LARGEST DEVELOPMENTS IN BLOCKCHAIN ​​TECHNOLOGY

LARGEST DEVELOPMENTS IN BLOCKCHAIN ​​TECHNOLOGY


There have been several developments in the history of Blockchain, without which Blockchain technology would not be as useful as it is today. We will mention the following developments:

BITCOIN: By its very nature, this is Blockchain's first and most obvious innovation.

BLOCKCHAIN: The second innovation is when we realize that the technology that enabled Bitcoin to operate - Blockchain - can be used in many other areas outside of Bitcoin.

People realized that Blockchain could be used for other cryptocurrencies for example, or for a range of purposes or industries. This led to Blockchain technology taking on global proportions.

ETHEREUM AND "SMART" CONTRACTS: Blockchain's second largest platform, after Bitcoin, was Ethereum's Blockchain. The main advantage of Ethereum’s Blockchain, compared to the previous Blockchain, was the smart contract system or Smart Contracts.

First of all, this involves creating computer software directly in Blockchain. This enabled traditional financial instruments - such as loans or contracts - to be introduced in the Blockchain, in addition to Bitcoin and other cryptocurrencies.

Proof Of Stak Share Certificate began to appear in late 2016 and early 2017. Today, most Blockchains are secured through Proof of Work, which means that the group with the greatest processing power it makes decisions (mines with the most shares - the longest chain).

Blockchain's new technology replaces this with another method known as "Proof of stake." This is a key security innovation, as it eliminates the traditional weakness of traditional Blockchain - the fact that mines with a processing power of 51% of the entire chain can take control of bitcoin or any other cryptocurrency.

Scaling: Blockchain technology will speed up Blockchain proceedings in the future. Today, Blockchain technology requires each computer on the network to process each transaction. This is a slow and inefficient process.

Graduated Blockchain technology will speed up the process by determining the exact number of computers that need to process each transaction, thus enabling the use of other computers for work (other transactions).

After all, the history of Bitcoin is a story of the world’s most elite scientists in the field of computer technology. They are pushing computer and Internet technology beyond the limits known so far. And all this development can be attributed to Satoshi Nakamoto.

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ErickStounn
ErickStounn

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