What is blockchain? 124

What is blockchain?

Blockchain is really a basis of an ongoing digital revolution. This technology is a decentralized chain of blocks that record the information about data transfers. Blocks store encrypted information about transactions, deals and any other forms of data transfers. The chain does not have a common server — all blocks are located on each user’s device. Blockchain actually works similar to torrent. If you want to download the latest season of your favourite TV series, you connect directly to other users who have these files on their device. Each user of the blockchain network maintains its entire operation.

Blockchain is a global decentralized transaction database. The information is public but no one can edit it. To “hack” blockchain it would be necessary to change all blocks in the system at the same time, which means to get access to hundreds of thousands of computers. Each user stores the whole blockchain, so no individual has a chance to influence the work of the whole system. All processes are in fact automatic calculations and the whole network is extremely reliable, trustworthy and secure.

Blockchain is absolutely not only about cryptocurrencies. For instance, Ethereum blockchain allows to operate smart—contracts. Considering all blockchain advantages, it seems to be quite clear why many institutions, including state bodies are getting more and more interested in this technology. Ukraine, Sweden and the Arab Emirates are going to introduce blockchain in the operation of state land registries. The technology looks even more promising for banking, exchange and investment sector. Generally, everything we do, whether we pay taxes or purchase mobile phones, we exchange data. Blockchain appears to be a brand-new revolutionary way to transfer this data and store it.  

Within ten years of blockchain era there has been many talks around this technology. Its potential goes far beyond cryptocurrency transactions and can be implemented everywhere when it comes to accounting, verification, transferring and storing data. Blockchain is quite likely to squeeze traditional methods of data transferring soon. In fact it has already started to do so in the financial area. But will it succeed? The time will show.

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Cryptocurrency Prices: Insignificant Growth in the Currency Rating 50

Cryptocurrency Prices: Insignificant Growth in the Currency Rating

According to the trading portal Coinmarketcap.com, Bitcoin (BTC) rose by 0.46% in the last 24 hours. The price at the time of writing is $8315.

The indexes are growing, cryptocurrencies are in the green zone again, although the increase in the rating is no more than 8% of the cost. Ripple added 1.25%, Monero increased by 3.06%, Stellar added 1.32% to the value, EOS rose by 7.30%. Litecoin grew only by 0.43%.

Ethereum is showing an increase by 1.42%. Its value at the time of writing is $704 per coin.

The total market capitalization is $383 billion. Bitcoin accounts for 36.9% of the total amount. It is $141 billion in monetary terms.

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Organizers Used Fake Lamborghinis to Attract Attention to the Consensus 2018 117

Organizers Used Fake Lamborghinis to Attract Attention to the Consensus 2018

Organizers of the conference Consensus 2018 in New York held a kind of promo-action by parking a “Lamborghini” in front of the entrance to the building, where the event was held. The vehicle was provided by the company Broadway Supercars from New Jersey. This has been reported by the CNBC channel.

The point of this was to pass the cars off as the transport of Bitcoin and cryptocurrency investors. As a result of an independent investigation it also became known that the last two Lamborghini vehicles belong to the owner of the renting company, John Nouri.

“We do a lot of this for a lot of companies all the time. It’s an attention grabber. It’s for the people walking in. They all say once you make money in crypto, you buy a lambo. I never made money with crypto but I have ten lambos.” – Nouri said.

The edition notes that the rental price of one vehicle of the company Broadway Supercars is $1000 per day, while its total cost is from $200 thousand and more.

“I see a parallel between young people that are really willing to become very rich with the very high-risk investment, and … the fact that our customers are very young,” Lamborghini CEO Stefano Domenicali told CNBC in a recent interview.

Let us remind you that on Monday, the 14th of May, the Consensus 2018 blockchain conference started in New York. This event is currently the largest in the world. It is devoted to Bitcoin, other cryptocurrencies and blockchain technologies.

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