Hello, in our previous classes we discussed about coin, token, how to determine the prices of crypto-currency, the function of of blocktivity.info and coin market cap, and we also learnt about some terms used in crypto, let me say crypto-language, we also learnt about Blockchain and its real life applications, today I'm going to explain and and add some important points.
I said earlier that a coin is an asset of a. Blockchain, a coin has its own Blockchain while a token is built on another coin Blockchain, in other words a token does not have a Blockchain.
I can say that coins/tokens are digital currencies.
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A Blockchain is a continuously growing lists of records called blocks,which are linked and secured using cryptography.
It's an open distributed ledger that have the capability of recording transactions between two parties efficiently and in a verifiable and permanent way.
Blockchain can't be altered in other words hacked without alteration of all sequent blocks, which requires consensus of the network majority.
It was invented by "Satoshi Nakamoto in 2008".click
We have three types of Blockchain;
1.) Public Blockchain : a public Blockchain has no absolute access or restrictions, anyone with an interest can connect and send transactions.
2.) Private Blockchain : a private Blockchain is permissioned, one can't join unless invited by the network administrators.
3.) Consortium Blockchain : is often said to be a semi -decentralised, it too is permissioned but instead of a single organization controlling it, a number of companies might each operate is node on such network.click
Decentralization : is a process by which the activities if an organization, particularly those regarding planning and decision making are distributed or delegated away from a central authoritative location or group.
Actually Blockchain is for transparency, safety, and for a more effective work, reducing stress and giving men freedom.click
Crypto-currency are digital money used as an exchange means on Blockchain, it's a digital money as I said, it can either be a coin or a token.
Blockchain eliminates middle men, most of the challenges we face today, some are traced back to the middle men involved in either transactions or other means.
Blockchain will reduce labour market that's actually the reason most countries are fighting against it, apart from its transparency.
When I say middle men I meant, OK for example the bankers/accountants in that bank, you are supposed to go to the counter and pick up a form/slip be it a withdrawal or a deposit slip, you are expected to fill in the slip and go back and join the queue before you can deposit or withdraw
But with Blockchain technology you just need to pick up your phone and login into you wallet and make your transaction, if you are using the steemexchanger.com in less than 5 minutes you ate done instead of wasting a lot of time queuing at the bank.
I use the word thee wallet, actually it's a digital wallet, it's like an app and some has their site, we have several.wallet like Binance, myether wallet and many other, it's called digital wallet because only digital currencies can ba used put in it like Bitcoin, Ethereum, Ethereum, Steen and other.
With your login password you can access it anytime any day, no middle man and you can say your money is missing because all transactions will be there, you can't delete anything on Blockchain, that's what I mean by transparency.
In our next class we are going to go into something different.
