LogFAQs > #944163524

Austin_Era_II posted...

Is blockchain something to invest in also?

It's the breakthrough technology that powers bitcoin. It's a distributed ledger viewable by anyone in the network. That means I can view ALL your transactions you've made in the network and you can view mine. It's really just the infrastructure to makes the bitcoin possible.

And the bitcoin, what makes it such an important innovation is that we now have a viable banking system where you can send money to anyone, anywhere, and no one can stop you. If you wanted to move $20,000 to your account, the banks will freeze your account, and you'll have to explain where that money came from. If you wanted to send money to a relative in another country, it could take days to clear and there would be a hefty fee to pay for the transaction. When I did a moneygram transfer to a relative in the Caribbean, she had to get it the next day, and they charged me $20 of the $500 I sent. If this was on the bitcoin network, I could move millions of dollars and it would taken minutes to transfer, and cost me 50 cents. This is the biggest feat of the bitcoin, and now countries and banking institutions are scrambling all over to research its technology as we now have a banking system that can compete with the current banking system dominated by the US dollar, which many countries are aiming to topple.

Now the bigger spinoff technology that came about from the community is smart contracts. These are programs that exist on the blockchain. What separates them from regular programs is that they're immutable, you can't change them as they are copied onto every node on the blockchain, and they execute based on events. "If X then Y". If you want to buy from a shady crypto seller, instead of trusting that they send you crypto after you send them money, you can use a smart contract to handle the settlement. If [you send in the specified amount] then [seller sends specified crypto]. Replace crypto and we can apply this to all commerce and not have to worry about needing a middleman, a reputable site or human controlled entity (Ebay, Amazon customer support) to make sure people play fair. There considerably more applications but the major boon of all this is that we're eliminating the need for trust.

The blockchain community ended up building a new platform dedicated to smartcontract development, Ethereum. And this how the cryptocurrency count exploded as Ethereum allows you to generate your own cryptocurrency, called an ERC-20 token for whatever crypto project you're building. This is where you'll look for the newest hottest projects. You gotta sit down and research these things. It's a massive world and it's rapidly growing.

Alternatively just turn off your brain, open a Coinbase account and buy Chainlink.

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https://imgur.com/WmIB016 https://imgur.com/53FGj6K