Blockchain, simplified.
With all the rage over cryptocurrencies, there are also tons of ICOs popping up, each with their own novel idea on how they will differentiate themselves in the market. I will now explore some examples and share how this is even possible in the first place.
In essence, cryptocurrencies are a digital currency system without a central entity. It is self-regulated. This is special because it solves the major problem of any payment network of double spending. Instead of having a central server that keeps track of transactions and regulating the system, cryptocurrency works on a decentralised network. Thus, there is no server. Instead, every single user of the network does the regulatory job on a transparent ledger.
This then brings in another major innovation — achieving consensus without a central authority. This confirmation is done by miners as they are the only ones that are vested with the power to legitimise these transactions and spread them in the network. Upon confirmation, all nodes will add it into their database and this transaction is now part of the blockchain, immortalised and transparent to all.
Development of Cryptocurrencies
With such a novel idea in itself, it has enabled more ideas to be embedded in and built on this blockchain. Following the verifiable, unchangeable and transparent nature of blockchain, many companies have leveraged on it to develop great technologies based on this as a foundation. For example, food tracking from farm to table can now be done in seconds instead of days, or a universal health records system for all hospitals to obtain health information of any individual regardless of geographical location, all only made possible with the power of blockchain.
Another greater example would be Spiking.
Being the world’s first blockchain asset validation and AI-Driven Crypto Trading Infrastructure, Spiking has helped investors and traders take steps towards financial freedom.
By utilising smart contracts on the blockchain, the Spiking Platform facilitates its users to engage in the Follower-Whale Model transparently and yet control their own segregated trading accounts directly, essentially having direct control over each whale account they follow.
While the novelty of this idea is in the bridging of the information asymmetry gap between potential traders and successful investors, this is only possible with the help of blockchain which assures users that all transactions are strictly following the investing pattern of the successful investors they follow.
Blockchain has brought about many great things and companies have been utilising it for various creative purposes. I am sure we are all eager to see what other great inventions can be brought about with this technology, let us all stay tuned for further updates!
by Levia Goh, Business in Finance, SMU
Drawing from its successful and rich experience in the stock market since 2016, Spiking is expanding to cryptocurrency trading! With its unique and powerful trading tool and its AI robot Robobull, Spiking enables traders to easily find whales and mirror the trades automatically. At Spiking, we strive to help traders make better decisions and take the steps toward fulfilling their dreams of achieving financial freedom. Check out Spiking App, Top Grossing Finance App at App Store & Google Play.
Keep in touch with us.
- View the Spiking White Paper https://spiking.io
- Join the Community https://t.me/SpikingOfficial
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- Bitcointalk ANN Thread:https://bitcointalk.org/index.php?topic=3629292.0
