I am curious to know more about BLOCKCHAINS! Even the word itself has me intrigued. I have read several articles and I am still trying to wrap my head around it . What I am asking for, in simple terms, is a basic rundown of this new technology and why it’s considered revolutionary. I am also wondering why InnVenn is using the Ethereum blockchain over others? Thanks!
Ethereum is an open blockchain platform that lets anyone build and use decentralized applications that run on blockchain technology. Like Bitcoin, no one controls or owns Ethereum – it is an open-source project built by many people around the world. But unlike the Bitcoin protocol, Ethereum was designed to be adaptable and flexible.
It is easy to create new applications on the Ethereum platform, and with the Homestead release, it is now safe for anyone to use those applications.
Hi Chase13.
Thank you for the info. Do you have any more details on what you mean by the Homestead release? Is that like a version of the application or software?
The BLOCKCHAIN subject matter is rather dense and pretty darn techie. I have yet to get a firm grasp on it, conceptually.
Feel free to chime in with your additional commentary or corrections, if necessary. So far the main points I have found to be of importance are as follows;
1. Transparency-data is embedded within the network as a whole, by definition it is public.
2. It cannot be corrupted altering any unit of information on the blockchain would mean using a huge amount of computing power to override the entire network.
3. Blockchain helps is to guarantee the validity of a transaction by recording it not only on a main register but a connected distributed system of registers,
all of which are connected through a secure validation mechanism.
4. is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.
5. Information held on a blockchain exists as a shared — and continually reconciled — database TO BE CONTINUED............... [/list]
Homestead is the second major version release of the Ethereum platform, which includes several protocol changes and a networking change that gives the ability to do further network upgrades.
I think it is important note that Ethereum blockchain was developed to do so much more than that of its predecessors, like Bitcoin.
Yes, Ethereum represents a decentralized platform, which can run smart contracts,
it also offers greater protection against fraud, downtime, third party interference or censorship.
it allows users to create their very own digital tokens.
it grants app developers the possibility to raise virtual funds,
and to develop applications to run on the Blockchain thereby furthering the development of Ethereum itself.
This is why Loci coin and so many others are using Ethereum and why Ethereum should surpass Bitcoin.
