Blockchain technology

Blockchain technology is the latest addition to the technological inventions, that the world is looking up to. Do you know all about this latest technology that is the backbone of the currency that is virtual in nature and getting so popular and going high in value in a short span of time?

If you know then that’s a great move, you are being updated on the science front. If not, then you are among those who fear losses, even before you know it. Well, there is a saying, that fear conquers the greed and doesn’t let you grow!! So, if you are looking for growth, let the fear die, or take a step down.

The blockchain is called so because the way it works is like adding up blocks at every step. The basic access to any cryptocurrency is through mining and gaining the reward. ‘mining’ is a term used to gain access to the virtual money, where the miner (person willing to access) solves a complex computer problem, just like our mathematical puzzle and the miner will add a block to the ledger to leave a chain built. This is a chain that no individual can directly gain access to and manipulate eth blocks and currencies. This whole technological protection system is known as ‘proof of work’ system.

The ledger in which the details of the miners have currencies are stored in an encrypted format, makes a note of the everything related to a currency. This was the scenario in the earlier years when this mining was the only way to gain access to the virtual money.

But, now things have changed, you can ‘buy’ cryptocurrencies and trade with them, using different payment modes, like credit cards, physical money and others; though they are expensive options. The good thing about this currency is that the transaction fees are very low. They are easily transferred and transacted.

To deal with these currencies, there are 3 phases that a coin enters:

  • Ledger
  • Transaction
  • Wallet

Once the coin enters a wallet, it stays there until it’s been transferred or redeemed or exchanged for any other purpose. There are many brokers who deal with trading using these virtual currencies and have been here over the years. But, not all are worth your money, only a few are good, like the bitcoin code, Ethereum code and few more. You can learn even more here about various platforms and brokers who suit your need.