Steemit Crypto Academy Contest Season 6 Week 1 - The Blockchain Revolution

Hello everyone how are you all doing moment I am so agitated to be sharing in this week contest and in this week contest which is Steemit Crypto Academy Contest Season 6 Week 1- The Blockchain Revolution and this is an intriguing content for the week.

Explain in your own words how Cryptocurrency have brought a revolution in the digital frugality

For me Cryptocurrency have brought a revolution in the digital frugality in my own words I'll say that It's one of the most revolutionary and disruptive inventions in the world of finance. hypotheticals regarding the impact of cryptocurrency on the frugality formerly served as fodder for the dubieties and query regarding crypto. Digital plutocrat has shown the eventuality for transubstantiating of the fiscal sectors with notable advantages for lower- income countries alongside arising requests.

Cryptocurrency or new forms of digital plutocrat can also help in reducing walls to trade between countries while easing new openings for request integration.

How is Cryptocurrency a revolution and which technology is used to run the process of cryptocurrency?

Cryptocurrency is a revolution because it explain the most important takeaways from the uninterrupted growth of digital currencies and blockchain technology and also explores the transformative possibilities of borderless payments, decentralized finance and machine- to- machine deals.

The technology which is used to run the process of Cryptocurrency is blockchain technology it's a digitally distributed decentralized public tally which live across the network and this blockchain technology also stores the record of power.

What's the main purpose of blockchain technology and can this blockchain work without an internet?

The main purpose of blockchain technology is to secure and partake information and it's an electronic database which storing data in digital form and also it purpose is to allow druggies to manipulate the tally in a secure way without the help of a third party.

In this question which says rainfall blockchain technology can work without an internet, my own answer is no because blockchain technology can not be used without an internet it really needed an internet connection to make any kind of sale, blockchain technology can't be used without the internet.

Explain in your own words how blockchain induce Cryptocurrency. Is all Cryptocurrency grounded on blockchain? Explain

For what I know about how blockchain induce Cryptocurrency is through mining process that's how it induce Cryptocurrency.

I'll say yes all the crypto currency work with blockchain and grounded on blockchain technology too, if it's their own or a blockchain network of other major cryptocurrencies. For illustration Bitcoin, Steem, Ethereum, Tron and BNB all have their own blockchain, while crypto commemoratives like shiba inu and usdt use their blockchain to complete any financial process.

Well, blockchain is a innovative technology but still moment it isn't well espoused by major people, institution and government, so I want to explain some problems which affects the work of blockchain technology.

Explain some of the challenges face when implementating Blockchain technology

Lack of standardization

There are difficulties with interoperability, increased costs, and complex procedures because there's no universal standard. Because blockchain technology has no particular interpretation.

Regulatory- Crackdown

The anonymous nature of cryptocurrencies has always posed a challenge when it comes to regulation. As a result, utmost fiscal controllers have taken a conservative approach to cryptocurrencies. But this has changed in recent months as controllers have come decreasingly concerned about the high position of investor losses.

Low Data sequestration
One of the topmost selling points of enterprise blockchain is that it decentralizes operations similar that druggies don't bear the intermediation of mediators. still, it’s also one of the blockchain perpetration challenges.

I'm inviting @aghafavour and @esscanoor to participate in this contest.

Thanks for visiting my post.