STEEMIT ENGAGEMENT CHALLENGE SEASON 6 WEEK 1 - THE BLOCKCHAIN REVOLUTION

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Hello to everyone in this wonderful community. A greet you all in one spirit today. I welcome you all to the week 1 of the season 6 engagement challenge that has been brought forward by the steemit team to improve participation in this platform.

Today, I will be joining the contest that has been brought out by this community team which has been titled the blockchain revolution. I will be dropping my entry below, so I urge you all to relax while I drop my entry. I wish you all a happy reading.

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

Cryptocurrency as we all know is not a new word to us all today. It is a currency that was developed through a blockchain. And ever since it worth is discovered, it has gone viral to the point that people are now investing in it everyday, hours, minutes and seconds.

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Cryptocurrency came out of the bloom in 2009. The the bitcoin is the first cryptocurrency that was firstly introduced to through the blockchain, it was said that a person or group of persons named Satoshi Nakamotu founded the bitcoin cryptocurrency.

When the bitcoin was brought forward initially, it was of no value and as such, it was considered as nothing and only few investors agreed to invest their money in it.

Then little by little, the bitcoin started showing great movement in price value, few investors also invested in it, and immediately people started seeing the rapid growth in the bitcoin Price, quickly most investors rushed and invested to and that was how the bitcoin surfaces from 2009.

It started adding value and early investors started gaining profits as the price skyrocketed above their entry price. It came to a point that people who truly know the worth of cryptocurrency began to invest too.

And when other developers saw this movement, we began to see other cryptocurrencies making their way into the cryptocurrency blockchain too. After the revolution of the Bitcoin, the Ethereum came next and from then, we began to see more currencies coming into the digital currency world.

Now since everything is now made digital in nature as though we are in the digital era, the cryptocurrency is now a means of legal tender* in exchanging goods and services.

Gone are the days when transactions are made using fiat currency, now investors make use of the cryptocurrency to boost their businesses and make profits.

Cryptocurrency has brought a great revolution in the digital market. There are companies who now accept cryptocurrency as a means of exchange for their products. This attitude has been know to be of benefits to them.

For example, if I have a car for sell, and then a person comes to buy my car and asked if I accept cryptocurrency as a mode of payment, I will say yes because, if I am been paid with cryptocurrency, the price of that cryptocurrency can attain new highs and as such, I will be in more profit than previously because the price value of my cryptocurrency would have gone up by then.

So you can sew how the cryptocurrency has brought revolution to the digital economy, people can now trade with the cryptocurrency so easily and it is safe in terms of security. With all of these, the digital economy has seen the light of day through the evolution of cryptocurrency.

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How is Cryptocurrency a revolution?

Cryptocurrency is indeed a revolution. It has changed the financial realm, the economy is boosted through the evolution of cryptocurrency.

I will be talking about how the cryptocurrency is a revolution in different areas of concentration.

• ECONOMY - Cryptocurrency has made a great change in our economy today. The level at which our economy has been refined by cryptocurrency is quite a thing to talk about.

Gone are the day whereby we purchase things from different countries according to the price value of that country. So cryptocurrency has helped to maintain a particular price tag. Depending on the type of cryptocurrency that was agreed on to be the means of exchange in goods.

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The cryptocurrency has brought balance in our economy. Let say for example, I have a house to sell off and the buyer is from a different country, than for me to use my native currency, I rather use the cryptocurrency so that there would not be a dispute in price.

And on that note, if I decided to keep that cryptocurrency for a while, the price value may increase and when that happens, it has profited me more.

So cryptocurrency is helping the level of our Economy to a better level.

• NO TRANSACTION LIMITS - Now here is another revolution about the cryptocurrency. We know that in various financial institutions like the Bank, they give out certain transaction limits to users that are banking with them.

To the point that, you can not perform transactions after a certain level. There are restrictions to performing daily transactions, and this is a great turn down on users.

So this is also the part of cryptocurrency revolution. With cryptocurrency, this scenario is eradicated completely. Cryptocurrency gives access to it users to perform multiple transactions in a day. There are no restrictions to how many transactions one can perform.

• FAST TRANSACTIONS - This is also a great change which the cryptocurrency has brought to us all. In cryptocurrency, distance is never a barrier for one to perform transactions. It doesn't matter where you are, provided that the wallet is correct, the transactions will be performed speedily without hesitation.

• LESS CHARGES - Less charges is also a change that cryptocurrency has brought to the economy. We can compare this attribute to that of the banks. In banks, when making transactions the higher the money, the higher the transaction fee.

But in cryptocurrency, the transactions fee are the same, it doesn't matter if the quantity of the cryptocurrency is much or less. The charges is the same. So with this, it has brought about revolution to the digital economy.

which technology is used to run the process of cryptocurrency?

The technology that is used to run the process of cryptocurrency is the Blockchain. If we all can remember, Earlier I talked about the cryptocurrency and how it came into existence. I said that it was built on a blockchain. Now this blockchain is responsible for all cryptocurrency.

The Blockchain is just like a shelter to the cryptocurrency. Without the blockchain, there would never be cryptocurrency. For the blockchain does not only provides shelter for cryptocurrency, but it also secures the cryptocurrency and it is responsible for all the transactions that are made on the cryptocurrency.

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What is the main purpose of blockchain technology?

The blockchain serves as the engine room of cryptocurrency. Just like a father who caters for his children, in samw way the blockchain works. It provides security and as such, it is responsible for all transactions that takes place on the cryptocurrency.

Also there is an important factor in cryptocurrency which is called Mining. The mining is related to the process whereby investors mine cryptocurrencies and this mining is done on the blockchain ledger. So without the blockchain, mining of cryptocurrency would be difficult. Allow me to explain this in a more simpler way.

The blockchain is just like a field in which crops are cultivated, and without that field there would be no crops to cultivate. So base on this term, the blockchain is considered to be the filed, and then the cryptocurrencies are the crops that are being cultivated. So without the blockchain there would be no cryptocurrency.

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Can this blockchain work without an internet?

Yes ofcourse. Blockchains that are privatizedcan sure operates even without the internet as though they are regarded as personal or private blockchains the only trouble in which such operational organizations face is that, the networking strength of such organization is quite vulnerable and such kind of weak networking force of blockchain is mostly seen in certain private organizations that works based on a private system of operation.

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Explain in your own words how blockchain generate cryptocurrency.

Now I will be explaining this point in a more simpler way for easy understanding. In blockchain there is a feature which we call Cryptography. Now this cryptography part of the cryptocurrency, so there would not be cryptocurrency if cryptography is eradicated from the picture. Cryptocurrency is what we get as money and this money has passes through a path way known as cryptography.

The cryptography is the authentification of the cryptocurrency and as such, with the cryptography, all blockchain be it a public or a private blockchain is designed to bring out newly made cryptocurrencies.

If we all could remember, I spoke about -mining* previously, now the aspect by which new crypto tokens are released is through the process of mining and cryptography authentification on the blockchain. The both operations are by which we get to see new generated digital currencies in the crypto world.

Is all cryptocurrency based on blockchain? Explain

I doubt. Some digital currencies makes use of what we call smart contracts and this smart contracts are not total blockchain based. Now talking about some cryptocurrencies that carry out operations based on a proof of stake mode of operation whereby it only takes an investor to stake more cryptos and the responsibility of validating of new blocks will be given to the the investor with the largest stake of cryptos.

So with this, we can only attest to the fact that, it is not all cryptocurrency that is a based on blockchain, which represent the fact that investors have to mine or providing answers to difficult puzzles and the one who gets the answer will be the one to validate new blocks.

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Explain some of the challenges face when implementating Blockchain technology

Actually, there are certain challenges which one faces when implementing blockchain technology, a few of these challenges arr as follows.

We all know that the basic characteristics which makes up the blockchain are as follows.

• The decentralize system of the blockchain

• The scalability of the blockchain

• The security standard of the blockchain.

The above are characteristics which a well standard blockchain is to possess on the account of implementation, but currently, this have been a major factor and as such, it is indeed a challenge which the blockchain is facing today.

The three features is rarely seen on a blockchain, for instance, if a blockchain has a well scalable strength you will noticed that the same blockchain may not be strong in terms of security or decentralization aspects and vice versa. So the three major characteristics are a problem that we are faced with when implanting a blockchain.

So it is hard to see a blockchain having a well standard scalability which is the ability to increase in capacity, and also being decentralized which in turn implies that no authority has power in dictating it operations, and lastly, having a well security.

So the above are the challenges that developers face when implementing blockchain technology because it is hard to get it all.

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CONCLUSION

The revolution of the blockchain in our economy is quite a wonderful approach and we have seen certain development that has been made through this evolution.

Note that it is not only the financial realm that has benefited from the blockchain, several institutions like our hospitals are also benefiting from the revoleof the blockchain in terms of record patients data and getting the medical history of patients with the help of data storage that was gotten through the help of the blockchain.

Other institutions like the prison warders have also borrowed the blockchain technology to search for the history of criminals in the prison. So the blockchain revolution has done a lot to mankind and it is still doing a lot more.

Thank you all for reading my article today, I will like to invite @v-brainer, @josepha, and @jueco to participate in this contest.