Steemit Crypto Academy Contest / S1W3 – Blockchain through the concepts by @ebuahsang1

Introduction

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Hello Steemians all around the world, I am very sure we are doing fine in our various location. It is yet another opportunity for us to engage by participating in the 3rd week of the Steemit Engagement challenge. We have been requested to talk about the concept we relate best with Blockchain and I will be doing a post explaining just that.
I hope you get to read this post and learn a tninb or two from my explanation.

Tell us about your favorite concept or term related to blockchain, try to be explanatory and make sure to give your opinion. (For example: Decentralized, Genesis Block, Hard Fork, Proof of Stake.)

BLOCKCHAIN

Before we dive into the my concept of Blockchain, I will like us to first understand what Blockchain is.

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Blockchain can be defined as a Decentralized or distributed database that is shared amongst computer nodes in a network. As a database, Blockchain are used to store transactions and information digitally using Cryptographic calculations. A Blockchain stores it's information in a block and each block has its capacity for storing information. Once a block is filled with information up to it's capacity, the block is locked and chained to the other blocks.

Blockchain is very Crucial in the formation of the first ever Crypto currency, Bitcoin. Blockchain technology came about with the association of Crypto currency and that's why it is my favorite concept. However, I want to state here that a Blockchain is far bigger than crypto currency.

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CRYPTO CURRENCY

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Immediately I saw this topic of discussion and what was entail, I decided to do a little survey with my friends and family members. The question I asked them was this;

WHEN YOU HEAR OF BLOCKCHAIN WHAT COMES FIRST TO YOU MIND

And a majority of the correspondent as expected immediately voiced CRYPTO CURRENCY while the other part talked about BITCOIN

I am however not surprised by this answer as I live in Africa, Cameroon and in the suburbs so it is not strange that people should immediately associate the term Blockchain with Crypto currency or especially BITCOIN. Back in 2016 when I first heard of Bitcoin, it came along with the term Blockchain and till I joined the Crypto Academy, I knew it to be Bitcoin. So now I am going to discuss my favorite concept of Blockchain.

So to me my favorite concept of Blockchain is Crypto currency. So what is Crypto currency?

Crypto currency can be defined as a digital currency that is used for financial transaction without the use of a centralized unit. Crypto currency is a financial based Blockchain platform that offers users the ability to own assets virtually or online. Crypto currencies runs on a Blockchain

Crypto currency was created in January 2009 and Satoshi Nakamoto. Nakamoto wanted to eliminate the huddles that were associated with the Centralized/local financial system. And so in his attempt he created the first crypto currency, Bitcoin. The concept of Blockchain entered my country and location in the form of Bitcoin and so the concept of crypto currency and blockchain to me is very synonymous. And this is one of the reason most people in my community still think Bitcoin is a scam. The name was first associated to Bitworld and bit club back in 2017. These were Ponzi schemes that made away with the monies of my country men and so even since then most people don't like the word of Bitcoin, Crypto currency or Blockchain

I choose the concept of crypto currency to define Blockchain because ever since the creation of Bitcoin, the term Blockchain and crypto currency have been intertwined.

Why do you think it is important in the blockchain?

This importance of crypto currency is super important. I will try to explain in this section

Decentralization

As I did earlier mentioned, one of the main reason for the creation of Bitcoin our first Blockchain was to eliminate the existence of the Middle man or third party in the Financial transaction. So Bitcoins creation made it possible for the concept of Decentralization to be possible.

So Crypto currency or digital currency makes it possible for financial transaction to be truly Decentralized, reducing the cost of transactions and risk involve in the central or traditional Financial system. Crypto currency is at the core of Blockchain.

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Smooth functioning of a Blockchain

As we earlier explained, crypto currency is at the core of Blockchain. Every Blockchain network or platform that is created Is created with a crypto currency. The crypto currency is the main engine with which the Blockchain runs it's system.
Take for example

• Bitcoin - BTC
• Ethereum - Ether
• Tron - TRX
• Steemit - Steem or SBD

We can therefore see that and why I choose to associate the concept of Blockchain to Crypto currency. They are like complementary products, you produce by producing the other.

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Used to rate progress in price or value

Another importance of the Crypto currency in Blockchain is that it is used as a means to evaluate the progress of a Blockchain. So the price of Crypto currency tells us how valuable a Blockchain platform had become and the progress over time.

Take for example the Bitcoin Blockchain, the price fluctuates at around $30 000 to $50 000 for the past months. The monetary value tells us how valuable the Bitcoin platform is. So Crypto currency is a measure of value and progress of a Blockchain platform.

Do you think that the existence of the blockchain would be possible without this concept? Is there an alternative or similar term?

Honestly, I don't think it would have been possible for the Blockchain technology to exist without the concept of Crypto currency. Remember I earlier explained above that the creation of Bitcoin the first ever Blockchain was to eliminate the existence of third party in financial transactions.

"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks."

This was the message that was embedded in the first block of Bitcoin. Although this message was never explained, many do believe that it was a message by Satoshi expressing his discontent yo the failure of the financial sector and was therefore creating a way out of the financial system. So I think Blockchain won't be truly relevant though possible, without crypto currency.

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Is there an alternative or similar term?

An alternative or similar term use to refer to Crypto currency is Digital currency. It is important to note here that all Crypto currencies are Digital currencies but not all Digital currencies are crypto currencies.

When we talk of digital currency, we are referring to a form of currency that is available online or in an electronic form.

Do you think it is possible to improve this term in some way? Explain us how?

I do think it's possible to improve on the Crypto currency of Blockchain. Infact, it has been the a main point for the creation of most Blockchain network or platforms.

Crypto currency obtains its importance from the utility of the Currency on the Blockchain platform and so it is closely associated to it's Blockchain network. There by limiting it to just the Blockchain.

I wish that crypto currencies be improved in such a way that it can be used on other Blockchain platform. The limitations of using bitcoin just on Bitcoin platform, or So just on Solana Blockchain is a limiting factor. Improvement can be made to allow other currencies to run on other Blockchain platforms.

Conclusion

I think it is practically impossible to talk about Blockchain without talking about crypto currency. It is like the underlying value of Blockchain and given the fact that Blockchain technology was developed as a means of decentralizing the financial system, I believe that crypto currency and blockchain are like 5 and 6. They work hand in hand, the walk side by side and so it's impossible to detach the two.

So I choose crypto currency concept because to me it better suits the Blockchain concept.

Thanks to the MoD of the Crypto Academy for this interesting topic for discussion. It was really interesting to talk and learn. I might have it all wrong but I am happy to be corrected

Thank you for reading