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                         welcome to this amazing blog of ANONYMOUS, where you can find interesting facts about Technology and gaming platforms. 

                        So, now we will learn about BLOCKCHAIN. Let's get started.....

                    ⧭  BLOCKCHAIN  ⧭  

WHAT IS BLOCKCHAIN?  

Basically, Blockchain is a rising catalogue, which keeps a permanent record of all the transections, which have taken in a secure, immutable and chronological way. Mostly, this software is used in for transferring money, contracts, etc.. 

A blockchain is a chain of various blocks, which having an information of each record of bank transections, and personal ones also. Whenever any transection completed, it recorded in the blockchain as a permanent database. After that it crates a new block of blockchain.

Blockchain is now trending technology, because nowadays almost all banks, finance department, Government, Insurance, Media and Entertainment use this for higher security. It has a wide range of Reliability and Security. 

➽ Blockchain introduced by Stuart Haber and W. Scott Stornetta in 1991.

➽ Hal Finney described a new system called Reusable Proof of Work(RPoW) for digital cash.

➽ In 2008, Satoshi Nakamoto introduced the theory of distributed blockchains.

➽ In that year, he also introduced the bitcoin, which is called a digital currency.

➽Nowadays, all the transections are done in the cryptocurrency space.

BLOCKCHAIN VERSION

➽ Blockchain version evaluated in 3 different versions, from 1.0 to 3.0  

➽ All versions have updated as per blockchain definition.

BLOCKCHAIN 1.0 : Currency

This was first idea introduced by Hal Finney in 2005, who created the first concept of cryptocurrencies. In this version all the financial transactions based on blockchain technology, even it can be executed with Bitcoin. It is as an Internet of Money, which we can use online transactions. 

BLOCKCHAIN 2.0 : Smart Contracts

In before version, they started to use bitcoin for various kinds transactions. To solve this problem, this version displayed. In this version the key concepts are Smart Contracts. This version are built in computer programs. So, it can check automatic conditions, verification, facilitation. The developer community can build applications which distributed for the blockchain network. 

➽ This version of blockchain is successful till the date, it has a high number of daily transactions on a public network. 

BLOCKCHAIN 3.0 : DApps

This version used storage and communications as DApps. This application can have frontend code, which hosted on decentralized storages. DApps user interface written in any language that can make a call like traditional apps.

HASH Function

A Hash function is one type of codeword of Blockchain. It is in any length and transforms it into a fixed length. The length can be vary between 32-bit, 64-bit, 128-bit, 256-bit. It depends on HASH function. The hash is also the cryptocurrency byproduct of a hash algorithm. 

➽ HASH has unique properties :- 

    1. It is a one way function.

    2. It produces a unique output.

➽ Cryptocurrency hash is a digest or digital fingerprints of some amount of data.

SHA-256 

SHA - Security HASH algorithm 

It was developed by the National Security Agency (NSA) in the United States of America in 2001. It is bitcoin's blockchain, which uses SHA-256 hashing algorithm.

SHA256 have it's own program to check hash functions. In that web, we have to enter the HASH. After that, it display corresponding data regarding connected or mentioned in further HASH.

KEY AREAS BLOCKCHAIN

Bitcoin is based on Blockchain and we all know that nowadays the price of bitcoin has been increasing day by day. So, it is important to know that how blockchain can secure this all things. Thus, the key areas are introduced...

➽ Main 3 things, which included all the key areas :-

1. Value 

2. Reliability 

3. Trust

➽ Key area is made by this main 3 things. Without this, it is not possible to create Blockchain for valuable information. 

1. Value

In Blockchain, there are uncountable worths of assets, which is also called Digital Assets. The proper value can be controlled by the person who owns it. Not only controlled but they can transfer without any agent. It is now available through Internet.

2. Reliability 

Blockchain is now access in all over the world. So, it can be distributed among thousands of computers worldwide. If you do all the process in single place, it would be fail. Because of network structure of Blockchain. So, the reliability plays vital role in improvement of Blockchain.

3. Trust 

Blockchain has high security for ownership because it having a massive assets and important information. So, Blockchain use advanced hash cryptography technology to preserve the integrity of the information. 

BLOCKCHAIN CRYPTOCURRENCY 

Cryptocurrency is also known as Digital Currency, which is mainly used in stock market. Cryptocurrency does not exist physically. It uses powerful cryptography to secure financial transection and verify the transferring of assets. 

➽ As per Government print physical money like, dollars, euro, pounds.... as same Cryptocurrency creates display currencies like, Bitcoin, Litecoin, Monero....

▪︎ BITCOIN

▪︎ Z-CASH

▪︎ LITECOIN

▪︎ MONERO

▪︎ DASH

⧫ BITCOIN

Bitcoin is now at peak position of stock price. It is first decentralized cryptocurrency,  which is created by the network of thousands of specific nodes called miners. Bitcoin can create more blockchain network. Nowadays, 4000 alternative varients of bitcoin are available. 

⧫ Z-CASH

Z-Cash is first privacy-protected digital currency. It provides enhanced privacy for its users. This transactional data is kept secret and confidential, which made possible through zero knowledge proofs. In Z - CASH transactions, it allows to be verified whenever transactions are completed.

⧫ LITECOIN

Litecoin is as same as Bitcoin. The main difference between them is that Bitcoin wait 10 minutes for transaction block, while Litecoin takes 2 and a half minute to complete. However, the price of Litecoin is lower than Bitcoin. Litecoin doesn't have any big market revenue. 

⧫ MONERO

Monero is an Open-source cryptocurrency,  which focuses on privacy, decentralization. It have fast and secure transaction ever. Humans can use it for buying, selling or exchanging anythings. It uses various kind of cryptography, which ensure that transaction remain untraceable. 

⧫ DASH

DASH means Digital Cash. It is also an open-source cryptocurrency. It has record of having fast transaction with entire safety. Nowadays, it also gain popularity in stock price, because it would be future currency. 

So, this is all about the facts and fascinating information of Blockchain Technology, which can be increase in near future. I hope you may get a good knowledge from this blog.

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