Tech

Definition, Explanation, Pros & Cons

Published

9 months ago

21 July, 2024

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Blockchain is a decentralized, digital database that stores transactions and other forms of data.
Key blockchain features include immutable records, distributed ledger security, and smart contracts.
Blockchain has many other uses outside of cryptocurrencies.

It’s almost impossible to say “cryptocurrency” without mentioning blockchain technology. A blockchain is a digital, public ledger that securely stores segments of data through a self-managing, peer-to-peer (P2P) network of computers. And some of its key components include irreversible records (i.e., unchangeable blocks of data), decentralized transactions, and smart contracts.

Decentralized digital assets like crypto and stablecoins use blockchain technology for buying and selling assets. Centralized banking digital currencies (CBDCs) are centralized currencies and don’t use a blockchain.

Here’s how blockchains work — along with a closer look at their pros, cons, and potential applications.

Blockchain key terms:

Nodes: Strong computers connected to a blockchain network in order to process, maintain, and verify crypto transactions. Nodes rely on consensus algorithms and need to be connected to an open-source operating system. Types of blockchain nodes include mining nodes, full blockchain nodes, master nodes, and light nodes. For example, bitcoin uses light nodes to save storage space that only downloads key data.
Decentralized currency: Currencies, such as cryptocurrencies and stablecoins, that are not issued by a government or financial institution in order to cut out banks as the “middlemen” of trading. Instead, decentralized currencies use peer-to-peer trading and a general system of trust.
Digital currency: Also referred to as electronic money or digital money, is a form of currency without a physical equivalent and can only be accessed digitally. Examples of digital currencies includes cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs).
Peer-to-peer networks: Transactions are completed directly between merchants and consumers. It eliminates the need for bank loans or money borrowing. Some prominent examples of P2P networks include file-sharing (sites that allow users to share and download content), media streaming (such as YouTube, which allows users to upload content for viewers to access), and crypto trading platforms.

What is a blockchain?

A blockchain is a digital database that stores “blocks” of data in chronological order. These blocks are linked together on what’s known as the “chain,” and unlike traditional databases that utilize a third party or intermediary, a blockchain is completely decentralized.

This means that no third parties can monitor or interfere with transactions. The blockchain system is basically self-regulating, thanks to a P2P computer network of nodes (i.e., individual computers) that verify all new data and distribute cross-network copies of the blockchain to keep it secure.

“Blockchains are made of, well, blocks,” explains Lorien Gabel, co-founder and CEO of Figment.io. “Each block contains a timestamp, transaction data, and a mathematical function from the previous block. Computers that mine blocks or run validating nodes that sign blocks will include that mathematical function — called a cryptographic hash — from the previous block into the current block to form a chain.”

Quick tip: Blockchain is not to be confused with bitcoin. Bitcoin transactions wouldn’t be possible without blockchain technology, but the two are completely different. While bitcoin is a tradeable digital currency, blockchain is merely the underlying technology that makes secure transactions possible for bitcoin (and other digital assets).

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How a blockchain works

Cryptocurrencies would essentially be nonexistent without a blockchain. This technology relies on a distributed ledger that keeps a record of all past, present, and future data (e.g., transactions or accounts).

“A blockchain is commonly used to build a distributed ledger,” says Gabel. Ledgers, he added, track accounting transactions and accounts — we can think of it as a database that stores information. “Distributed ledgers don’t have to be on a blockchain to be considered ‘distributed,’ they just have to be shared with other computers on the network.”

But several other features separate blockchain technology from traditional databases controlled by financial institutions. These include immutable, or unchanging, records and smart contracts.

Irreversible transactions

Each transaction that the nodes add to the blockchain is permanent. So once the computer network verifies the data and adds it as a new block, that record is permanent. And this serves much more important purposes beyond simply keeping the system running.

“Transactions are irreversible, permanently recorded, and available for everyone to see. It’s challenging and complicated for any one actor to change or falsify data recorded on a ledger,” explains Gabel.

In order to change the data on the ledger and have the modified chain become the majority chain, someone would have to both alter their duplicate of the ledger while adjusting at least 51% of other users’ copies of the database. Therefore, the immutable records component makes it extremely difficult to hack the system.

Smart contracts

“[A smart contract] is a self-executing contract with the terms of the agreement directly written into lines of code on the blockchain,” Gabel explains. This allows them to execute once the terms are met.

But as for the blockchain process, here’s how it works: Whenever a new transaction takes place (e.g., a bitcoin or ether buy order), that data is sent to a network of computers (nodes) that solve math equations to validate the transaction.

If the transaction is rejected, it won’t show up on the blockchain. But if it’s confirmed, the nodes will add the data as a new block on the ledger, chaining it to the prior blocks (and the ones that follow) to maintain the chain’s security. Once this step is done the transaction is complete.

The blockchain process can be broken down into simple steps.

Alyssa Powell/Insider

What is a blockchain used for?

Cryptocurrency is likely the first thought many people have when it comes to blockchain, but this technology has many other uses:

Banking and finance: Blockchain has many uses for money transfers, especially for fiat currencies (e.g., USD, EUR, or JPY) that individuals typically exchange through financial institutions like banks or payment services.
Cryptocurrency: This is perhaps one of the most well-known uses of blockchain technology. The blockchain stores data for all cryptocurrency exchanges.
Healthcare: Blockchain has several applications within the medical industry. It can be used to secure medical records, healthcare data, and other related electronic records.
Records of property: Whether it be property deeds or other assets, this technology can additionally validate property transactions between two parties.
Voting: Though not currently in effect, the idea of using blockchain to improve the voting process has become a topic of discussion. Arguments in favor urge that it could prevent voter fraud and offer a simpler way of counting votes. Those against it insist that such a system could pose national security concerns.

Quick tip: Since blockchain isn’t a digital currency, you can’t directly invest in it. But you can still gain portfolio exposure by investing in the stocks of blockchain companies or platforms that offer cryptocurrency products.

“Blockchain technology provides a solution to the challenges of storing, managing, and protecting data,” says Gabel. “It provides a useful and secure way of authenticating information, identities, transactions, and more, creating a secure ledger that can be updated in real time.”

Blockchain: Pros and cons

Blockchain has several uses, including cryptocurrency transactions, fiat transfers, and more. However, there are also pros and cons to consider.

There are many perks to blockchain-secured transactions. Its efficiency, security, and lack of intermediaries can make it an ideal option for those looking to safely store a range of data.

However, since there’s no centralized party to govern the database, you can never recover any assets if you lose your private key. This is important to keep in mind if you’d like to take advantage of blockchain-powered transactions.

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Building a blockchain

You can create your own blockchain (or build onto/modify an existing blockchain) if you have coding and/or advanced computer knowledge. By building your own blockchain, you can design your own cryptocurrency for others to trade. You’ll be able to choose its purpose, tokenomics, functionality, and legality.

You create a blockchain by:

Designing your own by scratch: If you’re especially skilled at coding and computers, you may be able to create your blockchain from scratch. You’ll need to establish a secure network, create a functioning algorithm, choose a protocol, follow legal regulations, and make sure your code has strong defenses against hacks and other fraudulent activity.
Modifying an existing blockchain: A slighter simpler (not necessarily easier) method of creating a blockchain is by modifying an existing chain’s open-sourced code and revising it to your liking. This way you can expand upon already functioning algorithms and possibly even improve functionality.
Building onto an existing blockchain: This method isn’t necessarily “creating” a blockchain, but instead allows you to design your own cryptocurrency on top of an already existing blockchain, like Ethereum or Binance. It’s easier than the other two methods but also more restrictive.

Creating your own blockchain isn’t recommended for beginner crypto traders or beginner coders. Creating a functioning and secure blockchain is an exceptionally difficult project, and the competition is steep. Only advanced traders and computer experts will be up to the task.

Blockchain technology

Blockchain technology utilizes a P2P network of computers to securely process and store transactions in a digital database. Unlike traditional databases that rely on central authorities, blockchain completely removes the need for intermediaries.

Security is another major component of blockchain technology. Some of its key features — including immutable records and smart contracts — work to keep all data secure.

Overall, blockchain technology has many uses in both the crypto world and beyond, but it’s important to understand how it works before you utilize it.

Rickie Houston

Senior Wealth-Building Reporter

Rickie Houston was a senior wealth-building reporter for Business Insider, tasked with covering brokerage products, investment apps, online advisor services, cryptocurrency exchanges, and other wealth-building financial products.
Before Insider, Rickie worked as a personal finance writer at SmartAsset, focusing on retirement, investing, taxes, and banking topics. He’s contributed to stories published in the Boston Globe, and his work has also been featured in Yahoo News.
He graduated from Boston University, where he contributed as a staff writer and sports editor for Boston University News Service.

Tech

Harvard Alumni, Tech Moguls, and Best-Selling Authors Drive Nearly $600 Million in Pre-Order Sales

Published

9 months ago

31 July, 2024

Digital Finance News Staff

Harvard Alumni, Tech Moguls, and Best-Selling Authors Drive Nearly $600 Million in Pre-Order Sales

BlockDAG Network’s history is one of innovation, perseverance, and a vision to push the boundaries of blockchain technology. With Harvard alumni, tech moguls, and best-selling authors at the helm, BlockDAG is rewriting the rules of the cryptocurrency game.

CEO Antony Turner, inspired by the successes and shortcomings of Bitcoin and Ethereum, says, “BlockDAG leverages existing technology to push the boundaries of speed, security, and decentralization.” This powerhouse team has led a staggering 1,600% price increase in 20 pre-sale rounds, raising over $63.9 million. The secret? Unparalleled expertise and a bold vision for the future of blockchain.

Let’s dive into BlockDAG’s success story and find out what the future holds for this cryptocurrency.

The Origin: Why BlockDAG Was Created

In a recent interview, BlockDAG CEO Antony Turner perfectly summed up why the market needs BlockDAG’s ongoing revolution. He said:

“The creation of BlockDAG was inspired by Bitcoin and Ethereum, their successes and their shortcomings.

If you look at almost any new technology, it is very rare that the first movers remain at the forefront forever. Later incumbents have a huge advantage in entering a market where the need has been established and the technology is no longer cutting edge.

BlockDAG has done just that: our innovation is incorporating existing technology to provide a better solution, allowing us to push the boundaries of speed, security, and decentralization.”

The Present: How Far Has BlockDAG Come?

BlockDAG’s presale is setting new benchmarks in the cryptocurrency investment landscape. With a stunning 1600% price increase over 20 presale lots, it has already raised over $63.9 million in capital, having sold over 12.43 billion BDAG coins.

This impressive performance underscores the overwhelming confidence of investors in BlockDAG’s vision and leadership. The presale attracted over 20,000 individual investors, with the BlockDAG community growing exponentially by the hour.

These monumental milestones have been achieved thanks to the unparalleled skills, experience and expertise of BlockDAG’s management team:

Antony Turner – Chief Executive Officer

Antony Turner, CEO of BlockDAG, has over 20 years of experience in the Fintech, EdTech, Travel and Crypto industries. He has held senior roles at SPIRIT Blockchain Capital and co-founded Axona-Analytics and SwissOne. Antony excels in financial modeling, business management and scaling growth companies, with expertise in trading, software, IoT, blockchain and cryptocurrency.

Director of Communications

Youssef Khaoulaj, CSO of BlockDAG, is a Smart Contract Auditor, Metaverse Expert, and Red Team Hacker. He ensures system security and disaster preparedness, and advises senior management on security issues.

advisory Committee

Steven Clarke-Martin, a technologist and consultant, excels in enterprise technology, startups, and blockchain, with a focus on DAOs and smart contracts. Maurice Herlihy, a Harvard and MIT graduate, is an award-winning computer scientist at Brown University, with experience in distributed computing and consulting roles, most notably at Algorand.

The Future: Becoming the Cryptocurrency with the Highest Market Cap in the World

Given its impressive track record and a team of geniuses working tirelessly behind the scenes, BlockDAG is quickly approaching the $600 million pre-sale milestone. This crypto powerhouse will soon enter the top 30 cryptocurrencies by market cap.

Currently trading at $0.017 per coin, BlockDAG is expected to hit $1 million in the coming months, with the potential to hit $30 per coin by 2030. Early investors have already enjoyed a 1600% ROI by batch 21, fueling a huge amount of excitement around BlockDAG’s presale. The platform is seeing significant whale buying, and demand is so high that batch 21 is almost sold out. The upcoming batch is expected to drive prices even higher.

Invest in BlockDAG Pre-Sale Now:

Pre-sale: https://purchase.blockdag.network

Website: https://blockdag.network

Telegram: https://t.me/blockDAGnetwork

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How Karak’s Latest Tech Integration Could Make Data Breaches Obsolete

Published

9 months ago

31 July, 2024

Digital Finance News Staff

how-karaks-latest-tech-integration-could-make-data-breaches-obsolete

Space and Time uses zero-knowledge proofs to ensure secure and tamper-proof data processing for smart contracts and enterprises.
The integration facilitates faster development and deployment of Distributed Secure Services (DSS) on the Karak platform.

Karak, a platform known for its strong security capabilities, is enhancing its Distributed Secure Services (DSS) by integrating Space and Time as a zero-knowledge (ZK) coprocessor. This move is intended to strengthen trustless operations across its network, especially in slashing and rewards mechanisms.

Space and Time is a verifiable processing layer that uses zero-knowledge proofs to ensure that computations on decentralized data warehouses are secure and untampered with. This system enables smart contracts, large language models (LLMs), and enterprises to process data without integrity concerns.

The integration with Karak will enable the platform to use Proof of SQL, a new ZK-proof approach developed by Space and Time, to confirm that SQL query results are accurate and have not been tampered with.

One of the key features of this integration is the enhancement of DSS on Karak. DSS are decentralized services that use re-staked assets to secure the various operations they provide, from simple utilities to complex marketplaces. The addition of Space and Time technology enables faster development and deployment of these services, especially by simplifying slashing logic, which is critical to maintaining security and trust in decentralized networks.

Karak Chain

Additionally, Space and Time is developing its own DSS for blockchain data indexing. This service will allow community members to easily participate in the network by running indexing nodes. This is especially beneficial for applications that require high security and decentralization, such as decentralized data indexing.

The integration architecture follows a detailed and secure flow. When a Karak slashing contract needs to verify a SQL query, it calls the Space and Time relayer contract with the required SQL statement. This contract then emits an event with the query details, which is detected by operators in the Space and Time network.

These operators, responsible for indexing and monitoring DSS activities, validate the event and route the work to a verification operator who runs the query and generates the necessary ZK proof.

The result, along with a cryptographic commitment on the queried data, is sent to the relayer contract, which verifies and returns the data to the Karak cutter contract. This end-to-end process ensures that the data used in decision-making, such as determining penalties within the DSS, is accurate and reliable.

Karak’s mission is to provide universal security, but it also extends the capabilities of Space and Time to support multiple DSSs with their data indexing needs. As these technologies evolve, they are set to redefine the secure, decentralized computing landscape, making it more accessible and efficient for developers and enterprises alike. This integration represents a significant step towards a more secure and verifiable digital infrastructure in the blockchain space.

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Cryptocurrency Payments: Should CFOs Consider This Ferrari-Approved Trend?

Published

9 months ago

30 July, 2024

Digital Finance News Staff

Cryptocurrency Payments: Should CFOs Consider This Ferrari-Approved Trend?

Iconic Italian luxury carmaker Ferrari has announced the expansion of its cryptocurrency payment system to its European dealer network.

The move, which follows a successful launch in North America less than a year ago, raises a crucial question for CFOs across industries: Is it time to consider accepting cryptocurrency as a form of payment for your business?

Ferrari’s move isn’t an isolated one. It’s part of a broader trend of companies embracing digital assets. As of 2024, we’re seeing a growing number of companies, from tech giants to traditional retailers, accepting cryptocurrencies.

This change is determined by several factors:

Growing mainstream adoption of cryptocurrencies
Growing demand from tech-savvy and affluent consumers
Potential for faster and cheaper international transactions
Desire to project an innovative brand image

Ferrari’s approach is particularly noteworthy. They have partnered with BitPay, a leading cryptocurrency payment processor, to allow customers to purchase vehicles using Bitcoin, Ethereum, and USDC. This satisfies their tech-savvy and affluent customer base, many of whom have large digital asset holdings.

Navigating Opportunities and Challenges

Ferrari’s adoption of cryptocurrency payments illustrates several key opportunities for companies considering this move. First, it opens the door to new customer segments. By accepting cryptocurrency, Ferrari is targeting a younger, tech-savvy demographic—people who have embraced digital assets and see them as a legitimate form of value exchange. This strategy allows the company to connect with a new generation of affluent customers who may prefer to conduct high-value transactions in cryptocurrency.

Second, cryptocurrency adoption increases global reach. International payments, which can be complex and time-consuming with traditional methods, become significantly easier with cryptocurrency transactions. This can be especially beneficial for businesses that operate in multiple countries or deal with international customers, as it potentially reduces friction in cross-border transactions.

Third, accepting cryptocurrency positions a company as innovative and forward-thinking. In today’s fast-paced business environment, being seen as an early adopter of emerging technologies can significantly boost a brand’s image. Ferrari’s move sends a clear message that they are at the forefront of financial innovation, which can appeal to customers who value cutting-edge approaches.

Finally, there is the potential for cost savings. Traditional payment methods, especially for international transactions, often incur substantial fees. Cryptocurrency transactions, on the other hand, can offer lower transaction costs. For high-value purchases, such as luxury cars, these savings could be significant for both the business and the customer.

While the opportunities are enticing, accepting cryptocurrency payments also presents significant challenges that businesses must address. The most notable of these is volatility. Cryptocurrency values can fluctuate dramatically, sometimes within hours, posing potential risk to businesses that accept them as payment. Ferrari addressed this challenge by implementing a system that instantly converts cryptocurrency received into traditional fiat currencies, effectively mitigating the risk of value fluctuations.

Regulatory uncertainty is another major concern. The legal landscape surrounding cryptocurrencies is still evolving in many jurisdictions around the world. This lack of clear and consistent regulations can create compliance challenges for companies, especially those operating internationally. Companies must remain vigilant and adaptable as new laws and regulations emerge, which can be a resource-intensive process.

Implementation costs are also a significant obstacle. Integrating cryptocurrency payment systems often requires substantial investment in new technology infrastructure and extensive staff training. This can be especially challenging for small businesses or those with limited IT resources. The costs are not just financial; a significant investment of time is also required to ensure smooth implementation and operation.

Finally, security concerns loom large in the world of cryptocurrency transactions. While blockchain technology offers some security benefits, cryptocurrency transactions still require robust cybersecurity measures to protect against fraud, hacks, and other malicious activity. Businesses must invest in robust security protocols and stay up-to-date on the latest threats and protections, adding another layer of complexity and potential costs to accepting cryptocurrency payments.

Strategic Considerations for CFOs

If you’re thinking of following in Ferrari’s footsteps, here are the key factors to consider:

Risk Assessment: Carefully evaluate potential risks to your business, including financial, regulatory, and reputational risks.
Market Analysis: Evaluate whether your customer base is significantly interested in using cryptocurrencies for payments.
Technology Infrastructure: Determine the costs and complexities of implementing a cryptographic payment system that integrates with existing financial processes.
Regulatory Compliance: Ensure that cryptocurrency acceptance is in line with local regulations in all markets you operate in. Ferrari’s gradual rollout demonstrates the importance of this consideration.
Financial Impact: Analyze how accepting cryptocurrency could impact your cash flow, accounting practices, and financial reporting.
Partnership Evaluation: Consider partnering with established crypto payment processors to reduce risk and simplify implementation.
Employee Training: Plan comprehensive training to ensure your team is equipped to handle cryptocurrency transactions and answer customer questions.

While Ferrari’s adoption of cryptocurrency payments is exciting, it’s important to consider this trend carefully.

A CFO’s decision to adopt cryptocurrency as a means of payment should be based on a thorough analysis of your company’s specific needs, risk tolerance, and strategic goals. Cryptocurrency payments may not be right for every business, but for some, they could provide a competitive advantage in an increasingly digital marketplace.

Remember that the landscape is rapidly evolving. Stay informed about regulatory changes, technological advancements, and changing consumer preferences. Whether you decide to accelerate your crypto engines now or wait in the pit, keeping this payment option on your radar is critical to navigating the future of business transactions.

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Bitcoin Tumbles as Crypto Market Selloff Mirrors Tech Stocks’ Plunge

Published

9 months ago

30 July, 2024

Digital Finance News Staff

Bitcoin Tumbles as Crypto Market Sell-Off Mirrors Tech Stock Slide

The world’s largest cryptocurrency, Bitcoin (BTC), suffered a significant price decline on Wednesday, falling below $65,000. The decline coincides with a broader market sell-off that has hit technology stocks hard.

Cryptocurrency Liquidations Hit Hard

CoinGlass data reveals a surge in long liquidations in the cryptocurrency market over the past 24 hours. These liquidations, totaling $220.7 million, represent forced selling of positions that had bet on price increases. Bitcoin itself accounted for $14.8 million in long liquidations.

Ethereum leads the decline

Ethereal (ETH), the second-largest cryptocurrency, has seen a steeper decline than Bitcoin, falling nearly 8% to trade around $3,177. This decline mirrors Bitcoin’s price action, suggesting a broader market correction.

Cryptocurrency market crash mirrors tech sector crash

The cryptocurrency market decline appears to be linked to the significant losses seen in the U.S. stock market on Wednesday. Stock market listing The index, heavily weighted toward technology stocks, posted its sharpest decline since October 2022, falling 3.65%.

Analysts cite multiple factors

Several factors may have contributed to the cryptocurrency market crash:

Tech earnings are underwhelming: Earnings reports from tech giants like Alphabet are disappointing (Google(the parent company of), on Tuesday, triggered a sell-off in technology stocks with higher-than-expected capital expenditures that could have repercussions on the cryptocurrency market.
Changing Political Landscape: The potential impact of the upcoming US elections and changes in Washington’s policy stance towards cryptocurrencies could influence investor sentiment.
Ethereal ETF Hopes on the line: While bullish sentiment around a potential U.S. Ethereum ETF initially boosted the market, delays or rejections could dampen enthusiasm.

Analysts’ opinions differ

Despite the short-term losses, some analysts remain optimistic about Bitcoin’s long-term prospects. Singapore-based cryptocurrency trading firm QCP Capital believes Bitcoin could follow a similar trajectory to its post-ETF launch all-time high, with Ethereum potentially converging with its previous highs on sustained institutional interest.

Rich Dad Poor Dad Author’s Prediction

Robert Kiyosaki, author of the best-selling Rich Dad Poor Dad, predicts a potential surge in the price of Bitcoin if Donald Trump is re-elected as US president. He predicts a surge to $105,000 per coin by August 2025, fueled by a weaker dollar that is set to boost US exports.

BTC/USD Technical Outlook

Bitcoin price is currently trading below key support levels, including the $65,500 level and the 100 hourly moving average. A break below the $64,000 level could lead to further declines towards the $63,200 support zone. However, a recovery above the $65,500 level could trigger another increase in the coming sessions.

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