
A is a record of new transactions. A transaction can be something bought or sold, but it can be a lot of other things, too. File storage, smart contracts, medical records, a record of how much energy you own, a recorded conversation — the list is endless. Basically, each block is a record of digital information. [1]
So, What Is Blockchain?
“Blockchain is a distributed digital public ledger with the potential to dramatically impact all industries that rely on trust or record-keeping/authentication.” says Scot Cohen, CEO of Bitzumi. “It provides the foundation for secure peer-to-peer digitally based transactions which are publicly viewable.”
New digital information gives us a new block, which gets attached to the old block, or chained together. That chain is a special kind of programming called a “hash function.”
Think of a hash function as a tool. It takes an input, does a lot of complex work, and produces an output. In this case, the input is a new record of transaction. (A new block.) The output is the chain, which links the new block to the old block in a way that cannot be changed, erased, or reversed. It’s like a one-way street. That is different than, say, encryption, which can be encrypted and decrypted, more like a two-way street. [1]
A blockchain (your digital information index) is stored on multiple computers all over the web. Each computer is called a . Together, they form a peer-to-peer network. When someone requests a transaction, which is the same as saying someone requests a change to the digital information index, all those nodes get busy verifying it. Once it’s been carefully verified by the peer-to-peer network, the transaction is complete and added to the chain. [1]
Blockchain and Its Advantages
Blockchain technology has several key advantages, the biggest one being:
Decentralization/Disintermediation
The core value of a blockchain is that it enables a database to be directly shared without a central authoritative group or location. With blockchains, we can now replace these third-party organizations with a distributed database, locked down by clever . “Like so much that has come before, they leverage the ever-increasing capacity of computer systems to provide a new way of replacing humans with code. And once it’s been written and debugged, code tends to be an awful lot cheaper” (Gideon Greenspan). [3]
Other AdvantagesThe transaction record is viewable by anyone on the network, so it’s fully transparent, sometimes called a “public ledger”Your personal information is still protectedThe information log is encrypted, so the content is secureLower transactions costs because third party intermediaries and overhead costs for exchanging assets are eliminated.What Is The Best Way To Understand Blockchain?
→ Attend conferences! 🙂
Conferences are a fantastic way for like-minded enthusiasts to learn more, engage and network, and get the first look of the newest trends in the industry. Your team at just wrapped up an incredible two-day blockchain conference by way of Summit Tokyo 2018, which featured a long list of world-class thought-leaders representing nearly every corner of the space, addressing relevant industry topics such as ‘ICO vs. VC’, Real World Applications of the Blockchain, The Next Generation of ICOs and Protocols of the Future. We’ll be announcing our next conference shortly — stay tuned!
The new advances in Blockchain technology is captivating, but unfortunately fenced by a lot of hype and cloaked in blurred rambling.
As the industry continues to grow, it is important to learn about the technology and understand how it works. While blockchain solutions for the average consumer might not be here just yet, the widespread possibilities of its use cases means blockchain should be sticking around for a while.
References:
[1] Inc.com —
[2] Forbes.com —
[3] MultiChain.com —
Interesting, right? Connect with us and keep the conversation going!
The opinions expressed here by Beyond Blocks writers are their own, not those of Beyond Blocks.
Valorem Transactions
A blockchain ledger keeps track of all transactions between two parties, such as those between landlord and tenant. Therefore, Valorem will improve and simplify rent collection, which will add significant value to its users.
As additional landlords and tenants register with Valorem, each will be able to participate on the platform by using their cryptocurrencies.
How to buy Valorem Token>>>
Litecoin price is trading above the $115 level against the US Dollar. LTC/USD may perhaps gain upside momentum if succeeds in clearing the $120.00 resistance.
Key Talking Points
Litecoin price traded higher recently and moved above the $115 resistance (Data feed of Kraken) against the US Dollar.
There is a major contracting triangle forming with resistance at $119.00 on the hourly chart of the LTC/USD pair.
The pair may rise in the short term as long as the broken resistance now support at $115 is intact.
Litecoin Price Forecast
There was a decent upside move in litecoin price from the $111.62 low against the US dollar. The LTC/USD pair moved higher and it was successful in breaking the $115.00 resistance.
TenX recently added litecoin cryptocurrency to their wallets and the company may also launch a Litecoin debit card. It sparked buying interest and LTC moved past the $118.00 level. During the upside, there was a break above the 50% Fib retracement level of the last decline from the $122.85 high to $111.62 low.
However, the upside move was capped by the $120.00 resistance zone. A high was formed at $119.79 from where the price corrected lower. It declined below the 23.6% Fib retracement level of the last wave from the $111.62 low to $119.79 high.
At the moment, the price is testing a major support near the $115.00 level and the 100 hourly simple moving average. Moreover, the 61.8% Fib retracement level of the last wave from the $111.62 low to $119.79 high is also around $114.50.
It seems like there is a major contracting triangle forming with resistance at $119.00 on the hourly chart of the LTC/USD pair. The pair is forming a breakout pattern with resistance around $120.00 and support near $115.00.
A break below $115.00 could push the price back towards the $110.00 support. On the flip side, an upside move above the $120.00 level may perhaps call for further gains toward the $125.00 level.
Trade safe traders and do not overtrade!
The post appeared first on .
