What is the Blockchain?


My name is Katerina Ezerskaya, I am Junior FrontEnd developer at Platinum. Our team successfully consulted more than 700 companies. We offer up-to-date services for successful ICO and STO advertising.

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After 2 years of hard work we gained a lot of experience in blockchain and crypto economics. That’s why we decided to gather all our knowledge and create the most progressive UBAI with the coolest courses in the sphere.

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On the 9th of January 2009 Satoshi Nakamoto published a whitepaper detailing his concept of a peer-to-peer version of electronic cash. The primary intention was to facilitate payments to be sent from one individual to another without requiring an intermediary to verify or mediate the transaction. This version of electronic cash was titled ‘Bitcoin’ and the ‘Blockchain’ is the underlying technology which facilitates the framework for the cryptocurrency’s validity. It was first tested in 2010 when a Bitcoin ‘miner’ made the first (now famous) transaction, offering and exchanging 10,000 Bitcoins for delivery of two pizzas. In 2011, Bitcoin was continuing to gain popularity as it was beginning to be used as a means of exchange and store of value in transactions. Bitcoin also sought to divest power away from large central institutions, such as Central Banks, Governments, and Commercial Banks; not only by the public availability and share-ability of the ledger, but also by the public ownership of the technology! The Blockchain technology is not owned or operated by a single authority.

Bitcoin allows you to send a virtual token directly to another party as a means of exchange for a transaction. It does this by presenting a publicly available ledger of transactions; and uses ‘miners’ (individuals with computational power to solve complex mathematical problems) to verify transactions so as to avoid double counting or fraud; and it removes any ambiguity of ownership. As world population continues to grow so does the number of international transactions. Sending money between countries is expensive. The actual cost to execute a transaction is prohibitive in many cases. Also, in some parts of the world, there is a lack of trust in institutions to intermediate financial transactions. Bitcoin and Blockchain technology solve this problem. The Blockchain technology is not owned or operated by a single authority. Rather, it is collectively run and operated by the users.

By now, you have surely read and heard amazing stories about Cryptocurrency and the fortunes amassed by some of its Lamborghini-driving owners. You are probably not sure just how much to believe or not believe from those stories. Some people say Cryptocurrency and the Blockchain technology upon which it is based are the next evolutionary and revolutionary technological achievement that will transform society much like the Internet, or the iPhone, have already done. Some people say it is nothing but a financial illusion, and an investment bubble bound to burst before your eyes.

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