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Does Cryptocurrency Use Blockchain

6 Answers - Can A Cryptocurrency Exist That Does Not Use Blockchain? - Quora

6 Answers - Can A Cryptocurrency Exist That Does Not Use Blockchain? - Quora

Can a cryptocurrency exist that does not use blockchain? Over $20,000 in your IRA or 401k? Here's how to move to Bitcoin. Open a Bitcoin IRA now for massive growth potential on a tax-deferred basis. Get a free info guide now. A great question and thanks for requesting, While blockchain is at the heart of most cryptocurrencies (given that most derived from the design and architecture of the Bitcoin system), the notion of a crypto-currency indicates that the only common characteristic of this type of system is that it utilises a cryptographic methodology or mechanism to enable certain currency like capabilities. Indeed, there are several cryptocurrency projects that dont intend to use blockchain: While most people focus on the main and commonly known blockchain examples of cryptocurrencies, its not hard to imagine there are plenty who are working on non-blockchain variants. 5 Upvotes Not for Reproduction Answer requested by Mathew David Automate accounts payable and global payouts with AP automation. Tipalti makes mass payouts to global suppliers, partners, affiliates, publishers, and freelancers. A cryptocurrency either uses proof of work or proof of stake. Proof of stake tends to shift the trust of verification to those that own the most currency under the assumption that they will not devalue the currency they have a stake in. Proof of work shifts trust to those that spend the most computer power under the assumption they would rather spend it verifying transactions and getting rewards rather than undermining the system. There are proposals to change the proof of work that generates the blockchain. Bitcoin uses SHA-256 as a hashing algorithm. Dash uses X11 as a hashing algorithm which enables faster transactions. The following paper proposes to replace hashing with gr Continue reading >>

Everything You Need To Know About Cryptocurrency And Why Its The Future Of Money

Everything You Need To Know About Cryptocurrency And Why Its The Future Of Money

Everything You Need to Know About Cryptocurrency And Why Its The Future Of Money In a matter of weeks in November 2017, bitcoin surged from a fringe investment to a global sensation. In mid-November, the price was around $3,000 for a single bitcoin; on December 6, 2017, it surpassed $19,000 . At the time of publication, the value was hovering around $15,000. Bitcoin is having a moment really, its had a year. No matter if you think its a bubble about to burst, or hope your investments will pay back big in the long run, there is one clear takeaway: Cryptocurrency is changing the future of finance. Whats not yet clear is how the technology behind bitcoin, and cryptocurrencies like it, will alter our national and global financial systems. Bitcoin, like all cryptocurrencies, relies on a technology called blockchain that makes its transactions so secure that experts consider them to be virtually unhackable. And because the transactions are assured, the cost of verifying transactions is less than in a central bank though, admittedly, the cost of verifying bitcoin transactions has become fairly expensive. Cryptocurrency transactions happen directly between individuals instead of through a bank. Every time a person makes a transaction using a cryptocurrency for example, using funds stored in his or her crypto wallet to send bitcoin to someone else the transaction is recorded on a digital ledger called a blockchain. Every cryptocurrency has its own blockchain, and computers doing complex math in a large network maintain it. Once users make a specific number of transactions using a cryptocurrency, the computers group these transactions into a block. In order to send a block, adding transactions to the blockchain and winning a monetary reward, a computer has to solve a complex mat Continue reading >>

10 Incredible Uses For Cryptocurrency And Blockchain You Probably Haven't Thought Of

10 Incredible Uses For Cryptocurrency And Blockchain You Probably Haven't Thought Of

10 Incredible Uses for Cryptocurrency and Blockchain You Probably Haven't Thought of Cryptocurrency to battle election fraud? De-corrupt charities? Make the world greener? Who knew? Now, more than ever before is a time to be thinking about cryptocurrencies. Over the past few years, cryptocurrency has grown exponentially because of its attractiveness to people looking to use this alternative money. Bitcoin, the best known of the new cryptocurrencies, is one of those words surrounded by automatic buzz, in part because everyone's so excited about its potential. Related: 6 Cryptocurrencies You Should Know About (and None of Them Are Bitcoin) And it's no surprise that cryptocurrencies are exciting, overall. Because they're decentralized (no banks!), anonymous and electric, they've got the potential to change the world as we know it. Interestingly, that change will extend beyond the finance sector: Cryptocurrency, it turns out, has a huge number of uses, many of which will surprise you. Just take a look at these ten: Wealth management is one of the most exciting ways cryptocurrency can be used. That's why companies such as SwissBorg -- a company that's created its own tokens for investment solutions -- are giving investors some great opportunities to manage their wealth without boundaries or restrictions. According to the SwissBorg website, "Whether you are an individual, a DAO [decentralized autonomous organization] or a financial expert, SwissBorg is a democratic ecosystem where you can manage a portfolio of crypto assets." Digital publishers and advertisers are scrambling to find ways to increase their relevancy with one another. Today, traditional banner ads that have almost nothing to do with an article are simply ineffective with users. To fix the irrelevance problem, Continue reading >>

Blockchain And Cryptocurrency: Whats The Difference?

Blockchain And Cryptocurrency: Whats The Difference?

Blockchain and Cryptocurrency: Whats the difference? Whats the difference between blockchain and cryptocurrency? Part of the confusion around whatis blockchain versus what is cryptocurrency is due in part that the terms have come into use. Instead of being introduced byformal definition, the term blockchain developed from chain of blocks. Cryptocurrency is a sort-of portmanteau of cryptographic currency. But the fundamental difference between these concepts has to do with how distributed ledger technologyis used. Keep reading fora clearer idea on blockchain and cryptocurrency. When Bitcoin was the only blockchain, therewasntmuch of a distinction between the terms and they were used interchangeably. Asthe technologymatured and a variety of blockchains bloomed, the uses quickly diverged from the pure money aspect. Instead, technologistsexperimented withideas like decentralized name registry. Other uses utilized the peer-to-peer aspect to deliver messages in a discrete way. In the end,many of these projects failed tofind a good use of the technology. The projects left standing helped demonstrate what waspossible with beyond buzzwords. Contrasted with blockchain,cryptocurrency has to do with the use of tokens based on thedistributed ledger technology. Anythingdealing with buying, selling, investing, trading, microtipping, or other monetary aspects deals with a blockchain native token or subtoken. Referring to thetoken as the technology can be right in the case of Bitcoin, but is very different when dealing with other blockchain projects like Ethereum . In this case, the technology is known as Ethereum, but the native token is Ether, and transactions are paid in gas . If cryptocurrencies are built on blockchain, can there bea blockchain without a native token? Well, yes and Continue reading >>

Blockchain Is Meaningless

Blockchain Is Meaningless

Bitcoin, Ethereum, and other cryptocurrencies have entered the mainstream discourse, but theyve also been joined by a concept that is widely circulated, but poorly understood: the blockchain or just blockchain. The idea of a blockchain, the cryptographically enhanced digital ledger that underpins Bitcoin and most cryptocurrencies, is now being used to describe everything from a system for inter-bank transactions to a new supply chain database for Walmart . The term has become so widespread that its quickly losing meaning. What is a blockchain? The word is a buzzword that is increasingly ill-defined, David Gerard, author of Attack of the 50 Foot Blockchain: Bitcoin, Blockchain, Ethereum & Smart Contracts, said in an email. There are countless blockchain explainers in text, audio, and video around the web. Almost all of them are wrong because they start from a false premise. There is no universal definition of a blockchain, and there is widespread disagreement over which qualities are essential in order to call something a blockchain. There is no universal definition of a blockchain The Bitcoin system is considered the first blockchain the epiphany that launched the blockchain industry that proponents say will revolutionize money, government, and beyond. Bitcoin was designed to be public and allow anyone to join, and its blockchain was born out of the need to keep people honest in the absence of a central authority. The design sacrificed efficiency in order to ensure that theft wouldnt pay because rewriting the ledger would require so much computational power that it would be more costly than any potential upside. In order to achieve this effect, the Bitcoin blockchain consists of a digital ledger that records all transactions from the beginning of time to the present. C Continue reading >>

Why Blockchain Is Real And Bitcoin Is A Mirage

Why Blockchain Is Real And Bitcoin Is A Mirage

Why Blockchain Is Real And Bitcoin Is A Mirage {{article.article.images.featured.caption}} Opinions expressed by Forbes Contributors are their own. The author is a Forbes contributor. The opinions expressed are those of the writer. This story appears in the {{article.article.magazine.pretty_date}} issue of {{article.article.magazine.pubName}}. Subscribe In less than a decade, bitcoin has gone from being an obscure curiosity to a household name. Its value has risen -- with ups and downs -- from almost nothing to $16,000 at the time of writing. Bitcoins rise is spectacular. Its price is up almost thirtyfold in the past two years. Currently, the value of Bitcoin in circulation is more than US$170 billion, greater than the market capitalization of McDonalds. This is remarkable because unlike McDonalds, which has stores in almost every corner of the world, Bitcoin as a virtual currency is hardly even transacted in the real world. The rise in Bitcoins value reflects speculation about its future value: This digital currency will have long-term value as long as it is accepted as a medium of exchange and a store of value. The greater its acceptance, the more it will be worth. However, it is difficult for Bitcoin to be accepted as real money. Therefore, the high volatility of its value largely reflects changes in the perceived degree of acceptance. By design, there are inherent weaknesses that prevent Bitcoin from becoming real money. For it to be real money, Bitcoin must be a viable and stable store of value. It is a poor store of value because of its extreme volatility. Bitcoins price is characterized by wild swings, both up and down, with the potential to move more than 20% in a single day. This volatility is almost by construction because Bitcoins supply is relatively fixed Continue reading >>

What Does Cryptocurrency Have To Do With Blockchain Anyway?

What Does Cryptocurrency Have To Do With Blockchain Anyway?

What Does Cryptocurrency Have to Do With Blockchain Anyway? Theres a common misconception about cryptocurrencies that goes something like this: Blockchain is a revolutionary new way of sharing information and is clearly a valuable and transformative technology but cryptocurrencies are just a fad, the latest bubble from tulips to tech stocks. So, why care about cryptocurrencies at all? In truth, the two are inseparable. The tokens that make up cryptocurrenciesfrom Bitcoin to Ether to Moneroare the means by which one participates in public blockchain protocols. This is not optional. Its a fundamental feature of the technology. If a public blockchain protocol is valuable , then the tokens through which one participates in it accrue value. (Note: The rules are different for private blockchains learn more here but most of the conversation right now is about the public variety.) Cryptocurrency is a misnomer. Almost none of the hundreds of cryptocurrencies function anything like currencies. To invest in cryptocurrencies is not to engage in foreign exchange trading. Instead, think of cryptocurrencies as digital assets tied to the value of a particular blockchain protocol. Admittedly, one reason for this misconception is that Bitcoin was originally billed as a currency, but in the intervening years since the creation of Bitcoin, a variety of digital assets have emerged and even Bitcoin itself is now best thought of as a store of value rather than a more traditional currency. There are currently hundreds of cryptocurrencies and many of them are less than worthwhile, poorly designed fads. Just as during the dot-com boom there were sites like Pets.com that IPOed to the tune of millions of dollars. However, Amazon was also founded during the dot-com boom and is still one of the bes Continue reading >>

In The World Of Cryptocurrency Buzz, Blockchain Is The Real Winner

In The World Of Cryptocurrency Buzz, Blockchain Is The Real Winner

In the world of cryptocurrency buzz, blockchain is the real winner The investment world hasn't seen a party quite like bitcoin and cryptocurrency until 2017. Bitcoin rose about twentyfold in value last year, ethereum surged more than 11,200 percent and ripple , the rising new coin, skyrocketed almost 10,000 percent. Consumed by the growth, many investors are seeing the cryptoworld only in the lens of price movements. But for those who aren't interested in buying and selling and managing cryptocurrency portfolios, there's another way to invest in the space learning and investing in the blockchain technology. Blockchain is a robust technology that resembles the internet in the early '90: It packs the potential to change the way we live, work, consume and interact. "This is an industry that we think that over several decades will be as revolutionary as the internet. We're going to have several million people working in this industry, if not tens of millions," said Antonis Polemitis, CEO of the University of Nicosia and a pioneer in blockchain and cryptocurrency education. "You are going to need accountants, auditors, lawyers and government regulators who understand how it works. " In the spring of 2014, the University of Nicosia established the world's first master's degree in digital currency and blockchain, taught online, where Polemitis co-teaches a course with industry thought leader Andreas Antonopoulos. "If you can develop an expertise at this stage in time at blockchain, you'll have excellent job prospects and probably be pretty popular among your company because a lot of folks are trying to see where it fits in," Polemitis said. "And there's not many people in the world (that) know how this works." To be clear, bitcoin the most popular blockchain application is ju Continue reading >>

How Bitcoin Mining Works - Coindesk

How Bitcoin Mining Works - Coindesk

In traditional fiat money systems, governments simply print more money when they need to. But in bitcoin, money isn’t printed at all – it is discovered. Computers around the world ‘mine’ for coins by competing with each other. People are sending bitcoins to each other over the bitcoin network all the time, but unless someone keeps a record of all these transactions, no-one would be able to keep track of who had paid what. The bitcoin network deals with this by collecting all of the transactions made during a set period into a list, called a block. It’s the miners’ job to confirm those transactions, and write them into a general ledger. This general ledger is a long list of blocks, known as the 'blockchain'. It can be used to explore any transaction made between any bitcoin addresses, at any point on the network. Whenever a new block of transactions is created, it is added to the blockchain, creating an increasingly lengthy list of all the transactions that ever took place on the bitcoin network. A constantly updated copy of the block is given to everyone who participates, so that they know what is going on. But a general ledger has to be trusted, and all of this is held digitally. How can we be sure that the blockchain stays intact, and is never tampered with? This is where the miners come in. When a block of transactions is created, miners put it through a process. They take the information in the block, and apply a mathematical formula to it, turning it into something else. That something else is a far shorter, seemingly random sequence of letters and numbers known as a hash. This hash is stored along with the block, at the end of the blockchain at that point in time. Hashes have some interesting properties. It’s easy to produce a hash from a collection Continue reading >>

What Is Blockchain Technology? A Step-by-step Guide For Beginners

What Is Blockchain Technology? A Step-by-step Guide For Beginners

What is Blockchain Technology? A Step-by-Step Guide For Beginners Angel Investors, Startups & Blockchain developers... Is blockchain technology the new internet? The blockchain is an undeniably ingenious invention the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto . But since then, it has evolved into something greater, and themain question every single person is asking is: What is Blockchain? By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. Originally devised for the digital currency , Bitcoin , the tech community is now finding other potential uses for the technology. Bitcoin has been called digital gold, and for a good reason. To date, the total value of the currency is close to $9 billion US. And blockchains can make other types of digital value. Like the internet (or your car), you dont need to know how the blockchain works to use it. However, having a basic knowledge of this new technology shows why its considered revolutionary. So, we hope you enjoy this, what is Blockchain guide. The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. Picture a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update this spreadsheet and you have a basic understanding of the blockchain. Information held on a blockchain exists as a shared and continually reconciled database. This is a way of using the network that has obvious benefits. The blockchain database isnt stored in any single location, meaning the records it keeps are truly public and easily verif Continue reading >>

Blockchain - Wikipedia

Blockchain - Wikipedia

For other uses, see Block chain (disambiguation) . Blockchain formation. The main chain (black) consists of the longest series of blocks from the genesis block (green) to the current block. Orphan blocks (purple) exist outside of the main chain. A blockchain [1] [2] [3] originally block chain [4] [5] is a continuously growing list of records , called blocks, which are linked and secured using cryptography . [1] [6] Each block typically contains a hash pointer as a link to a previous block, [6] a timestamp and transaction data. [7] By design, blockchains are inherently resistant to modification of the data. Harvard Business Review defines it as "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way." [8] For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority. Blockchains are secure by design and are an example of a distributed computing system with high Byzantine fault tolerance . Decentralized consensus has therefore been achieved with a blockchain. [9] This makes blockchains potentially suitable for the recording of events, medical records, [10] [11] and other records management activities, such as identity management , [12] [13] [14] transaction processing , documenting provenance , or food traceability . [15] The first blockchain was conceptualised in 2008 by an anonymous person or group known as Satoshi Nakamoto and implemented in 2009 as a core component of bitcoin where it serves as the public ledger for all transactions. Continue reading >>

Making Sense Of Bitcoin, Cryptocurrency, And Blockchain

Making Sense Of Bitcoin, Cryptocurrency, And Blockchain

Making sense of bitcoin, cryptocurrency, and blockchain Bitcoin, cryptocurrency, blockchain... So what does it all mean? Some of the noise is hype, but some of it points to important forces in the financial services industry. To help you make sense of it, weve pulled together a few short articles that explain why a lot of industry observers are paying close attention. We can help. Weve pulled together a few short articles that explain why a lot of industry observers are paying close attention. Let's start with some quick definitions. Blockchain is the technology that enables the existence of cryptocurrency (among other things). Bitcoin is the name of the best-known cryptocurrency, the one for which blockchain technology was invented. A cryptocurrency is a medium of exchange, such as the US dollar, but is digital and uses encryption techniques to control the creation of monetary units and to verify the transfer of funds. The blockchain is a decentralized ledger of all transactions across a pier to pier network. Using this technology, participants can confirm transactions without a need for a central clearing authority. Potential applications can include fund transfers, settling trades, voting, and many other issues. Blockchain also has potential applications far beyond bitcoin and cryptocurrency. Blockchain is, quite simply, adigital, decentralized ledgerthat keeps a record of all transactions that take place across a peer-to-peer network. The major innovation is that the technology allows market participants to transfer assets across the Internet without the need for a centralized third party. From a business perspective, its helpful to think of blockchain technology as a type of next-generation business process improvement software. Collaborative technology, such as b Continue reading >>

A Cryptocurrency Without A Blockchain Has Been Built To Outperform Bitcoin

A Cryptocurrency Without A Blockchain Has Been Built To Outperform Bitcoin

A Cryptocurrency Without a Blockchain Has Been Built to Outperform Bitcoin The controversial currency IOTA rests on a mathematical tangle that its creators say will make it much faster and more efficient to run. Bitcoin isnt the only cryptocurrency on a hot streakplenty of alternative currencies have enjoyed rallies alongside the Epic Bitcoin Bull Run of 2017. One of the most intriguing examples is also among the most obscure in the cryptocurrency world. Called IOTA, it has jumped in total value from just over $4 billion to more than $10 billion in a little over two weeks. But that isnt what makes it interesting. What makes it interesting is that it isnt based on a blockchain at all; its something else entirely. In Russia, Theres an AI Helper That Makes Fun of Youand Its Wildly Popular This piece first appeared in our new twice-weekly newsletter, Chain Letter, which covers the world of blockchain and cryptocurrencies. Sign up here its free! The rally began in late November, after the IOTA Foundation, the German nonprofit behind the novel cryptocurrency, announced that it was teaming up with several major technology firms to develop a decentralized data marketplace. Though IOTA tokens can be used like any other cryptocurrency, the protocol was designed specifically for use on connected devices, says cofounder David Snsteb. Organizations collect huge amounts of data from these gadgets, from weather tracking systems to sensors that monitor the performance of industrial machinery (a.k.a. theInternet of things). But nearly all of that information is wasted, sitting in siloed databases and not making money for its owners, says Snsteb. IOTAs system can address this in two ways, he says. First, it can assure the integrity of this data by securing it in a tamper-proof decentral Continue reading >>

Can Cryptocurrencies And Blockchain Help Fight Corruption?

Can Cryptocurrencies And Blockchain Help Fight Corruption?

Can cryptocurrencies and blockchain help fight corruption? Technological advances have made it possible to dramatically increase the accountability and transparency of public financing to reduce corruption. For example, if a government decides to construct a road, it can now track how each dollar is being spent, identify all the users of the funds, and ensure that only those authorized to spend money do so on originally intended expenses within the permitted time. Fraud and corruption investigations that now take on average 15 months could be performed at the touch of a button and at a fraction of the cost. More importantly, this type of financial tracking would be a deterrent for bribes in the public sector, which amount to between $1.5 trillion and $2 trillion annually, roughly 2 percent of global GDP . This in turn would increase development impact. All it would take is adopting a cryptocurrency and using blockchain software. Chief Technology Officer, Roboticist and Electronic Systems Engineer - Betomorrow UK The adoption of cryptocurrencya digital currency that employs cryptography to ensure that transactions are secureas a mode of payment for a project allows the identification of each user of the money, unlike with traditional modes of payment like notes and coins. Though most popular cryptocurrencies, like bitcoin, are anonymous and only use a key to identify a user, it is possible to include personal information, like the ID number, and make the cryptocurrency non-anonymous. The use of cryptocurrency also allows for instantaneous transactions and borderless transfer-of-ownership (money with wings), which reduces transaction time and cost, since financial intermediaries are not needed. A government or development institution could use an existing non-anonymous c Continue reading >>

Blockchain Technology: Not Just For Cryptocurrency

Blockchain Technology: Not Just For Cryptocurrency

Blockchain technology: not just for cryptocurrency Imagine a place where you can safely store all your personal information and only you decide who has access to it. You can choose which parts of that information you want to share, and you can just as easily revoke that access. If this place ever comes into existence, I am willing to bet it will be built on blockchain technology. Blockchain technology is still very much in development, but those in the know are convinced it will change many markets and industries. So, after delving into the workings of blockchain and crypto-currency , its time to have a closer look at what blockchain technology can do outside the realm of cryptocurrencies. Most of these possibilities take the form of smart contracts. The expression smart contracts was coined by Nick Szabo long before blockchain technology was refined. He envisioned a technology meant to replace legal contracts, where the terms of a contract could be digitized and automated. An action (payment) could be completed as soon as the condition (delivery) was met. After the introduction of blockchain, the term smart contract was used more widely as software that runs computations on the blockchain. As a quick reminder, the blockchain is defined as a distributed, decentralized, cryptographically-secured ledger, where each new block contains a reference to the previous block, as well as all the confirmed transactions since that previous block was approved. I use the term transactions lightly here since it would seem to imply that we are still discussing crypto-currency, which is not the case. We call them transactions because of the protocols that are in place to determine whether a contract is considered fulfilled. Today, a smart contract can be any kind of software, as long as Continue reading >>

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