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

Cryptocurrencies have captured the public’s imagination and fascination. Since their introduction in 2009, cryptocurrencies have gone from fringe financial instruments to a mainstream global phenomenon. Despite the fall in prices from their January highs, interest in cryptos has never been higher than it is now. This is thanks to two major drivers: the rise of peer-to-peer trading platforms like Localbitcoins and increased mainstream adoption of blockchain technology. As such, the current state of the cryptospace can be summarized as a prolonged period of consolidation that’s set to end with a revolutionary new phase for digital assets. In this article, we’ll explore what cryptocurrencies are, how they work and what impact they’re likely to have on our future financial system.

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In my opinion Cryptocurrency is a digital asset designed to serve as a medium of exchange that operates independently of a central authority. It can either be decentralized or decentralized decentralized. Most cryptocurrencies are decentralized, in the sense that they are not controlled or issued by any central authority. For example, Bitcoin and Ethereum are decentralized cryptocurrencies, while Ripple, a company that produces a cryptocurrency, is centralized. The decentralized nature of cryptocurrencies can be attractive to users. Those who are curious about the future of money, for example, can see how cryptocurrencies are already being used in a variety of ways. More broadly, it’s important to emphasize that blockchain technology is not limited to the use of cryptocurrencies. Instead, it can be used to create all kinds of distributed ledgers that can help improve a wide range of business processes.

And last but not the least there are no such digital money in existence before bitcoin, we may use digital ways to pay money, but we don't have actual digital or virtual currency.

Cryptocurrencies is a and will be a revolutionary thing ever created because it gives the world a new concept of money, which will not gonna lose it's value due to deflation or recession. Also most of the cryptos are not under control of a bank or a government and it gives freedom to transfer money using Peer-2-Peer Technology, without the interruption of a bank.

And The Cryptocurrency use the blockchain technology, blockchain is a decentralized digital ledger that is used to record transactions across many computers. It is typically managed by a decentralized network of computers called “participants.” In order to create a new record or transaction, participants must “consent” to approve an old record. When a majority of the participants consents, the block is “approved” and a new record is added to the ledger. A blockchain’s decentralized nature makes it a secure environment to conduct business because it eliminates the need for trusted third parties. It’s also less susceptible to fraud because it doesn’t rely on a central authority to approve transactions. While the blockchain concept has been around for several years, cryptocurrencies open up new applications because they run on a decentralized blockchain.

The main purpose behind creating the blockchain technology, is to make a corruption free, and decentralised monetary transaction system, where people can see all the transactions done by one another. It also needed to generate and transfer crypto currencies from a person to another.

Since, cryptocurrencies are typically built on blockchain technology. So, Technical it uses internet but it doesn't need a constant internet after the transaction made n
by a user.

However, the exact rules behind the operation of cryptocurrencies vary from one coin to the next. Although there are some restrictions. Most cryptocurrencies in blockchain use a so-called “proof-of-work” (PoW) algorithm to generate new coins. The PoW algorithm involves a computer solving a complex mathematical problem that is used to secure the network. The first computer to solve the problem generates the new coin, which is then distributed to all participants.

Yes, all the crypto currency work with blockchain and based on blockchain technology too, whether it is their own or a blockchain network of other major cryptocurrencies. For example Bitcoin, Steem, Ethereum, Tron and BNB all have their own blockchain, while crypto tokens like shiba inu and usdt use their blockchain to complete any monetary process.

Well, blockchain is a innovative technology but still today it is not well adopted by major people, institution and government, so I want to explain some problems which affects the work of blockchain technology.

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• Regulatory-Crackdown:-
  The anonymous nature of cryptocurrencies has always posed a challenge when it comes to regulation. As a result, most financial regulators have taken a cautious approach to cryptocurrencies. But this has changed in recent months as regulators have become increasingly concerned about the high level of investor losses.

• Governments Embrace Cryptos:- Governments around the world have long been concerned about the threat posed by anonymous digital assets like cryptocurrencies. As a result, cryptocurrencies have generally been treated with suspicion by governments. This has changed in recent months as a growing number of governments have begun to embrace cryptocurrencies.

• Massive-Investment:- Cryptocurrencies have captured the imagination of many investors, who are prepared to spend large amounts of money buying cryptocurrencies. This has led to a frenzy of investment across a range of asset classes.

• Institutional-Investment:-
  Cryptocurrencies have also begun to attract the attention of large institutional investors. While they remain a minority among investors, institutional interest is likely to drive the continued growth of the cryptoasset market.

My-Achivement1-Link:- https://steemit.com/hive-172186/@theentertainer/achievement-1-my-steemit-introduction-post-by-theentertainer

Furthermore, I also want to invite my friend @cryptogecko, @aaru, @shravana to participate in the contest.

💻THANK YOU💻