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Explained: Difference between Bitcoin and Blockchain

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Bitcoin is the first cryptocurrency to emerge, blockchain was the underlying technology. It was one of the first and most successful uses of the blockchain.

Although Bitcoin is a simple implementation of the blockchain, it was the first real application of this technology.
While the blockchain has become very popular because of its role in cryptocurrency ( such as Bitcoin, Ethereum, etc. ), industries such as real estate, healthcare, insurance, record systems and even sports ticketing can be disrupted. In short, the blockchain offers a distributed, authenticated messaging system that tracks all events, is tamper – proof and maintains a story.

 

Bitcoin Blockchain:

Bitcoin is a kind of unregulated digital currency that was created by Satoshi Nakamoto in 2008. Bitcoin was the first and remains the largest, safest and decentralized network, making it the healthiest blockchain. When Bitcoin was released as open source code, the blockchain was wrapped in the same solution.

While Bitcoin is the first cryptocurrency to emerge in 2008, the blockchain was the underlying technology.
Bitcoin was one of the first and must say that the most successful use of the blockchain since its creation.  The blockchain acts as a bitcoin ledger and manages all bitcoin transactions.

Technology companies and the financial sector can claim that blockchain technology is revolutionary, but they still need to use bitcoin. Bitcoin vs. Blockchain is not a real problem because no one can use the blockchain without extracting bitcoin first.

Bitcoin was designed to be publicly available and accessible to everyone, and its blockchain was born out of the need to keep people honest in the absence of a central authority. To achieve this effect, the Bitcoin blockchain consists of a ledger that records all transactions from the beginning of time to the present day. The system of Estonia precedes the Bitcoin blockchain, and there is some disagreement as to whether it should be called the blockchain technology.

Just as Netscape is not the same as the Internet, it is necessary to distinguish between Bitcoin and Blockchain.
While the future of Bitcoin remains very speculative, the need to distinguish between Bitcoin and Blockchain is the technology behind Bitcoin.

In addition, famous blockchains such as bitcoin use the algorithm to test the Work consensus in which a new block is added every 10 minutes. In addition, with blockchains such as bitcoin, there must be an incentive for miners to validate transactions without which nobody would add blocks to the blockchain.

Thousands of Bitcoin nodes in the blockchain are equally capable of verifying the validity of payments independently, so there is no need for intermediaries from third parties such as banks. So you see Bitcoin or its blockchain is just money that cannot be censored.

As discussed, Bitcoin’s blockchain technology allows you to create a unique and rare digital asset, where everyone knows the history of each Bitcoin. Blockchain technology offers a way for un-trustworthy parties to reach an agreement ( consensus ) on a common digital history.

 

Blockchain Technology

While the blockchain initially began as a bitcoin currency ledger, it began to improve and slowly began to cater to other industries. With millions and millions of cross – border transactions being carried out daily, bitcoin and blockchain will make life easier for people.

t is difficult to remove Bitcoin’s blockchain, so we start with Bitcoin as we work to understand the potential of technology. Blockchain technology offers a way for non-trustworthy parties to reach consensus on a common digital history. Bitcoin is politically decentralized – no entity operates bitcoin – but centralized from a data point of view – all participants ( knots ) agree on the state of the book and its rules.

Security is the key to its users, a decentralized network is at the heart of the project, and its competitors in the financial sector are still much more expensive and slower than a public chain of blockchains, despite its slowness compared to a private chain. The consortium of blockchain platforms have many of the same benefits as a private blockchain, but they operate under the guidance of a group rather than a single entity.

Incentive: The first miner to check transactions and dedicate huge computing power to secure The blockchain can add a trading block to The previous blockchain.

Bitcoin is a digital currency based on the blockchain, which allows us to carry out transactions anonymously online.
However, blockchain technology has the potential to touch anyone, from digital to large industries. The blockchain is unveiling a new digital ecosystem, where companies, governments, and cyber experts are mobilizing.

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13 Comments

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#Explained

IEO replacing ICO: Initial Exchange Offering Explained.

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Initial Exchange Offering (IEO) is a fundraising procedure in which developers create coins for their project and send them to crypto exchanges for selling.

Initial Exchange Offering ( IEO ) is a fundraising procedure in which developers create coins for their projects and send them to cryptocurrency exchanges for selling to cryptocurrency investors and traders.

 

Initial Exchange Offering:

Initial Exchange Offering is usually an agreement between developers and cryptocurrency exchanges, with some of the conditions that are common in the ICOs in the fundraising model. Initial Exchange Offering is an abbreviation for the “initial offer of exchange” – a fundraising procedure in which the exchange takes place on behalf of the token issuers.

 

Although IEO is a relatively new phenomenon in the cryptocurrency industry, it is clear that securities trading is very similar – it can be estimated as a sign of the crypto’s maturity. From Huobi to Okex and Bitmax to Bittrex, the number of cryptocurrency exchanges offering the sale of Initial Exchange Offerings has increased.

 

In order to maintain trust with its customers, the exchange must carry out a comprehensive evaluation of the project before the IEO is launched.

 

IEO replacing ICO:

While in the ICO, it is the developer’s business to ensure that the intelligent contract is correct and that everything goes according to plan, in the IEO model, a third party, such as a cryptocurrency exchange, fulfills the same obligations.

 

Anyone who wants to participate in the IEO token sale must create an account on the exchange platform and fund their portfolio so that they can be willing to buy the token. While digital exchanges were only a platform for cryptocurrencies, the Initial Exchange Offering has introduced a new, value-added business model.

 

Since the Initial Exchange Offering is usually carried out on cryptocurrency exchange, some potential investors may be excluded from the possibility of creating a new account and passing through the verification procedure, which usually takes several days.

 

With IEOs, a cryptocurrency ( not the project developer himself ) acts as a counterpart, facilitating the fundraising process. While the exchanges continue to charge high fees for leading an IEO, the team behind the pawn can shift its focus from marketing and fundraising to the development of its project.

 

The initial offer of Exchange introduces an intermediary to the decentralized fundraising model, which gives cryptocurrencies a strong sense of trust as they participate. You can invest in IEOs by simply having an account on a cryptocurrency exchange. By hosting the IEO on their respective exchange platforms, cryptocurrency exchanges directly confirm the credibility and reliability of the project. For IEOs, token issuers do not have to worry, as the exchange manages the KYC – AML process is also managed by cryptocurrency.

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Analysis: Decentralization is the future

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decentralization is the basis of bitcoin blockchain. A development that has threatened to dig up decentralization is the creation of integrated circuits.

In 2008, when Satoshi Nakamoto wrote down the famous white paper in which he proposed a decentralized financial system, he did so in the context of crumbling banks and governments, which as a centralized institution, caused an economic collapse due to poor decision – making and management. Decentralization is the basis on which the entire Bitcoin blockchain is based, and that is why Bitcoin was created primarily to provide an alternative to the central authorities that operate our current global monetary system.

Today, the concept is challenged by the uncontrolled growth of Bitcoin mining – giants such as Bitmain, a Chinese mining company that continues to generate absurd profits and continues to monopolize the Bitcoin network in pursuit of industry dominance.

 

Ethereum Blockchain

The cryptocurrency economy has come to a conclusion – at least for the foreseeable future – Ether will continue to feed the ICOs and lay the foundations for distributed applications. Called Ethereum’s Proposals for Improvement ( EIPs ), they allow for massive participation in decisions that could radically change the future of the network. However, the use of EIPs Ethereum tries to embody the principle of the blockchain technology, namely centralization leads to errors and inefficiencies, while the network, with the right technology, can make better decisions and work more effectively. So, when companies such as Amazon and Chile’s Energy Authority support Ethereum, they do so in a project that advocates – and through EIPs – real practice decentralization.

 

The need of Decentralization:

Where buildings such as capitalism, money, and democracy need new codes, new software, updated smart contracts, better AI and a more united kingdom, full of corporate social responsibility, equal opportunities, and prosperity shared with all. It is not only software decentralization, but it is also the shift of human values to a new way of thinking about exchanges, energy and the shared future of humanity.

The blockchain technology, which offers an alternative to existing trading, governance and finance systems, has the potential to disrupt the industry and create new and exciting opportunities for billions around the world. A development that has threatened to dig up decentralization is the creation of integrated circuits or ASICs for applications. Even more complicated and challenging to decentralize is the rapidly changing world of hardware and the fact that a large technology company now produces most ASICs on the market.

While many Bitcoin advocates see the blockchain as nothing more than competition for existing payment methods or gold, others believe that the blockchain technology is the harbinger of things the world has never seen before.
Bitcoin’s market share has been declining slowly in recent years, and although many believe that bitcoin will continue to grow, there is a rapid rise in other parts of the blockchain ecosystem. When decentralized blockchain protocols begin to break down the central web services that dominate the current internet, we will begin to see real sovereignty on the internet.

 

The future of Decentralization:

Recently, blockchains have become the focus of attention as the first technology to use decentralized device networks. With the promise of full ownership and monetization of their data, blockchains are seemingly convincing alternatives to older third-party data farms. While blockchains use the increasing movement of increasingly powerful personal devices, they have a relatively limited use case and do not fully exploit the potential of paradigm shifts.

This is decentralization, which is a decisive factor in cryptocurrency and blockchain technology in general.
In addition to the major cases of well – known use, there are examples of massive companies that eliminate a “one – point failure” in their closed systems, for governments that approve university degrees. Secondly, governments have historically been serving exchanges with asset seizures, which have paralyzed merchants who hold large amounts of cryptocurrency in the market. If decentralized exchanges become a real reality, the regulatory war will become even more complex for legislators: their current strategy is to target exchanges that operate under their jurisdiction.

Blockchain technology can provide a new way of confirming identity, ways of moving data faster and cheaper, easier transactions such as payments, claims, and data sharing.

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Brief: What are ERC-721 Tokens?

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ERC-721 defines features that give it some compatibility with the ERC20 standard. Similar to it, ERC-721 standard has opened the door to new smart contract

Ethereum tokens became popular in 2016 – 2017 when they began to be widely used by ICOs to represent usefulness or ownership. Later, in 2017, Ethereum tokens began to be used to represent the assets of the game, such as in the famous cryptocurrencies. While the ERC-20 tokens dominate the ethereal part of the market, for the time being, more and more projects are expected to shift to the new and improved standards.

 

ERC-721 Tokens

Application developers can integrate ERC-721 tokens into their platforms, but in order to improve such development, public API and public network nodes can make non – fungible blockchains available to most mobile and web developers – most of them use JavaScript.

 

ERC-721 tokens can be used in any exchange, but their value is due to the uniqueness and rarity of each token. ERC-721 defines some features that give it some compatibility with the ERC20 standard. Similar to the ERC20, the newly proposed ERC-721 standard has opened the door to new smart contracts that act as un-mouldable items.

 

For example, a virtual work of art in which the work of art is symbolic and the property of the token directly reflects the property of the work, stored in the blockchain.

 

Like many others, the ERC-721 is a free open standard, describing how to build the tradable Ethereum tokens on the blockchain. While the ERC – 20 runners are fungible, which means that they can be exchanged between themselves, the ERC-721 standards has been used for nonfunctional or “unique” items.

 

The nonfunctional tokens allow you to detail more about the attributes that make them special – well beyond the name, balance, supply of tokens and symbols. The nonfunctional runners have not been accepted as quickly as some lawyers hoped, partly because the ERC-721 protocol is so new. There are concerns about the fact that the use of nonfunctional tokens could eventually become fragmented, with different standards and different certifications.

 

Fungibility is the interchangeability of goods or assets with other single goods or assets of the same type.
When you purchase ERC – 20 tokens, your property rights will be written in smart contracts.

 

In fact, the idea of having ownership in a decentral blockchain makes it particularly suitable for collectors – there is no doubt about the rarity of a particular collection item – there is ( theoretically ) no central control over who owns what, there is no doubt there. However, by framing ERC-721 like non-moldable tokens rather than digital collectors, the standard is very much to track and transfer property.

 

As more ERC-721 contracts implement more metadata, the question of where images live is becoming important for the nature of applications and decentralized markets.

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