BLOCKCHAIN (THE GENESIS)
Cryptocurrency is a wild fire in the town and it still continues to range more, it is predicted to be a key in upcoming technologies. But, cryptocurrency won't exist without a blockchain. The blockchain is a mother of basically the crypto system but in recent time to come, it would mother more than the digital currency. It would be the backbone of what the future technology holds. so, there is a need for all crypto, internet and digital gadget user to understand the modus operandi of a blockchain.
A blockchain to the ordinary man can be defined as a chain of blocks that stores data using a shared system. But in its full context, blockchain is defined as a set of protocols encrypted for storing data in a database on a distributed network. The keywords that holds up blockchain are Distributed Database and Encrypted data.
Distributed Database is a means whereby data is shared between different nodes on the network for validation process thereby preventing the effect of centralized data storage. Distributed database will give rise to ownership of data and increase data privacy. This is the future technology of the web 3.0
The blockchain technology is still under development though it has grown into a very large scale in the digital currency network. The blockchain technology promotes the trust amidst the unknowns ideology. The trust amidst the unknowns ideology means the blockchain has boycotted the KYC process of the banks.
The blockchain is presently in its third generation. The first generation of the blockchain is the bitcoin blockchain which majorly involves a distributed ledger network for financial transaction records. The second generation blockchain worked on the limitations of the first blockchain such as making the code an open source for developers to develop smart contracts, DeFi Applications, creation and exchange of Nfts. The second generation has brought in a new wave of technology to the internet as a whole, therefore making up for a new generation of blockchain which would be fully IoT.
The IoTa blockchain generation would connect humans to machines, devices, online presence and maybe utility apps on DeFi. This new trend in the blockchain development will be the backbone of how the future internet (web3.0) will be structured. The blockchain has come not only to stay but reshape every aspect of our life from economy to market to politics, power and also technology.
This blockchain technology will bring into reality the idea of social truth. This means identities are not manipulated but extra encrypted information are only provided into the metadata by different organizationorganizations and then securely kept on the shared network using private keys which can only be decrypted by those that have the private keys.
In the present technology of database, organizations such as google, facebook, amazon e.t.c all have different centralized database for storing their users data and that's why this organizations would require kyc such as SSN or special Id tags to verify the user. The next generation of the blockchain technology is solving the Centralized database by making each organization on the network reach a consensus of validation process before data can be stored on the next block. This data can then be read and not manipulated by users of the blockchain.
Basically for early crypto assets, the blockchain of each native token solves a problem that the founders think might be an advantage over other existing block chains just like how the ethereum blockchain has made its codes open source for developers, the binance chain also targeted the handling of so many loads for transaction process rather than features. The solana blockchain ensures composability between ecosystem projects by maintaining a single global state as the network scales. Never deal with fragmented Layer 2 systems or sharded chains.
But in the tech of today and yet to come, Blockchain will not only focus on the surface of finances and economy but would be deeply rooted down to holding and dictating how power is divided politically. It would give a say and a sense of making decision to the lower class not by mouth but as one that is represented and useful on the blockchain. This is where DAOs comes in.
The best of the blockchain is that, it gradually dictates finance. The tokens of the blockchain value increases as the blockchain is used by the People. If the blockchain is solid enough to prove to users its relevance and usefulness and also buy their heart to join the network then its FA to increase value for the native tokens of the blockchain.
Nothing here is a financial advice, your opinion might differ and also feel free to suggest more in the comment session
