Forward from : Evan Ngow
Crypto News Update
By the Crypto Catalyst
Let’s cut the crap and get straight to the point.
Blockchain is actually very simple and easy to understand. Period. And I’m not even trying to be snarky about it.
To some, Blockchain may be foreign and difficult to understand. Unfathomable even. But once you get into it, it’s easy. Trust me.
Blockchain is essentially a ‘glorified’ database that is secure, transparent and immutable. How? Imagine having all eyes on deck.
Every time somebody does something, it is recorded on everyone’s record-keeping ledgers that is simultaneously updated. Hence, when there are more people in the system watching it, the more secure it becomes because everyone within the system are incentivised to maintain the authenticity and veracity of what is being recorded.
Each record is stored on a time-stamped block and chained to the next block to create a series of data chains that goes on and on. Hence, that’s why it’s called “block-chain”.
In the past, we weren’t able to do so manually because it would have been too tedious and physically impossible to update all ledgers simultaneously. However, with the advent of technology, through the immense power of the internet, it has allowed us to operate these systems and databases at the click of a button.
No one ever questions how emails or SMS are sent instantaneously from one part of the globe to another. The encryption and decryption process happens in seconds, and the more powerful the computing power, the greater its ability to solve complex mathematical algorithms encrypted and encoded into these platforms.
This is what the power of next stage technologies promises us. That future technologies are constantly being developed even as we speak. One thing is for sure, the technology of today will be obsolete tomorrow.
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