Mark Sloss - Blockchain: Blockchain Technology 2018--The Complete Guide To New Blockchain Revolution

Blockchain: Blockchain Technology 2018 - The Complete Guide To New Blockchain Revolution!

Mark Sloss

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Blockchain: Blockchain Technology 2018 - The Complete Guide To New Blockchain Revolution!

This book is meant to serve as a guide to help you understand what blockchain is and how to leverage its benefits. Its in no way intended to be a professional manual for anything including trading. If you need cryptocurrency trading advice, consult a professional financial analyst.

First, let me congratulate you for purchasing this book and thank you for choosing this copy. While you may not understand most of the basics behind blockchain, Im sure you know about Bitcoin and perhaps, Ethereum or Bitcoin Cash. Well, all these digital currencies have one thing in common; they are written on the blockchain.

But thats not all. Blockchain has many other functions besides providing cryptocurrencies with a basis to operate on. This technology is regarded as the next big thing after the internet itself and therefore, learning its ins and outs can help you leverage its advantages in the digital world.

Since much about blockchain can be confusing, this book has been written in most basic language, so even a tenth-grader can understand much of the concepts discussed. We will kick off by defining what this tech is, how it operates, its applications, merits, demerits and how its likely to change as the years go by.

This book wont touch on the complex algorithms on how this technology is curated or anything that makes you think you are back in college dealing with advanced algebra. Once again, there is an overwhelming number of blockchain books out there, so thank you for making this one your number one choice.

Enjoy reading

~Mark Sloss

A blockchain is a decentralized ledger where everyones transaction history is stored. This ledger automatically gets updated in regular time frames, is accepted by the community as a fact, and gets stored on every participants computer. This way, no central party has to govern the network, as issues like double spending rarely exist in this ecosystem.

Instead of a central party dictating what is real, the community does so in a decentralized manner. Blockchain technology thereby allows storage of any kind of information without needing a governing body. This can be applied to any type of ownership, identification, knowledge, orcurrency.

Blockchain and digital currency.

Blockchain technology provides the infrastructure for a digital currency to exist without a central bank. Currency is one of the many different applications that can run on a blockchain, using the benefits of decentralization in the digital world.

Since this currency on a blockchain uses cryptography, it is called cryptocurrency.

What is a cryptocurrency?

In a cryptocurrency, any rule or regulation is programmed into the cryptographic algorithm that governs the decentralized community using the currency. The combination of cryptography and currencies gives crypto-currencies their name. This basically means a currency that is backed by and made rare through cryptography.

Note that trust in a cryptocurrency network is derived from the underlying cryptography. Since this is a new concept compared to thousands of years of using precious metals, it will take a bit of time until more and more people start to understand the true benefits of the new system.

Blockchain and Cryptocurrency nomenclature.

To clear up some confusion, lets define a few terms:

Blockchain: The immutable transaction history of a decentralized community.

Cryptocurrency: An application using blockchain technologies by which the transaction history and therefore the exact amount of currency everyone owns gets stored via a blockchain.

Bitcoin (capital B): This is used to name the idea and protocol of the first decentralized cryptocurrency on a blockchain.

Bitcoin(s)lower case b: the currency itself.

W HAT WAS THE FIRST DECENTRALIZED CURRENCY?

There have been several cultures around the world that refused to have a centralized monetary system. While it is very hard to say which one was the largest or first, the concept of Rai stones on the island of Yap is quite fascinating and describes the concept of a blockchain and decentralized currency in an easy to understand way. The Islanders did not own much gold, so in order to have some kind of currency that everyone could have access to if they wanted, they carved huge round stones out of limestone. They would then be used as currency. In theory, every islander would have been able to do this, but it mostly became a specialized task done by few, while the others preferred to sell products or services to receive such stones in return. The system was decentralized, as it was completely open for anyone to join, and everyone had the same rights.

Looking at blockchain and cryptocurrencies, you will recognize how similar this concept of the Rai stones actually iswith the difference that Rai stones are physical, and cryptocurrencies are digital. That is why cryptocurrencies need a blockchain as an underlying technology.

Blockchain has dominated media channels for quite some time now, leading to many people becoming interested to know why this technology matters. Its expected that as 2018 draws toward its end, we will be able to know just how well blockchain fits into the nerves of the society.