Blockchain Projects

Blockchain and Cryptocurrency

What you need to know

Since bitcoin was created by Satoshi Nakamoto in 2009, it has been labelled so many names like “scam”, “fake money with no legal tender”, etc. However, over time it has become undeniable that bitcoin and the various cryptocurrencies developed in the blockchain ecosystem are here to stay. Blockchain will have a major positive impact on how traditional businesses and financial organizations manage and handle digital information and assets. A lot of private sector and public sector organizations are now in the block chain race and investing heavily in research and development of blockchain.

What is crypto and blockchain?

A blockchain in simple term is a chain of blocks. A block represents digital information stored in an open source database i.e. a chain. This chain will be a public database using cryptographic principles. The information in the chains are immutable records of data that are transacted by a group of computers independently owned and located in various regions across the globe.

Cryptocurrency is a protocol built in the blockchain. The godfather of all cryptocurrencies is the Bitcoin.

In the Bitcoin white paper introducing the digital currency, Bitcoin’s creator Satoshi Nakamoto referred to it as “the new electronic cash system that’s fully peer-to-peer, with no trusted third party”.

Since the creation of Bitcoin, several other digital currencies have emerged such as Ethereum, EOS, Tezos, Monero to address other creative and ingenious use cases such as smart contract, decentralize finance (DEFI), Internet of Things (IoT) and a host of others.