Blockchain Prospectus.
By Solomon Oluwaseun Olukoya
Many persons have asked severally, if blockchain is not bitcoin, what then is blockcahin?
Blockchain is just a ‘secured ‘ unified kind of system that collects accounts in which transactions are recorded. Put differently, Blockchain is a record of transactions in ‘blocks’ ie all transactions are recorded in blocks. How about that? 😅
Just like the transaction record books (systems) in banks, each of these ‘blocks’ contains how much is involved in a transaction, the hash (ID codes), of both previous and new transactions. Hence, the oneness of this record book book called the Blockchain, makes it impossible for any hacker to break into blockchain system.
How? Why? Because for every transaction, there is a ‘hash’ and if s/he must break into the system, he must be ready to edit the MILLIONS of hashes before the hash s/he is tryna break into.
Like what’s obtainable in the domestic banking system; Mr ABC could break into Mr CBA’s account and move as much as he wants. From the flip side, the reverse is the case; the question is how are you going to break into millions of unconnected computer systems at once? Even if you’re not going to do that at once, you probably going to have to stay alive, FOREVER, because new codes are created upon every successful transaction.
Some Cryptocurrencies and their features;
1. Bitcoin – the most expensive
2. Ethereum – faster than Bitcoin
3. Cardano – is arguably the most superior, technologically. It is often used to trace and manage identity
4. Hatoken – designed to centre around the specialty of human beings.
What are the Challenges?
One challenge I perceive with cryptocurrencies is that it is highly volatile.
What that means? Ok! Because they’re not physical entities, no one can actually tell what there are worth. That’s why the president of Nigeria, Solomon Oluwaseun Olukoya 😌 can post or say something positive about a cryptocurrency and then the price would shoot for the moon.
Although, some scholars are of the opinion that since cryptocurrencies are not regulated, it makes it an avenue for criminals to commit some kinds of crimes, seamlessly because transactions are non-traceable, which in my opinion is a sentimental argument.
Prospects
You probably must have been heard about Non-Fungible Tokens (NFTs).
NFTs uses the Blockchain to prove the ownership of an asset. With NFTs you can pay to own or share ownership rights of a digital asset. Digital assets could be a photo of you, your content, just name it.
You could be Jack Dorsey. I learned he sold his first tweet on Twitter for $2.6M.
#digital #content #like #banking #nigeria #cryptocurrency #share #blockchain #bitcoin #banks
Solomon Oluwaseun Olukoya is a student of law at the Ahmadu Bello University, Zaria.
He has keen interests in technology, activism, leadership and politics.
+2347030313860
olukoyasolomon64@gmail.com
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