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My name is Sendependa Verkisto. I'm the editor of the BitOnFeed blog. It's an effective, real-time tool to help aspiring crypto-entrepreneurs be successful in their professional field.
What exactly is blockchain? Don't be scared by the technical jargon people use ...to describe "blockchain." Blockchain is a database. It's also easy to set up - you could do it with the spreadsheet.
They are distinct. First, blockchains are designed for adding. You are able to only add data to the blockchain.
The second reason is that each record (called blocks) within the database is linked cryptographically to the last record. Each new record must have an electronic fingerprint (hash), which is a replica of the previous record.
Each fingerprint connects to the preceding one, and you'll receive an e-chain. The cool people refer to it, a blockchain.
Blockchain is immutable: if you change a block, it alters the fingerprint. Because that fingerprint will be part of the next block, it alters the block. This creates a domino effect where any modification becomes apparent. You cannot alter any information and not have anyone notice.
Most people are of the opinion that blockchain technology is secure, there are some drawbacks.
The main issue is the scalability. Scalability is the primary issue. It means that transactions are harder to process when users increase. This was a problem faced by ether which is the second capitalized cryptocurrency. The company took several years to solve this problem.
The "51 percent attack" is a different risk. This implies that a small number of users of the network who have a lot of computing power, have agreed and can change the records in a particular block. The cryptocurrency Bitcoin SV recently encountered this. Hackers gained control of the network and stole over 570,000 transactions.
Another issue with blockchains that aren't utilized to test cryptocurrency is their insufficient testing. Cryptocurrencies usually have test networks where developers discover vulnerabilities in networks. This is the reason hackers are more likely attack companies that don't test their blockchains.
To help you as a newbie crypto-entrepreneur succeed in the cryptocurrency industry, read our blog https://bitonfeed.com/ , we do everything in easy-to-understand language.
