The blockchain is one of the most promising new technologies for the future. So what is it?
It’s a distributed ledger technology that underlies cryptocurrencies like Bitcoin, and provides a way to record and transfer data that is transparent, safe, auditable and resistant to outages.
The blockchain has the ability to make the organizations that use it, transparent – democratic – decentralized – efficient and secure.
The blockchain is likely to disrupt many industries in the coming five to ten years. These are some of the industries it’s already disrupting.
Blockchain explained with CryptoPreneur UK
As we explore the technology behind Blockchain it is important to understand what role Bitcoin plays.
Bitcoin is a digital currency launched in 2009 with the intention of simplifying online transactions by bypassing government control of currency. It does this by storing and transacting the currency over a ‘peer-to-peer network’ a Blockchain - rather than using a central monetary repository is important to make the distinction that Bitcoin is not a Blockchain itself.
Bitcoin it’s transacted over an open public anonymous Blockchain network, in many ways you can think of Blockchain as the operating system and Bitcoin is one of the many applications that run on that system.
The Blockchain that underlies Bitcoin has some fundamental similarities, but also key differences to a Blockchain built for business such as the Linux foundations hyper ledger fabric.
Both are cost effective as they increase the speed of transactions and reduce overhead costs - both are highly efficient as the transaction is recorded once and is then visible to all parties through the distributed network.
Both the tamper-evident - the transaction cannot be changed it can only be reversed with another transaction in which case both transactions are visible. However a Bitcoin Blockchain is limited in a few ways - it is primarily designed to transact cryptocurrency and is also open and public, meaning anyone can join and view every transaction that’s ever happened on the network.
It is anonymous, meaning it is nearly impossible to know the identity of who's involved in a transaction. Because of this, it requires heavyweight cryptography to deter fraudulent activity which requires significant computing power.
These characteristics leads are many issues around efficiency - confidentiality - security and trust when conducting business, especially around regulated industries.
On the other hand, a Blockchain built for business enables you to exchange anything of value whether tangible like a car or house, intangible like a patent or copyright or digital like videos or photos.
It is private - so the invited members know exactly who they are doing business with - it is permissioned, so participants are only given access to data relevant to them. And it runs on smart contracts business logic embedded into the network, reducing disputes and increasing trust.
A Blockchain for business also utilizes selective endorsement - which allows participants to control exactly who verifies transactions. All of these qualities make a Blockchain for business more efficient more secure and more effective across your business networks.
Enigma Ethereum Mining explained with CryptoPreneur UK
In this video, we visit the world's largest mining facility for an Ethereum.
Ethereum is the first world computer. It is a decentralized network that can be used by anyone and is capable of running applications with no possibility of downtime, censorship, or fraud.
These applications called ‘Smart Contracts’ require a certain kind of fuel to run them, the networks own native currency the ether.
It is a form of payment made by the users of the platform to the machines to execute all requested operations, anyone can earn ether, and help secure the network by volunteering processing power to the network - this process is called ‘Mining’.
All around the world people are using their computers at home to be a part of this collective effort. Our enigma farm is a computation cluster built for exactly this venture - if you are as fascinated by the Ethereum project as we are, and want to participate head over to our website and become a part of the project.
What is Bitcoin mining? Bitcoin operates as a peer-to-peer network - this means that
everyone who uses Bitcoin is a tiny fraction of the bank of Bitcoin. But where do bitcoins come from? With paper money
a government decides when to print and distribute money.
Bitcoin doesn't have a central government. With Bitcoin -
miners use special software to solve math problems and are issued a certain number
of bitcoins in exchange. This provides a smart way to issue the currency and
also creates an incentive for more people to mine, and since miners are
required to approve Bitcoin transactions more miners means a more secure
Network.
The Bitcoin network automatically changes the difficulty of the
math problems depending on how fast they're being solved. In the early days Bitcoin
miners solve these math problems with the processors in their computers - soon miners
discovered that graphics cards used for gaming were much better suited to this
kind of math. Graphics cards are faster but they use more electricity and
generate a lot of heat. The first commercial Bitcoin mining products included
chips that were reprogrammed for mining bitcoin. These chips were faster but
still power-hungry. ASIC or application-specific integrated circuit chips are
designed specifically for Bitcoin mining. ASIC technology has made Bitcoin mining even
faster while using less power.
As the popularity of Bitcoin increases more miners join the
network, making it more difficult for individuals to solve the math problems to
overcome this - miners have developed a way to work together in pools. Pools of miners find solutions faster than
their individual members and each miner is rewarded proportionate to the amount
of work he or she provides. Mining is an
important and integral part of Bitcoin that ensures fairness while keeping the Bitcoin
network stable, safe, and secure. For more information about Bitcoin mining
visit bitcoinmining.com
CryptoPreneur has seen in the years to come, Blockchain, and the technology behind cryptocurrencies such as Bitcoin will certainly change the role of traditional reliable parties such as banks, auditors, notaries, and administrations.
The animated video about Blockchain and Bitcoin that was released by http://bitcoinproperly.org is the first to specifically address the technology behind Bitcoin: the Blockchain.
Within five minutes, it is explained how the essential functions of the “trusted third party” can be automatized through the Blockchain as well as what the implications of this are.
Within five minutes, it will explain how the essential functions of the “trusted third party” can be automated through the Blockchain as well as what the implications of this are.
Crypto currencies like Bitcoin are the next step in the emancipation of all world citizens, and can help create a new dynamic for democracy, society and economy.
Our mining service is not only designed for large scale investors, but also for those who are new to the world of cryptocurrency. We provide lifetime mining services for Bitcoin and alternative cryptocurrencies in our mining catalog with no “open-ended” contracts. We are a group of professionals who possess years of experience in this sector since the inception of Bitcoin. We have a scalable infrastructure that is secure and fully optimizable, capable of meeting the needs of emerging cryptocurrencies.
Following two days of near sideways trading, bitcoin prices have once again reached record levels.
Since setting its most recent all-time high of $4,483 on August 15, prices have fluctuated in the $4,000–$4,200 range until starting to rise once again Wednesday afternoon.
This morning, however, after a slight drop early on at 3 a.m. UTC, vigorous trading has seen the price of the crypto asset rapidly climb to a new high of $4,501 at around 11 a.m. UTC.
At press time, the price stood at $4,495 – a 1.58 percent gain for the day so far, according to CoinDesk's Bitcoin Price Index.
Bitcoin's market capitalization now stands at over $73 billion, up from $68 billion two days ago.
Looking at wider market, the combined market cap for all cryptocurrencies has also reached a new all-time high of $144.7 billion, according to CoinMarketCap.
The world’s largest Ethererum Mining farm, which is specifically built to support the Ethereum Project: A decentralized platform that runs smart contracts. Cryptocurrency applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.
We aim to educate, advise and inspire through the platform
of crypto currency mining.Through this
platform you’ll understand why crypto currency mining makes sense - why buy pre-mined
coins at market price when you can create
the same coins at cost price!
About Rajen Ladwa
At the beginning of my career, I worked for Mercedes-Benz
Financial Services UK Ltd.After working
within the business, I moved into the IT space working for a global service
provider.I held various Service
Management roles during my time.I
became intrigued about Crypto currency and wanted to learn more.I did not want to miss out on any potential
opportunities.How could I do this?By reading, speaking with leaders within the
industry and also attending events.It
was an eye opener.
I went on to learn more about Bitcoin, altcoins, block chain technology
and the numerous possibilities.Having
purchased some crypto currency via popular exchanges (which charged considerable
fees), I soon understood that the best way to acquire crypto currency is through
mining.On the site you will find
details of our mining offer and other pertinent information.
I hope you enjoy the site and the content we offer.Should you have any queries or wish to learn
more then I would be delighted to hear from you, via any of the channels
available on this site.
