Blockchain News
Blockchain technology had the potential to change our world as we knew it. While the technology was yet to be understood, the introduction of Bitcoin (BTC) using blockchain technology is what truly brought its potential to the surface on a global scale. Now, over a decade later, blockchain technology continues to revolutionize industries, economies, and lives.
In simple terms, blockchain technology stores data in blocks that are linked together in a chain. The prime feature of this technology is the fact that it is decentralized allowing a network of users to access the same information. It also provides security in a unique way where data on the chain cannot be altered as it is tracked and stored immutable on a digital ledger.
In other words, blockchain technology uses digital ledger technology to track transactions, deliver accountability whilst also providing privacy. Thus, all activity on the blockchain is recorded and accounted for bringing true transparency and accountability without compromising privacy. This is achieved using encrypted private and public keys where an encrypted wallet will keep assets and information safe.
After the Bitcoin blockchain network came the Ethereum blockchain network which introduced smart contracts. Now, the blockchain space is home to dozens of blockchain networks each run by their own native cryptocurrencies and powereding hundreds and thousands of decentralized applications on its chain.
One unique feature that differentiates blockchain networks is determined by what consensus mechanism it uses to keep its functionality in check. Bitcoin uses Proof-ofWork (PoW), and Ethereum uses (Proof-of-Stake). Other consensus mechanisms began to rise as, for example Proof-of Authority (PoA) is another popular option.
The reason different blockchains use different consensus mechanisms is so that it can maximize its capabilities based on its mission. So far, blockchain technology is still lacking this is because what every blockchain needs to deliver is the ideal trifecta – scalability, security, and decentralization. So far, every blockchain lacks one aspect, although this can quickly change.
This is why new blockchains keep making their debut, each aiming to solve this trifecta dilemma to deliver a complete powerful blockchain network. Many blockchains are still building and Coinbullet is eager to bring you the latest breakthroughs from the blockchain sector where innovative boundaries are pushed past limits every day.