What Are Blockchain, Ethereum and Tokens?
Do you think you have learned more enough to accept newcomers? Well, i think many people are not familiar with the things below:lockchain, Ethereum and Tokens. What are they?
Blockchain is a fantastic world. Blockchain is a Distributed Ledger Technology (DLT) invented to support the Bitcoin cryptocurrency. What is more, it is also a distributed database designed to maintain a continuously growing list of records called blocks. Each block contains a timestamp and a link to a previous block. A blockchain is managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks and additions to the database. Once recorded, the data in any given block cannot be altered retroactively.
Functionally, a blockchain can serve as an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. Blockchains are secure by design and are an example of a distributed computing system with a high Byzantine fault tolerance. This makes blockchains potentially suitable for recording events, records, identities, transactions, and other documentation. The database is not contained on one central node. Rather, it is contained in its entirety on every node on the network, which means it is more secure.
Bitcoin, Ehereum and Tokens
Well, there are two main blockchain protocols, they are Bitcoin and Ethereum. Bitcoin, as the largest (by market-cap) cryptocurrency which has fostered interest in and the development of other blockchain-based technologies, as well as the Ethereum.
Ethereum is an open-source, public blockchain-based DLT featuring scripting functionality. This means, among other things, that the Ethereum blockchain can be used for purposes beyond cryptocurrency and it can facilitate online contractual agreements called smart contracts.
In the past year, a popular use for the Ethereum blockchain has emerged: token issuance and Initial Coin Offerings (“ICO”). Typical ICO events last several days and offer the opportunity to purchase newly-issued tokens in exchange for cryptocurrencies like Ethereum and Bitcoin. An ICO can be considered an alternate form of crowdfunding generally purchased with future use (of the technology product) in mind. Tokens are programmable piece of code while Coins only store a specific value for some simple type of transaction. Like the Bitcoin and Ethereum, they are just a type of coin, not a token, you can’t do much with it: for example you can’t built an betting service on Bitcoin or Ehereum but just accept them as a way of payment. ICOs are organized by the Startups, there are many ICO project online. How do you find the upcoming ICOs and participate in them by contributing the Tokens? ICOHoo.com is a good spot. Companies preparing ICOs will be usually public about it early on. There are many information on the ICOHoo, i am sure that you can get what you need there.
From the above contents, if you have already understood the basics of ETH and BTC trading, you can soon bump into the notion of ICOs without any perplexed. Take more attention on an ICO before investing, don’t invest alone thinking you are a genius, you are not. Learn more you can to understand a project well in order to prevent you from scamming and phishing.
Published by Tony Shepherd & last updated on August 16, 2017 8:08 am
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