Topic: What is Blockchain Technology? (Read 138 times)

Announcing MyEtherWallet v3.24.00: Difficulty Bomb&Updating blockchain

Due to the complexity of the Bomb and the increased risk of hacking, we pushed a rather drastic update that implements a number of changes and improvements, including enhancement of efficiency and scalability of the blockchain, acceleration of transaction speed, and additional security in the form new formats private keys which will help protect users against hacking.
If you are using private key or UTC, then you need to go into the wallet and update manually, otherwise they risk being unprotected.

How do i update my Ethereum wallet?

1. Go to our website MyEtherWallet.com
2. Unlock your wallet using your Keystore File (UTC / JSON) or simply use your private key.
3. Click Unlock and wait for the update.

Please note that you need to manually update your wallet, failure to do so may result in funds being lost.

We are taking these measures to protect both you and our network from phishing and malicious attacks.

Thank you for your cooperation and understanding!
MyEtherWallet Security Team.

If you use other methods, then ignore this message.

Blockchain technology is an open ledger computation system with the world most fastest and accurate transaction system. It does not only work with cryptocurrency but can be use for other purposes.

Blockchain technology is a revolutionary data storage technology. It is operated by a multi-server or by many servers. The data is stored on many servers related to each other, so the data is more secure. More and more organizations, companies are starting to apply him, I think blockchain technology will be better tomorrow.

Blockchain Technology is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp, and transaction data. By design, a blockchain is resistant to modification of the data. It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way". For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks, which requires consensus of the network majority.

Blockchains are secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been achieved with a blockchain. This makes blockchains potentially suitable for the recording of events, medical records, and other records management activities, such as identity management, transaction processing, documenting provenance, food traceability, and voting.

Blockchain was invented by Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the cryptocurrency bitcoin. The invention of the blockchain for bitcoin made it the first digital currency to solve the double-spending problem without the need of a trusted authority or central server. The bitcoin design has inspired other applications.

source:
https://en.m.wikipedia.org/wiki/Blockchain

Good Info, But you don't mention about mining? at first I can't think a blockchain without miners how will it work without confirmation from miners.
In my own understanding it will not work But I heard a project called "credits" they are practicing blocking without mining. How is this possible I don't know either. If you have or anyone have some knowledge about  please share I have a little knowledge about this blockchain technology.

Blockchain technology is one technology that does not use a third party in a process of data exchange which in this case occurs in the transaction process. Simply put, if you buy something in the store by paying using a debit card, then the store will believe the balance you enter is already in. to their account.

Blockchain Technology is the security of the cryptographic money market. Production supervision. The banks are protected with 250bit. Blockchain is protected with 4000bit. This is technolgy and this is revolution.

Blockchain technology is a revolutionary technology which is gonna be adopted by everyone in time. It s decentralized and it solves a lot of issues that traditional systems are incapable of.

I have faith in it because i know its is the future.

The meaning of the word BlockChain comes from Block and Chain which each has its own meaning, Chain (chain) is a unique chain record and is a plot of all consistent stages of an item / transaction. Block (special box) is a place / boundary / special area to accommodate all item / transaction changes that occur during chain process.
Sorry if it is not quite right and sorry for the placement of his words.

A blockchain is a decentralized, digitized, public ledger of all cryptocurrency transactions, which is generally associated with the cryptocurrencies. offers a way for parties that are non-familiar to reach agreement on a common digital history, which is very important because transactions and digital assets are in theory easily faked or can be duplicated as well. Blockchain technology thus, solves this problem without using a trusted intermediary.

The blockchain is an undeniably ingenious invention blockchain technology created the backbone of a new type of internet.
blockchain is an incorruptible digital ledger

blockchain technology is a data storage technology that is multiserver or consists of many servers. Thus, the data will be more secure because it is stored on many servers that are related to each other.
"Blockchain to date can not be hacked because it is very strong (multiserver) but verify each other's data, if there is one server hacked, another server will declare it invalid,

The so-called blockchain technology, also known as distributed ledger technology, is an Internet database technology that is characterized by decentralized, open and transparent, so that everyone can participate in database records.

Blockchain technology is commonly associated with Bitcoin and other cryptocurrencies. It is a critical element of cryptocurrencies — without it, digital currencies like Bitcoin would not exist.

Blockchain is a database that is validated by a bigger community than a central authority. It is a collection records that a crowd overseas rather than relying on a single entity such as bank or government.

There is no centralized version of the information which is harder for a hacker to corrupt therefore making it safe to use. Hosted by millions of computers simultaneously, its data is accessible to anyone on the internet.


#Ivan Mantelli
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