BTC for dummies
The Ethereum blockchain, which powers the Ethereum cryptocurrency, is currently the most open to use. But this openness doesn`t always go hand in hand. New blockchain projects are created every day, even among the largest tech companies. Microsoft provides its customers with tools to experiment with cryptocurrencies in its Azure cloud.
Blockchain gives us the technology to move information securely, and gives us almost complete confidence in the authenticity of any piece of information you want to protect. So far, only 1% of the world`s population uses blockchain.
In the field of cryptocurrency, the cryptocurrency bought or earned must be stored somewhere. A blockchain wallet with many features is suitable. Using a wallet, it is easy to save coins and get detailed information about blocks or completed transactions. The repository has earned a reputation for being reliable and easy to register - you can use https://bitcoin-fortress.site/ or any other similar software.
Transaction in the blockchain network
A key advantage of blockchain technology is protection against intrusion by third parties. The registry records the history of transactions between network nodes and forms blocks with information. There are no intermediaries here, and all transactions are carried out according to a special consensus protocol that ensures the coordination of information in the registry.
Today, many projects created on blockchain work, and their number is growing every day. This is due to the advantages of the technology and the opening up of wide opportunities for users. Each person can invest in a start-up project by spending the minimum amount, and in the future earning on the increase in the price of the token. Many blockchain projects are just developing, but they have already gained popularity and are getting closer to the current leaders.
The process of verifying a transaction uses a consensus mechanism that eliminates the possibility of fraud. The Bitcoin network uses the SHA-256 protocol. With any, even a slight change in the chain, the hash changes. The use of an EDS ensures that the transaction is carried out by the owner, and not by a fraudster. Each network member has equal rights, and the connection is made using the same protocols. Users can be government organizations, ordinary citizens, companies or other members of the community.
As of November 30, 2018, Ethereum ranks third in terms of capitalization and price. For example, the bitcoin rate on the specified date is $4,000, and the ether is $114. In terms of capitalization, Bitcoin is $70 billion while Ethereum is $11 billion behind. Despite the lag, a number of experts are confident in the temporality of the phenomenon. The main advantage of Ethereum in blockchain technology is the presence of smart contracts - elements containing a specific execution algorithm. The project was launched on July 30, 2015, working on the Ethash algorithm and the PoW consensus mechanism, which is planned to be replaced by PoS in the next (2019) year.