Is Blockchain technology useless? – Emil Tsimbal

Is Blockchain technology useless? – Emil Tsimbal

We all know it might be difficult to understand, but here is how it’s structured:

There are a lot of stuff here; for usual people without specific education these scheme might seem as something, written in completely different language. But don’t worry, this scheme can be described in one or two sentences.

As we see we have an owner of transaction here, a Bitcoin Holder, willing to receive or send Bitcoins as well as Public/Private keys forming a transaction and digital signature for safety. The public can be described as an email address; this thing created in order to ensure that you are the owner of transaction. On the other hand, private key can be described as a password, in order to unlock the encrypted message from sender. This information is gathered in blocks. So this is how Blockchain works, in a nutshell of course.

Blockchain was invented in 2008 by Satoshi Nakamoto. The identity of Satoshi Nakamoto is unknown, no one knows whether it is a single person or a group of people. This idea of storing information inspired others and nowadays, more companies and cryptocurrencies use that technology and develop more complex systems. For example, Blockchain of new Generation, means that it stores blocks of data of another blockchains.

So, what are pros and cons?

Pros are pretty interesting:

  • Decentralization(no one controls it)
  • Time-saving(you will receive and send cryptocurrency fast)
  • Privacy
  • Security
  • Fraud reduction

Cons:

  • Storage(Bitcoin Blockchain requires around 200GB of storage)
  • Private key(you should keep private key in secret)
  • Large energy consumption(for miners especially)

Blockchain is a data structure to create and share dis-

Blockchain is a data structure to create and share distributed ledger of transactions among a network of computers. It allows users to make and verify transactions immediately without a central authority. In my opinion: this is of important technology discoveries we opened.

puters. It allows users to make and verify transactions

immediately without a central authority.

Published at Tue, 24 Mar 2020 08:06:59 +0000

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