What is Blockchain?
Blockchain Technology is a Decentralized Distributed Ledger, created by Satoshi Nakomato in 2008. In simpler terms, it’s a digital record book for transactions that is setup on a network that has no one central location or manager. All transactions on the Blockchain are public record stored on thousands of computers, that way, if one person, institution or computer gets damaged or has complications, the records won’t be lost nor can they be altered.
Crypto Currency
Digital Money. The Value is stored in the coding! The codes are of most importance, losing codes and key's is the equivalent of loosing money out your pocket.
Smart Contracts
A Smart Contract is a computer protocol or operation that allows people to exchange anything of value without the need of a notary or lawyer or any other intermediary.
Cryptography
Cryptography the art of writing and solving codes.
• Codes- That’s when you take a word and give it a new secret meaning that only you and a few other parties know
o Ex: Bad-Body Amazingly Defined. Does not have to be an acronym I just used that for the purpose of demonstrating.
• Ciphers-Is when you take a word and exchange or replace each letter based on some sequence.
o Ex: BAD= NSF so the word BAD is the “Decrypted” word and NSF is the Encryption
Decentralization
The lack of Centralized Authority.
Chex system
The Chex System is an agency with the purpose of making financial institutions, primarily banks, of any closed bank accounts you may have with an outstanding balance. This could prevent you from opening accounts with other banks, which will make getting money in an ever growing cyber even more of a challenge. With Blockchain technology you can convert any Fiat money (paper currency) into Crypto Currency and store your funds in a digital wallet. Not only can your funds be stored in that wallet but you can easily transfer that money to anyone anywhere in the world without the use of an intermediary like the banks. A person can function in the cyber world without depending on the banks or other financial institutions to facilitate “peer-to-peer” transactions. I specify “peer-to-peer” at this time because for things like purchasing stock in a company, one still needs the use of a brokerage firm.
Asset freezes and seizures
With Blockchain being “Decentralized”, the government, state or creditors cannot freeze or seize your cryptocurrency. This is very significant to the freedom and sovereignty of the individual by allowing them the ability to continue to make transactions, transactions that can allow an individual to elude the encroachment of the state on his/her liberties.
3 world countries
Those of us with Families in impoverished countries or communities in other parts of the world who may not have access to banking or if you wish to avoid the high fees and taxes that go along with sending money to a different country as well as a far faster transmission time, Crypto Currency is the answer. You could send digital money to your family in friends in a matter of minutes, at very little cost. This not only allows for families to receive money in a timely fashion because we all know Time is Money, but to use more money constructively for the improvement of one’s financial circumstances rather than forking it over to financial institutions and governments.
Conclusion
To Be Continued.......
Check out: "The Pleasant Mutiny: How Millenials have become the Vanguard of the Free-Market from the Encroachment of Centralized Capitalism" for a more in-depth analysis. You can find it on my page.
CryptoCannon
Thanks for reading