The evolution of blockchain: Transactions, contracts and applications
Blockchain technology is more than just Bitcoin. Let’s examine the evolution of Nakamoto’s brainchild. The various types of blockchain permissionsBlockchain networks run on permission-based consensus methods, enabling various levels of use depending on a user’s needs and permission level.Aside from the blockchain generations, there are also different types of blockchain when viewed from a permission-based angle. Some of those permission types are public, permissioned or private blockchains. Each of these types offers a different use case for a company or user’s needs. When asked to list....
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If you have no idea what a cryptocurrency is and never heard of Ethereum, then this is the right post for you. Ethereum, you would have heard about it by now. If not, then I guess you have been out of touch with the cryptocurrency industry for a while or you are really new to it. Well, don’t worry we will get you up to speed in this article. What is Ethereum? It is a relatively new cryptocurrency that is making waves in the cryptocurrency ecosystem. Unlike bitcoin, it is designed to be a smart contract platform based on the blockchain technology. The crypto tokens on this platform are....
With the advent of blockchain technology, a brand new term has emerged: “decentralized applications,” also known as smart contracts. A decentralized application is a novel concept that acts as a secure and public agreement between a distributed ledger such as Bitcoin or Ethereum and one or more of its users. The main advantages for traditional payment systems (such as debit card infrastructure) to connect with blockchain technology are transparency and security. Positive side effects include a reduction of operational costs, as well as fees charged to customers. And because all....
Bitcoin has typically been associated with criminal activity, as the anonymous nature of transactions allowed illegal dealings to be practically untraceable without any money trail. While the underlying blockchain technology has gained a better reputation for possibly transforming several industries, its smart contracts might be vulnerable to criminal use as well. This has been explored by an article on the MIT Technology Review website, tackling the issue of how criminals could also tap into this blockchain technology. Blockchain refers to the public ledger of bitcoin transactions, which....
Bitcoin has graduated from being a cryptocurrency to an applications platform that can be used in a range of industries to augment their operations. The use of Bitcoin’s underlying blockchain technology for purposes other than recording and confirming transactions is labeled under an umbrella term Blockchain 2.0. Smart Contracts is one of the applications of Blockchain 2.0 Currently, there are two platforms that are leading the Smart Contracts race – Ethereum and RootStock. While Ethereum is a standalone protocol developed by Vitalik Buterin and his team that uses a separate blockchain and....
Using the provably fair and verifiable random number generator provided by Chainlink VRF, smart contracts can access random values without compromising security or usability. Blockchain technology has spawned many applications over the past few years, the most popular being cryptocurrencies. It has also facilitated the creation of many decentralized, secure and transparent marketplaces in the digital economy. Offering far more trust since all transactions are immutably recorded on the blockchain, this technology has been well supplemented by the smart contract feature popularized by....