Blockchain reduces the possibility of corruption to zero

The blockchain technology, which revolutionized the financial world, began to spread rapidly in the global sphere with the arrival of 2017, from banks such as IBM giants such as IBM to GoldmanSachs. The feature of the block chain is that it reduces the probability of corruption to zero. There is no chance of interfering with the processes that are going through completely digital encryption and the processes are completed in a short time. For example, the payment protocol established by OpenCoin Many consortia affiliated with Ripple have been installed. Today, 47 banks using Ripple in Japan are able to handle their financial transactions independently and independently from third parties, while it is easier to keep a record in the fully digital account book.

In short, the block chain offers institutions the chance to use ‘distributed ledger’. Whenever a financial transaction is performed, the transaction must be transferred to the account book, in which all the bitcoin purchases are recorded, ie to the block chain. Financial transactions accumulate until they become ‘blocks’ and the blocks are sent to the miners. Using 7/24 graphics cards and data keys called ‘nonces’, miners are converting the blocks of the process data into a definition directory called ‘hash’. After Hash is created, the block that it verifies is added to the block chain. A miner gets what he has to pay. Of course, the proceeds vary from trading volume on virtual currency exchanges to how much miners it is.

The block chain does not allow for human error or irregularity as it is a continuous and non-intervening method. Ethereum, an open-source block chain software, is a new generation virtual currency that will manage the intelligent operations that come in many different versions.

“Highest potential in developing countries”

He’s got to be a genius to drag him into every big story, right? The name of Bitcoin in the world of virtual money launched by the 23-year-old Vitalik Buterin.

Buterin, who moved with his family to Moscow from Canada when he was 6 years old, is sent to a school where gifted students read when his mathematical genius is noticed. Buterin, a BTC miner, started to show interest in this field and decided that they needed a new algorithm at the 19-year-old Bitcoin conference in California. Buterin, who left the university in 2011, was one of the founders of Bitcoin Magazine and gave time to research and write. In 2013, he presented the idea that an alternative platform should be provided to Bitcoin. Buterin, Ethereum, which provides many intelligent processing in 2014 by the technology billionaire Peter Thiel’in competition won $ 100,000 to win. In July of the same year, it sold 60 million virtual currencies and offered $ 18.4 million in capital through initial initialization (initialcoinoffering).

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Responses

  1. Luke Phoenix

    Nice first post, welcome to Trybe! Try to get to 800 words on your next one and chat me. If it is this quality and that length, I’ll share it and crosspost to Trybe Network Medium getting you a little bit of promotion.

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