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Old September 7th, 2018, 10:20 AM
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Default What Is Blockchain, Smart Contracts & Relation To Cryptocurrency?

What is a blockchain: A blockchain,[1][2][3] originally block chain,[4][5] is a growing list of records, called blocks, which are linked using cryptography.[1][6] Each block contains a cryptographic hash of the previous block,[6] a timestamp, and transaction data (generally represented as a merkle tree root hash).

By design, a blockchain is resistant to modification of the data. It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way".[7] For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks, which requires consensus of the network majority. Although blockchain records are not unalterable, blockchains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been claimed with a blockchain.[8]

Blockchain was invented by Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the cryptocurrency bitcoin.[1] The invention of the blockchain for bitcoin made it the first digital currency to solve the double-spending problem without the need of a trusted authority or central server. The bitcoin design has inspired other applications,[1][3] and blockchains which are readable by the public are widely used by cryptocurrencies. Private blockchains have been proposed for business use.



We can see that the first use case for blockchain was the original cryptocurrency, Bitcoin. That was over a decade ago and the uses for blockchain/s has shot off in many directions.

Within the scope of blockchain other tech creations have emerged; such as smart contracts.



What are smart contracts: Blockchain-based smart contracts are proposed contracts that could be partially or fully executed or enforced without human interaction.[60] One of the main objectives of a smart contract is automated escrow. An IMF staff discussion reported that smart contracts based on blockchain technology might reduce moral hazards and optimize the use of contracts in general.



There are many platforms that are deeply involved in the research, creation and implementation of blockchain and smart contracts. Several of many are Ethereum and EOSIO.

Take EOSIO as an example. Like Ethereum they aim to revolutionize the world from banking to daily living.



Block.One, a major backer/investor into EOSIO is creating a Block.One village where people can interact with EOSIO tech -Blockchain Live will also feature the Block.one village, a showcase of the most interesting and cutting-edge applications powered by the EOSIO software. Blockchain Live participants will have the opportunity to visit the village and experience real-life use cases and functioning blockchain applications that cover identity, music, gaming, finance, transportation and email.



As one can read, cryptocurrency isn't the only creation to come from blockchain technology. The scaleability is massive, world changing and even though some of it may be called "decentralized" we need to be aware of what is being created, funded by who and why. We need to use our unlimited minds to assess the big picture and how this technology will/can be used for or against us, our independence and our unlimited, natural minds.

If we want to be in control of our future, our children's future, that of our nation, culture, traditions and religions we need to keep abreast of these technologies and even use them so we know how to stay on top of them as opposed to them being layered upon us without our knowledge of how and why they work. It is imperative that these technologies do stay decentralized so that they are in effect an open source power that isn't controlled by one central authority which could be damaging if abused.
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