BLOCKCHAIN NEWBIE PERSPECTIVE

in #blockchain7 years ago

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My Blockchain Intro

yeah!! Blockchain the disruptive technology that will change financial institution..uhmm! i meant bitcoin the internet currency that has come to kill the fiat ecosystem.Blockchain well presented by a crypto enthusiasm,anarchism running through his/her veins

blockchain salvation for humanity,power to the people and tipping the scale in the majorities favor (yap!! the 99% oppressed by the 1% who want to create a new world order)

blockchain to me is a fairly a new topic to me but will try to explain it to my knowledge,am not even near an average guy but would definitely say amateur,graduated from a rookie recently,so am on the right track,just a couple of 600 pages long blockchain tutorial books

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SATOSHI NAKAMOTO

First things first! you cant talk about blockchain without talking about satoshi nakamoto,the creator of bitcoin who published a paper on the cryptography mailing list titled Bitcoin: A Peer-to-Peer Electronic Cash System and later 2009 released bitcoin software 1.0 on sourceforge.i remember reading an article saying that satoshi is an alien or some AI that that was trying to give us a boost in technology but who ever it is should know its really wealthy with 1 million bitcoin waiting for him/her/alien..


DISTRIBUTED LEDGER

a network of nodes(computers) that have same copy of data where each node acts as both client and server making data public and easily verifiable ,removing the chances of a single point of failure and bringing transparency and combined with cryptography brings anonymity which when you come to think of it,its an oxymoron but maybe cause i haven't being hitting those books hard


SMART CONTRACTS

Smart contracts help you exchange money, property, shares, or anything of value in a transparent, conflict-free way while avoiding the services of a middleman ,broker, lawyer or other intermediaries to confirm and this is all possible thanks to blockchain..


FUTURE OF BLOCKCHAIN
1.The industry that's right now visibly being distrupted is the financial institution especially due to transparency in the technology bring down corrupt entities from swaying the economy in their favor and a good example of that is Bitcoin..
2.Digital identity is a huge problem in this world and blockchain technologies make tracking and managing digital identities both secure and efficient, resulting in seamless sign-on and reduced fraud by the blockchain protects your identity by encrypting it and securing it from spammers and marketing schemes.
3.Since the advent of the Blockchain and immutable data technology, there have been innovations of voting systems claiming to make it trustless, transparent and non-tamperable and this is something am waiting for as of time of writing am watching a
court hearing of election rigging that was held on 8th of August in my country.

There's alot to learn about blockchain and all its promises but we should never forget that no new technology comes without a price tag written on it's forehead but yet to see any..i have not well explained some parts but will come back with more especially on another competitor of blockchain called IOTA and its tangle network..any comment is well appreciated and correct me if any mistake made

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Awesome post!
Keep them comming :-)

thanks alot!

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