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Blockchain will save the world

Blockchain is a disruptive distributed ledger information technology that is changing the world for the better by removing the need to trust intermediaries in many areas of public life. Blockchain advances civilization towards a more equitable world order, accelerating the transition to a post-industrial, information society.

What is the innovation of this technology? There are three types of information systems in which information is stored, processed and transmitted: centralized, decentralized and distributed. Servers, providers, computers are centralized systems. They have a single point of failure and are therefore vulnerable to external influences. By turning off the server, you can stop the work of a government agency, bank, stock exchange, commercial structure and thus completely paralyze their work, which happens regularly as a result of hacker attacks and other actions of intruders.

The Internet is one of the structural foundations of modern society. It was developed in the 70s of the last century in the bowels of the US Department of Defense to ensure stable, uninterrupted command and control of troops as a decentralized data transmission system. Currently, almost 100% of all information flows pass through the worldwide network. However, on the Internet, computers, smartphones, and other devices are connected to centralized nodes. These are servers, Internet providers or supercomputers.

The node, in turn, connects to other nodes in such a way that all connected devices can communicate with each other through an established connection or through several intermediate nodes. The continuity of the Internet as a whole is ensured by the alternative channels for transmitting information. Due to the decentralization of information transfer mechanisms, the entire Internet cannot be turned off. In this regard, it is invulnerable and runs smoothly. You can only disable individual centralized information nodes.

And the third type of information systems is distributed. Blockchain technology operates according to this model. Blockchain is an open digital registry of transactions that are stored in a network of computers, not in one place, and does not have a single entity that controls the entire network. It is a technology that is changing the way data is produced, stored and transmitted. It does not have a central node where data is generated. Information about all transactions is stored on thousands of computers.

What is the revolution here? It is known that the one who has control over the main information nodes controls the entire Internet. And whoever controls the internet controls the world. Individuals, organizations or countries can control certain information nodes in order to impose censorship on an entire country or region. Control over information nodes allows you to extract data without the knowledge of their owners, manipulate them, and even use them for mass dissemination of information. Power in the world has always been in the hands of a few privileged individuals. And the architecture of the internet is just a reflection of that fact.

However, a network built using blockchain technology is changing our understanding of trust. Blockchain has brought us reliable data exchange in the digital world. Until now, we have been forced to trust the authorities, government agencies or such financial structures as banks, stock exchanges, investment companies, which vouched for this trust with their reputation. But, we all know what a breach of trust is in the form of an unreasonable blocking of funds in accounts, not to mention the bankruptcies of structures to which we entrust our finances. Few people have not experienced the loss of money as a result of such trust.

But thanks to blockchain technology, trust becomes part of the system itself. In the traditional Internet model, all computers are connected to nodes that centralize and redistribute information, forming a flow. In the blockchain, the structure of data storage and distribution is completely different. Thanks to technological developments such as cryptography and enhanced data compression, all information on the blockchain network is stored on users' computers. The computers are connected to each other via the Internet. The system works without central nodes, since all connected devices are such nodes themselves.

Given that the blockchain operates without central nodes, it is impossible to ban the blockchain network or partially suspend any of its functions. Of course, this level of protection can be achieved when the network grows to a certain level of maturity, has a high degree of acceptance in society, in other words, becomes the public domain. In this sense, once created a blockchain network, widely accepted in a society with a large number of computers connected to it, is almost impossible to destroy or turn off.

What is a "block" and why "chain"? The name is easy to explain if you understand how a distributed network functions. How is a certain order achieved in the network without central control, without centralized control over the nodes? Every computer or device that joins a blockchain network receives a file with all the information ever created on that blockchain and adheres to a simple set of rules known as a protocol.

The basic rule says that after a certain period of time, all information on the network will be packed, compressed and cryptographic. This packed information forms a so-called "block" followed by another associated block. These blocks form a chain of blocks, i.e. "blockchain". Completed blocks remain available for circulation, that is, the information that is stored in them can be read. However, this information can never be deleted or changed. Blockchain ensures the reliability and immutability of the information stored in it.

What are the application areas for blockchain technology? They are practically limitless. To name but a few: financial services, voting and referendum systems, document notarization and certification, food and commodity quality tracking, project and supply chain management, dispute resolution, asset tokenization, property rights, and much more.

The first project created using blockchain technology was the peer-to-peer (without intermediaries) bitcoin electronic money system. This was the beginning of the application of innovative technology in the financial sector. Currently, many payment systems have been created on the blockchain. Cryptocurrencies are used for fast money transfers from one point of the world to another without intermediaries and with minimal transaction costs. This area is developing rapidly.

Third-generation financial systems have already emerged that are far superior to bitcoin in terms of technical characteristics and ease of use and have the prospect of scaling among people far from special technical knowledge and skills. High-tech platforms with built-in decentralized exchanges have emerged, which is very relevant for the blockchain industry, since centralized cryptocurrency exchanges have all the above disadvantages of centralized systems.

Currently, the most technologically advanced financial blockchain platform is BitShares. Multifunctionality, incredibly high transaction processing speed and the ability to register nominal accounts are its distinguishing features. Decentralized exchanges (DEX) operate on the platform: EVRAZ DEX, GDEX, XBTS DEX, ioBanker DEX, DelionDEX, PirateCash DEX. On this blockchain platform, centralized exchanges such as Binance, Huobi, AEX, Poloniex, Bittrex, keep reserves and support gateways.

EVRAZ is a global electronic payment network and decentralized exchange that is a modern and user-friendly tool. The EVRAZ electronic money network provides fast payments worldwide. A decentralized exchange is a platform for buying and selling cryptocurrencies at fair prices with blockchain guarantees. Each trade operation is stored in the blockchain. You can trade any amount at any time, from anywhere with low fees. The EVRAZ coin is the token of the EVRAZ project.

The rapid scaling of the project contributes to the rapid growth of the value of the asset, making it attractive both for long-term investment and for trading with guaranteed profits on a decentralized exchange. You can significantly increase the rate of return with the help of a free trading bot.

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2 comentarios

31 mar 2023

Blockchain will build a fair world.

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31 mar 2023

Fast blockchain, simple interface, convenient for users.

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