Update #71: Writing Expedition ✍️, Have Fun while Writing! Cryptocurrency and technology

^{Hello everyone}

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Today, I will be educating you on Cryptocurrency and technology and so let us proceed, Cryptocurrencies and technology have merged in various ways that are unimagined to redesign society’s financial systems. This revolution is anchored on blockchain which is the underlying platform for most cryptocurrencies.

Blockchain is a distributed electronic record of business transactions that occurs at different nodes or computers. Such a system is transparent and can be regarded as secure and immutable, thus it is suitable for developing digital currencies including Bitcoin, Ethereum and many others. Blockchain is entirely decentralized that make the elimination of the middleman such as banks necessary hence enhancing faster and cheaper P2P transactions.

Also, the basis of cryptocurrency is not limited to the financial operations alone; it has various applications. Blockchain is characterized by smart contracts; such are contracts that can be executed autonomously and do not require other people’s intercession. This will have the potential of transforming the face of legal practices and calling into question conventional practices within business undertakings while at the same time boosting the efficiency of numerous industries.

Moreover, there is the formation of decentralized applications also known as dApps that are applications that are developed not on a single server but are rather distributed over a number of computers. It can provide these services as DeFi platforms, decentralized social networks, therefore, giving more user’s control over their data and hence, digital lives.

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Cryptocurrencies are also associated with technology, which created such new options as non-fungible tokens (NFTs). NFTs are collections of digital items which exist on the blockchain, these items are art pieces, collectibles and so on. This has created new opportunities for artists to generate revenue and for people to own provable pieces of value.

Since the latest developments in cryptocurrency and technology are rapidly advancing, it is only wise that the participants of this market get to know the benefits and risks in this trade. Thus, being aware of these new forms of cryptos and tackling them in a workable and safe way, we can contribute to improving the efficiency, transparency and decentralization of our world.

I invite @rad-austine, @ability20 and @morgan76 to participate.