Blockchain's Importance
The emergence of blockchain has created an influx of technological advancement in several aspects and facets of human existence such as social lifestyle, political organization, improved the standard of living among the third world countries, hybrid of IT skills-set personnel and so on. Notwithstanding, several other aspects and subject-matter attached to the blockchain technology such as the creation of the first cryptocurrency called Bitcoin
Trust is a crucial aspect of transactions made daily and due to the fact that it is difficult to ascertain trust among parties to a transaction serves as an impediment to most transactions. Thus, the blockchain technology was established to tackle this loophole and among its core objectives is to restore "Trust" (a key factor) back to our daily transactions. Aside from this, the blockchain is encrypted immutable ledger which stores data simultaneously on different nodes represented in the chain. That is, in an ordinary parlance blockchain is a reservoir ledger for data which cannot be censored or cleared that is connected to several computers.
Features of Blockchain
Off-shoot of the technology, here are the main attributes or features of a blockchain;
A decentralized system
In a simple language, decentralized means distributed or shared authority. One of the core objectives and features of blockchain technology is the fact that it is base on the principle of equity and equality. It should be noted that the blockchain technology will transform the storage, and representation of data on the internet to more reliable and sophisticated approach serving as a catalyst and paradigm shift for these existing sectors such as banking and finance, security and so on.
The idea backing the blockchain is placing your trust, not in a single entity like a government, a bank, or a multinational company rather in the network (nodes). These are following items which can be stored on the chain and they are thus; contracts, evidence documents, identity information, financial assets, to name only a few.
Safe and Secure Ecosystem
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”,
Don & Alex Tapscott, authors Block-chain Revolution (2016)
From the above words, we can deduce that blockchain is resistance to fraud, theft and any sort of manipulations as to funds or identity because each node has a representation copy of data sent and transactions made from the original computer saved and secured on the network which breeds transparency. That is, no matter how crazy a hacker can be only if he is crazy enough to overwrite several codes on different nodes. That is the only chance he gets to breach the network which is almost impossible. No one can override the blockchain except when you break the blocks.
The chains of the network in which data is configured make it public. Thereby, it helps to provide transparency.
Before a breach or alteration can be done to the block data on the blockchain, the suspected hacker must get ahead of the entire network which is a futile endeavor. So, it proves that the system cannot be easily corrupted.
Minting
An important aspect of blockchain is the tokenization and it has soon become an integral part of the blockchain as each blockchain started developing after Satoshi Nakamoto's coin. There are basically several means in which we can mint the coin and one of the tested and trusted means is through mining. Mining is dependent on the peculiarity accrued to each blockchain. The earliest blockchain (Genesis Block) uses Proof-of-Work while Steem Block-chain uses delegated proof of stake (DPOS).
What is Nakamotos Den, Aims & Objectives
Nakamotos Den is an annual blockchain summit which is saddled with the responsibility of creating awareness, granting opportunity in the blockchain ecosystem to both existing blockchain enthusiasts and interested individuals who are willing to learn and participate in the ecosystem. Just as aforementioned to be an annual event, this year's edition is taking place in Cyprus from 19th to 20th February. And this is going to be an atmosphere and gathering of blockchain experts, enthusiasts, developers and even corporate bodies.
The summit is arranged in several segments and divisions due to the fact that it is not only about the conference, there would be opportunities for individuals, firms and other interested members of the conference to take part in the Battles' competition. It is one of the distinguishing factor that makes the event to stand amidst other blockchain conference in the sense that it serves as a platform where ideas can be transformed into reality. Also, the groundwork where investors can discover new projects with great use-case and sustainable and long term goals.
Distinguishing Factor of Nakamotos Den
Four Pillars of Nakamotos Submit
• A Digital Start-up Battles
This is a competitive aspect of the conference where interested applicants are given the rare privilege to pitch their idea and innovation to a large audience of investors and developers in a competitive style battling among themselves the fundamental characteristics of their projects before the jury (world's greatest crypto-analysts). The interesting part of this competition is that participation is free and the scoring system is fair in the sense that the winners are determined based on the majority of the votes cast. Hence, the audience at the conference/battles competition decides automatically the next project to be funded by the investors.
• Post-ICO Battles
Any company that is looking forward to expand in blockchain and cryptocurrency space must be ready to own up to their words and make the standard their starting point. Every successful project on the chain must have pulled through the stage of Initial Coin Offering (ICO) which is a crucial level to the existence of such a project(s). That is, the success of the ICO is dependent on the lifespan of the of both company and its products or services. Nevertheless, that is not as important as the stage after the ICO. Meanwhile, Nakamotos event is offering an opportunity for project organizers, companies to battle out their established firms in order for investors to keep supporting their brands. The winner is determined with a simple vote.
• Investment and Networking
In such a gathering of crypto-techs, developers and investors, it would be unfortunate not to familiarize and interact with one and another which is the main focus of such a gathering. Hence, the organizers have created three occasions to connect the participants and make them take interest in themselves. And they are; welcome drinks party, gala dinner and grand closing party
• Blockchain Education
In an ever-evolving globe like the 21st century, the organizers understand the importance of education thus they will be providing conference materials, workshops, and presentation to both newcomers and existing blockchain savvy attendees.
Nb: Note however that there are several speakers coming from diverse works of life to grace the occasion and you cannot afford to miss this year's Nakamotos Den Summit. A decentralized world!
Links
Website: https://nakamotosden.com
Twitter: https://twitter.com/NakamotosDen
Disclaimer: The content of this article does not suffice as financial advice, please do your own research.