Blockchain is Changing the WORLD!

Blockchain is Changing the WORLD!

1. What is Blockchain?

a. Blockchain technology was first outlined in 1991 by Stuart Haber and W. Scott Stornetta, two researchers who wanted to implement a system where document timestamps could not be tampered with.

b. This means that Blockchain is a distributed database existing on multiple computers at the same time (not in one centralized location or system). It is constantly growing as new sets of recordings, or 'blocks', are added to it. Each block contains a timestamp and a link to the previous block, so they actually form a chain literally.....

c. The first blockchain was conceptualized by a person (or group of people) known as Satoshi Nakamoto in 2008. ... The design was implemented the following year by Nakamoto as a core component of the cryptocurrency bitcoin, where it serves as the public ledger for all transactions on the network... Since then, the public commonly mistaken Bitcoin as Blockchain and Blockchain isBitcoin. In reality, Bitcoin uses Blockchain technology to run up their coin/token.

2. What is Token?

a. Tokens represent a particular fungible and tradable asset or a utility that is often found on a blockchain. In other words, anything that we see physically or experience in terms of services can be represented as a Token in the Exchange platform.

b. Hence, Token is a unit value that exists on an existing blockchain. Do note that Tokens do not have their own blockchain but depend or exist on an existing blockchain of a cryptocurrency. Eg, Ethereum, Bitcoin etc. ... Hence, Tokens are also called cryptocurrency assets or crypto assets and even known as crypto equity.

3. What is Smart Contract?

a. A Smart Contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network.

b. Hence, Smart Contracts help you exchange money, property, shares, or anything of value in a transparent, conflict-free way while avoiding the services of a middleman.

For more detailed information, please check us out on : www.mpvworld.com

written by: Stervey Lim