Steemit Crypto Academy Contest / S8W1 - The Importance Of Blockchain Technology.

Hey steemians,

This topic is really awesome, in my little time in steemit i found out that so many steemians don't actually know the meaning of Blockchain, neither do the know about its features and characteristics. To me this is not right because steemit itself was developed on a Blockchain technology, the Steem Blockchain to be precise.

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What are The main issues arising in the existing system of Blockchain technology

There are so many issues that affects the use and growth of Blockchain technology in every region and if this issues get resolved so many more people would love to join the growing Blockchain world.

Illiteracy

One of the most biggest reason why Blockchain technology has not gone totally global is the fact that so many are illiterate whenever Blockchain matters arises, so many don't even know what is the use and meaning of Blockchain. Blockchain technology teams should really work on their publicity and social media advertisment to really make them popular.

So many people would not hesitate to join the blockchain world if only the know more about it Blockchain technology, this is more reason i decided to be a steem promoter and now i have been working hard to improve steem publicity.

Government Adoption

So many government officials are also ignorant about Blockchain technology, that's why the look on just it's disadvantages without weighing it's advantages before banning he use of crypto in their country.

Unfortunately my country fall under this ignorant set of government that has banned the use of crypto, this has drastically affected the adoption of crypto and Blockchain technologies. Before now Nigerians hurriedly adopted crypto uses because the perceived the greatness in it, but since the federal government banned crypto most traders sold their asset while the remaining few just decided to lay low to avoid receving punishment for trying to make a honest living.

Energy consumption

Crypto asset like Bitcoin has been discovered to consume so much energy that even the China government was tired of so therefore they decided to ban the minning of crypto especially Bitcoin in China, although this happened some years ago. I actually don't blame the China government because probably it was causing a lot of damage to their economy.

Criminal activities

Due to the fact Blockchain technology has proven to make account anonymous, so many criminals has decided to use crypto and Blockchain technology to make criminal gotten transaction, also crypto and Blockchain technology don't have transaction limits, so therefore this has been their safest means of making transaction across world.

As we all know crypto don't have regulations or rules to govern them and there is no admin to stop or question their transaction, so the criminals has decided to use this Blockchain technology as their best medium.

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Explain to us some of the key features of Blockchain Technology

Before i would love to discuss on the features of Blockchain, i would love to define the term Blockchain. The term Blockchain has so many definitions, but from my own understanding i would define Blockchain in the shortest way i can.

Blockchain was formed from two words "Block" ( a permanent storage system or medium) and "Chain" (Joining or link between two blocks). A block is very similar to the popular centralized storage system ( Database), just that block retain data and information permanently while database store data and information temporarily

There are so many features of Blockchain, but i will be writing on just few and they are:

1. Decentralization
2. Cryptography
3. Transparency
4. Consensus Mechanism

Decentralization:

The term decentralization is the total opposite of centralization, decentralization was developed to cover all the loop holes in centralized platform. Decentralization was brought to llfe with the aid of peer-to-peer networking that makes ever node a boss on it own, here there is no center node that have supreme access over others.

Because there is no center node it have proven to be the most secured and safest way to prevent seriously and large hacking activities on any platform, this is because there is no center node that stores information about the other nodes on the network. For example if the central node of a platform is hacked all account connected with the center node is automatically affected but In the decentralized world the opposite is the case because there is no central node.

Cryptography

This is a very important feature in the also help tighten the security of any Blockchain, cryptography is the production of keys/ cypher text. This has to to with the encryption of plain text to cypher text and decryption of cypher text to plain with the aid of special mathematics, key code, special and algorithm. For example all our access key like owner keys, private keys, active keys and public keys were all plain text before been converted

There are two types of keys which are Public keys and Private keys:

Public Keys are keys which is given by the team to only lock access into an account but the can't grant you access into your account, this keys are distributed publicly. While Private key's aregiven private, this are the most powerful keys because the can grant but assessing and locking an account. Only one user can have a particular private key, unless the are carelessly show in public.

Transparency

Transparency is an awesome feature that is helps keep note of every transaction that occurs on any Blockchain, with this we can monitor any strange transaction from and two any account. For example anyone who visit your steemit wallet can see your last set of transaction and with the aid of steemworld.com more information can be retrieved with and without the owner consent. This has really helped traced hackers and account Farming on steemit.

Consensus Mechanism

Consensus mechanism can be defined as a way or act enforced to achieve mining, security, agreement, trust, in a Blockchain, consensus mechanism is the closest thing to rules and regulations on a Blockchain technology. Consensus Mechanism are really created by the Blockchain team, big investors, best minners and withness on the Blockchain. Most Blockchain have similar consensus mechanism while some like steem Blockchain has their unique consensus mechanism ( when i say unique, u mean the consensus mechanism is used by few or inly the Blockchain). They are different types of consensus mechanism which are:
• PoS (proof of stalk):
As the name implies, here decision are made by the biggest investors or whales on the Blockchain, the rich ones rules this Blockchain leaving the poor powerless and weak

• Pow(Proof of work):
As the name implies, the Blockchain choses the most hardworking to be their witness, so therefore the decisions are made by the most effective minners on the Blockchain.

• Dpos (Delegated proof-of-stake):
This is steem official consensus mechanism, here all holders of steem gas power to vote for their favorite witness or minner, this opinion is base on how many accounts voted you and how many whales voted you. This has made steemit a people choice because everyone has a voice.

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Give a basic and simple understanding of how blockchain technology works

Because of the complexity that comes with the development of a Blockchain technology, they are usually some long step that a data or information has to go through but because we ordinary user don't actually know. This steps occurs in a very amazing speed that you wouldn't notice it.

First of all when a data or information is created an Artificial intelligence collects and authenticate the information, then a block is created so that the data and information can be efficiently stored. A block is a storage medium that store data and information permanently in a Blockchain technology.

Then the block is sent to all the nodes and witness for verification, if the block passes all criteria the block would be closed, verified and validated into the Blockchain. The blocks would be sealed with the help of cryptographic technology.

In Blockchain like steem, the rewards is sent in cryptocurrency to the account before the block can now be successful added to other blocks in the Blockchain, when this is done all nodes on the Blockchain are then updated. Only then can we say the transaction has been successful.

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Provide an understanding of how we can be able to use Zero knowledge proof for authentication

This topic is actually new to me but from the term i can understand what it means, as the nam implies Zero knowledge proof of authentication is the process where by a witness verifies a new block in Blockchain without cross checking it content. This can be because the content creator has made the withness believe the content is for private purpose, secret pupose and classified purpose.

For example
A user starrchris created a content on Steem Blockchain probably through steemit, but starrchris want the content to be a secret or classified and he doesn't want any node or witness to view it before the receiver. Starrchris can use the Zero Knowledge Proof Of Authentication technique to make his wish a come to past.

Just like i was saying Zero knowledge proof of authentication helps users pass secret information abd data across a Blockchain technology without breaking it secrecy.

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Advantages and Disadvantages Of Blockchain Technology

There are so many advantages and disadvantages that comes with this powerful technology known as Blockchain, just like every thing exiting there are good and bad sides of a Blockchain. Below are just few of the advantages and disadvantages:

Advantages

Lower charge rate:

Compared to other types of exchange platform like the banks and other centerlized exchange, Blockchain based exchanges tends to charge lower. When trading crypto on Uniswap it much cheaper than placing any trade on Roqqu exchange platform

Decentralization

In a decentralized platform all node or user is connected to each other in a peer-to-peer format , so therefore there is no center node that gives order or monitors users account. This has made every node a boss on its own, that's to say every user is fully in charge of every activity that goes on in their account and their data is saved in their blocks instead of a general database.

No Regulations:

Thou so many will see this as a disadvantage but i see it as a perfect advantage, Blockchain is one technology that the government and in people in power don't have control of, here a politician and a poor citizen are totally equal because the poor citizens is fully in charge of his account. Although this also has it's disadvantages, i still believe it's still a cool feature of the Blockchain technology

Disadvantages

Government rules:

The government authority of so many country especially mine Nigeria has banned the use of crypto currencies and Blockchain technology in their territory, this has made the and adoption of crypto and Blockchain technology quite illegal and very risky to use my the country. This is because you could lose all your asset, if the government agency catchs you.

Scam projects

So many crypto and Blockchain technology have been in the market for some years, within this period so many smart scammers have develop scam project that would attract large investors and just disappear with people funds and the funniest thing is that because of the anonymity of Blockchain technology this scammers would easily disappear into thin air without any trace.

Irreversibility

This has affected me on few cases and it really hurts alot because the lost can't be recovered, unless the other party pitiful send it backs to you. Due to the fact Blockchain stores facts permanently, whenever a transaction has been validate and completed there is no going back. For example if i accidentally sends crypto to a wrong account, i would not be able reverse it even if i want to.

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Conclusion

They Blockchain world is really complicated and complex and that same time it's really fun to work with, despite it numerous advantages, it also has so many down sides. I am really glad writing about this this topic because I have learnt so much more.

_{I am inviting @steemdoctor1 @mrsokal @lavanyalakshman @fjjrg @cryptoloover}