So Much Information, So Little Time!
If you are an elderly person, and you assumed there was little left for you to learn, think again! This tech explosion will keep you younger, just lose the word “can’t”. What a fantastic era to live through. Allow me to share just a few of the things that are available!
A cryptocurrency (or crypto currency) is a controversial digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
Don & Alex Tapscott, authors Blockchain Revolution (2016)
“As revolutionary as it sounds, Blockchain truly is a mechanism to bring everyone to the highest degree of accountability. No more missed transactions, human or machine errors, or even an exchange that was not done with the consent of the parties involved. Above anything else, the most critical area where Blockchain helps is to guarantee the validity of a transaction by recording it not only on the main register but a connected distributed system of registers, all of which are connected through a secure validation mechanism.”
– Ian Khan, TEDx Speaker | Author | Technology Futurist
“Blockchain solves the problem of manipulation. When I speak about it in the West, people say they trust Google, Facebook, or their banks. But the rest of the world doesn’t trust organizations and corporations that much — I mean Africa, India, Eastern Europe, or Russia. It’s not about the places where people are really rich. Blockchain’s opportunities are the highest in the countries that haven’t reached that level yet.”
Vitalik Buterin, inventor of Ethereum
“Bitcoin has the same character a fax machine had. A single fax machine is a doorstop. The world where everyone has a fax machine is an immensely valuable thing.”
Larry Summers, Former US Secretary of the Treasury
WEB 3.0 The blockchain gives internet users the ability to create value and authenticate digital information. What new business applications will result.
https://en.wikipedia.org/wiki/Blockchain but wait, there’s more!
Proof of Work – rewarded for mining being one of 3 to solve signature. Going deeper, proof of work is a requirement to define an expensive computer calculation, also called mining, that needs to be performed in order to create a new group of trustless transactions (the so-called block) on a distributed ledger called blockchain.
Proof of Stake -To carry out the verification step, the nodes or miners would need to solve a computational puzzle, known as the proof of work problem. The first miner to decrypt each block transaction problem gets rewarded with a coin. Once a block of transactions has been verified, it is added to the blockchain, a public transparent ledger.
Mining requires a great deal of computing power to run different cryptographic calculations to unlock the computational challenges. The computing power translates into a high amount of electricity and power needed for the proof of work. In 2015, it was estimated that one Bitcoin transaction required the amount of electricity needed to power up 1.57 American households per day. To foot the electricity bill, miners would usually sell their awarded coins for fiat money, which would lead to a downward movement in the price of the cryptocurrency.
Proof of Use -Once you have your crypto, it is your currency. Will you exchange is for the very thing that you want or for fiat (thereby Losing its value)? Can you use your coin and get the object of your desire. TROPTIONS is the King of Coins for just that reason.