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Hello, my name is Sendependa Verkisto. I'm the editor of the BitOnFeed blog. It's a reliable and practical tool that can help hopeful crypto-entrepreneurs to succeed.
What is blockchain? Don't be in awe of the technical language people use to describe "blockchain." Blockchain is essentially a database. It's not too difficult to create. can build it using an Excel spreadsheet with little effort.
These databases are unique in their features. Blockchains are only used to add data. It is possible to add information to the blockchain.
Second, each record (called blocks) within the database is cryptographically linked to the last record. In simple terms, every new record should contain some kind of digital fingerprint (hash) of the previous one.
Because each fingerprint is linked towards the last which is why you have an entire chain of blocks. or, as the cool people like to call it - a Blockchain.
Blockchain is unchangeable. If you alter one block, it alters the fingerprint. Because that fingerprint is included in the next block, the next block will also change. This causes a domino effect, where every change is evident. It is impossible to change information without someone noticing.
Although the majority of people agree that blockchain technology is secure, there are certain drawbacks.
The primary issue is scaling. As the number of participants grows the system becomes more difficult for the system to handle transactions. For instance, the second highest capitalized cryptocurrency, ether, faced this issue. It took the company several years to find a solution to this issue.
The "51 percent attack" is yet another threat. This means that a few users of the network who have a lot of computing power, have consented to change the information in a specific block. This is exactly what Bitcoin SV; a cryptocurrency has recently encountered. Hackers took control of the network and compromised over 570,000 transactions.
Another problem for blockchains that aren't used to test cryptocurrency is their insufficient testing. Most cryptocurrencies include test networks on which developers find out about the weaknesses of their networks. This is why hackers are more likely to target businesses that don't test their blockchains.
To help you as a newbie crypto-entrepreneur succeed in the cryptocurrency industry, read our blog https://bitonfeed.com/, we do everything in easy-to-understand language.
