STEEMIT CRYPTOACADEMY CONTEST [S6W1] : THE BLOCKCHAIN REVOLUTION
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THE BLOCKCHAIN REVOLUTION
The cryptocurrency is a digital currency which has gradually evolved in the last decade and this has brought about various windows of opportunities for success and financial buoyancy among young cryptocurrency enthusiast.
Cryptocurrency has brought a huge revolution in the digital economy, since the advent of the cryptocurrency in the last decade it has evolved so rapidly. The great place it has gotten is so massive. Most cryptocurrency like the Bitcoin has matched the worth of various Fiat valued assets. The cryptocurrency has brought revolution, bringing success in all spheres of the digital market.
Cryptocurrency has generated revenue for young project developers, it is a huge prospect as it has led to his boost in the digital economy and generating huge return of investment. for the young investors. Cryptocurrency through evolution process has been so massive, generating lots of opportunities through the ecosystem. The metaverse and various successful projects through cryptocurrency has also brought the digital economy to the limelight. I always enjoy the video games like me to mingle through playing of video games too would increase the efficiency of young gamers too thereby increasing traffic this earning more royalties through participating in such
Cryptocurrency has made the trading and assessing of goods and services pretty easier, providing major products for exchange of cryptocurrency. Today an investor can trade BTC against USDT earning fiat cash as reward for cryptocurrency exchange. These are my ideologies as regards revolution in the digital economy.
Cryptocurrency is a revolution today in the world as it has brought about various forms of advanced success in the process of technology and financial advancement respectively. The cryptocurrency has made unique progress where there are no boundaries for transactions. There could be inter-continental trading of the cryptocurrency without bridges or failure. There could be awesome trading of the cryptocurrency at any part of the world at any time. I would be giving an instance.
scenario:
An investor can trade his cryptocurrency on Peer-2-Peer without restrictions at any time of the day without restrictions or failure. This is a huge revolution.
Furthermore, the constant comfort and leisure of getting the cryptocurrency from the comfort of your home is really mind blowing. It's decentralized nature of getting such cryptocurrency is a huge revolution as investors can get funded or trade their cryptocurrency fund without stress of visiting a financial institution.
scenario:
Basically, in West Africa Nigeria the banks as a financial institution a form of the centralized system have days at which they operate. If you visit the banks late in the evening or on weekends with cheques or deposits you would be left without attention, this makes it interesting as you can get cryptocurrency from various exchanges from the comfort of your homes
The Blockchain Technology is the special technology yes to run the process of cryptocurrency to ensure a smooth access to the cryptocurrency. It is a digital database which stores and allows the algorithm sequence of data and technology information to be safe, displayed on an open ledger where investors can view properly. It has a secured and efficient technology which runs the cryptocurrency without threat of failure.
The major aim of the blockchain technology is authentication of commands issued using the cryptocurrency exchanges and other cryptocurrency procedures. They authenticate the blocks ensuring the investors data are checked and stored. It makes room for reward for crypto miners and gives access to see various transactions from wide range of investors. Is efficient storing and transparent recordings of various data on its database ensures proper approval and validation of transaction.
The blockchain technology needs the internet to an extent when decoding various commands on the various commands on the ecosystem. However, it could work without the internet as after a while transactions made could be passively seen seating on the blockchain.
A good instance is the steem reward, basically the curation reward and author rewards enter your wallet passively during the duration without needing the internet. You still earn passively as the blockchain mechanisms are expert. This is my own ideology too.
The Blockchain generates cryptocurrency basically by setting off on a competitive escapade where various cryptographic procedures are carried out by various project developers. A huge task of problems solving quest is set before them. These developers resort to using high leveled software machine to perform tasks through a consensus mechanism of Proof of Work (PoW). The trophy placed during the competition is usually a block reward. These Block rewards could be in form of coins and other valuable assets as reward for working for the blockchain. The Proof of Stake(PoS) could also be used to assertain that a reward for investors who stake their assets. This is also a consensus mechanism too with serves as reward for investors.
All cryptocurrency are based on blockchain. It varies if they are based on their personal blockchain like the ETH, smart contract etc. It is also based on other blockchain passively for financial transactions which includes exchange of cryptocurrency such as the USDT. The blockchain basically being their building block.
There are basic challenges faced when implementing Blockchain technology some of them are major challenges others are minor.
The blockchain technology regulators or "watch-dogs" are rapidly reducing therefore the space is frequently reducing in restrictions as regards to barriers, therefore little errors on the blockchain could not be handled.
scenario:
I made a transaction on the blockchain a couple of months back, it was a mistake as I transfered some of mine assets through to my binance, but I made an error and the funds where lost I could not recover them. There was no room to call and it really means a lot to me. It is a huge challenge.
The government regulatory body of some nation's give restrictions. Here in Nigeria there have been a bridge as financial institution do not exchange cryptocurrencies for Fiat. It passed a threat as the investors resort to decentralized exchanges for solution and adequate services.
Instability of cryptocurrency on the blockchain serves as a major challenge as not business men prefer to buy stock and shares on notable firms or holdings such as the "coca-cola" or British stock. They find the risk factor in the blockchain so heavy as there is little or no insurance policy guiding their asset.
The Blockchain technology is a prospective approach as it has evolved over the years and would evolve all the more in the future. Cryptocurrency remains a work in progress, the future remains bright for the iconic sector. I invite @jueco @sahmie @simonnwigwe to join the contest too.
Your explanation about the cryptocurrencies and the Blockchain technology are impressive ones.
Actually, the Blockchain technology is very old but its rapid growth started just after its adoption in the cryptocurrency. The advancements that are bought by the Blockchain technology in the financial world are also highly appreciated.
You have well said here brother. The Blockchain technology can work even without the presence of an active internet connection but there are a few limitations that it can only work within a particular organization or a company. It is so called as a Private Blockchain.
Thank you very much for your precious post. I wish you a very good luck for the contest.
@steemdoctor1 Thanks for visiting my blog and your positive response to mine analogy. I appreciated the insight you brought to me too. Thanks so much and #steem-on
You always impress me with quality contents friend, I love reading from you, given the fact that I always learnt something.
Blockchain has indeed brought revolution, because not only can individuals participate in the digital economy, but companies can also start accepting payments from anywhere in the world without having to worry about currency conversion rates or transaction fees
Of a truth, they. are issues regarding this concept which include risk of fraud, theft, and hacking. There's also the concern that cryptocurrency may not be able to handle a large transaction volume. Some people are worried about government regulation as well.
Thanks for sharing and goodluck in this contest.
@preye2 thanks for your positive review answers to mine blog. Thanks for stopping by. I am impressed that you learnt so well from my blog
Your post has been supported by @josevas217 from team 2 of the Community Curation Program, at 10%. We invite you to continue sharing quality content on the platform, and continue to enjoy support, and also a likely spot in our weekly top 7.
Voting date: 28/11/2022
Hello daprado1999, it is very true, many people are generating income from the Blockchain: miners, traders with cryptocurrencies, those who charge their services through cryptos... even us as content creators.
I think many governments do not like the fact that their citizens are using the blockchain, out of regulations and control; while there will be others, who do worry about the instability it may have.
Greetings.
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@syllem thanks for your positive reveiw. I am so happy that you understood the concepts and my approaches towards the blockchain. I enjoy that fact that content creation pays out too on the blockchain.
Me too!
Greetings.
Your post has been supported by @josevas217 from team 2 of the Community Curation Program, at 10%. We invite you to continue sharing quality content on the platform, and continue to enjoy support, and also a likely spot in our weekly top 7.
Voting date: 28/11/2022
Gracias por el apoyo amigo.
Que tengas un espléndida noche.
Thank you, friend!
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I really like the way you explain in detail about cryptocurrencies and how blockchain bring revolution in technology and our lives.
It is true that blockchain changed our present and will positively affect our futures. It will almost stop the banking system if they don't accept it. Due to blockchain, now transactions can be done within seconds. It is the reason why people are shifting towards it and from 2020 institutes and few banks around the world are accepting cryptocurrency.
I want to share my story for reference of people ignoring crypto and blockchain in 2014. I was not aware of the cryptocurrency and blockchain even I am an IT Guy. I studied IT in 2014 and it was the time I invested in different website projects but they all scammed me. If at that time I had invested in crypto, today a millionaire was commenting here :p.
Just like my case, mostly people were not aware of crypto and from 2017-2018 people are taking interest after bitcoin hit All Time High.
However, there are still many risks including fraud, scamming, hacking etc. But I am confident that in future these issues will be resolved as cryptocurrency will be like fiat currency.
That's it. Thank you for sharing this quality content with us. I have started following you.
@chasad75 I really appreciate your great intellectual competence as regards sharing your great regrets and specific objective on the topic of discuss. Thank you for your discipline and quest for knowledge by visiting my blog and active participation in my blog. I appreciate the fact that you are learning so much about cryptocurrency.