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?What is Blockchain

Blockchain seems complicated, and it definitely can be, but its core concept is really quite simple. A blockchain is a type of database. To be able to understand blockchain, it helps to first understand what a database actually is. 

Blockchain

database is a collection of information that is stored electronically on a computer system. Information, or data, in databases is typically structured in table format to allow for easier searching and filtering for specific information.

 

database

What is the difference between someone using a spreadsheet to store information rather than a database?Spreadsheets are designed for one person, or a small group of people, to store and access limited amounts of information. In contrast, a database is designed to house significantly larger amounts of information that can be accessed, filtered, and manipulated quickly and easily by any number of users at once.

 

database

Large databases achieve this by housing data on servers that are made of powerful computers. These servers can sometimes be built application production in afghanistan,CRM production in afghanistan,game production in afghanistan,site production in afghanistan,startup production in afghanistan

using hundreds or thousands of computers in order to have the computational power and storage capacity necessary for many users to access the database simultaneously. While a spreadsheet or database may be accessible to any number of people, it is often owned by a business and managed by an appointed individual that has complete control over how it works and the data within it.
So how does a blockchain differ from a database? click to  continue

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blockchain vs database

?The primary difference between a blockchain and a database is centralization. While all records secured on a database are centralized, each participant on a blockchain has a secured copy of all records and all changes so each user can view the provenance of the data.

blockchain

Storage Structure
One key difference between a typical database and a blockchain is the way the data is structured. A blockchain collects information together in groups, also known as blocks, that hold sets of information. Blocks have certain storage capacities and, when filled, are chained onto the previously filled block, forming a chain of data known as the “blockchain.” All new information that follows that freshly added block is compiled into a newly formed block that will then also be added to the chain once fillel.

 

blockchain

A database structures its data into tables whereas a blockchain, like its name implies, structures its data into chunks (blocks) that are chained together. This makes it so that all blockchains are databases but not all databases are blockchains. This system also inherently makes an irreversible timeline of data when implemented in a decentralized nature. When a block is filled it is set in stone and becomes a part of this timeline. Each block in the chain is given an exact timestamp when it is added to the chain.

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?What is Bitcoin

Bitcoin is a digital currency created in January 2009 following the housing market crash. It follows the ideas set out in a whitepaper by the mysterious and pseudonymous Satoshi Nakamoto. The identity of the person or persons who created the technology is still a mystery. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies.

Bitcoin

Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.

 

bitcoin

more about Bitcoin
Bitcoin is a collection of computers, or nodes, that all run Bitcoin’s code and store its blockchain. A blockchain can be thought of as a collection of blocks. In each block is a collection of transactions. Because all these computers running the blockchain have the same list of blocks and transactions and can transparently see these new blocks being filled with new Bitcoin transactions, no one can cheat the system. Anyone, whether they run a Bitcoin “node” or not, can see these transactions occurring live. In order to achieve a nefarious act, a bad actor would need to operate 51% of the computing power that makes up Bitcoin. Bitcoin has around 47,000 nodes as of May 2020 and this number is growing, making such an attack quite unlikely.

 

bitcoin

There are no physical bitcoins, only balances kept on a public ledger that everyone has transparent access to, that – along with all Bitcoin transactions – is verified by a massive amount of computing power. Bitcoins are not issued or backed by any banks or governments, nor are individual bitcoins valuable as a commodity. Despite it not being legal tender, Bitcoin charts high on popularity, and has triggered the launch of hundreds of other virtual currencies collectively referred to as Altcoins.

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?What is Digital Money

 Digital money, or digital currency, is any form of money or payment that exists only in electronic form. Digital money lacks a tangible form such as a bill, check, or coins. It is accounted for and transferred using electronic codes in computers. As technology becomes increasingly prominent, payments are becoming more digital, resulting in less use of tangible money.

 Digital money

Examples of Digital Money
The most common example of digital money is money issued by banking institutions that they hold electronically, either to trade or invest. Banks have liquidity requirements that mean they have to have a certain amount of physical money on-site, but there are no requirements for digital money, so it moves around much more. Most banking institutions have departments that handle sums in the millions and sometimes billions, never seeing any physical cash.

 

 Digital money

Another example of digital money is cryptocurrency. ”Crypto” is a kind of digital money that exists within the blockchain network, a network that some consider more secure than any other since there is no oversight from financial authorities. Cryptocurrency is mined, traded, or bought, and kept in digital “wallets” until the owner is ready to spend or redeem it. Common examples include Bitcoin, Ethereum, Litecoin, and Ripple.

 

 cryptocurrency

Digital Money within Financial Services
Nowadays, a growing number of banks and other financial service companies facilitate digital money transfers and other online transactions that wire or transfer money between parties across long distances. Digital money’s assisted in the globalization of economies around the world since trade is made more easily by sending and receiving digital money.

 

 Digital Money within Financial Services

Digital money eliminates the need to physically transfer money; furthermore, banking is made much more convenient by allowing people to perform their personal banking without even the need to visit a physical branch or carry cash. 

 

Digital money

On the other hand, banks are reducing their retail employee headcount to meet the trend of digital money. Many branches are closed since they become redundant when more people increasingly bank with digital money. It comes at a cost, however, as the banks are not able to maintain personal relationships with customers and create any sort of loyalty. In addition, banks cannot cross-sell their other products without in-person sales opportunities.

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top features of marketplace – section 2

Custom Search & Navigation
Sometimes shoppers want to browse marketplace listings, unsure of what they want or need; they will know it when they see it. Other times shoppers know exactly what they want; they want to find it quickly and execute the sale. The best marketplace design will be able to accommodate both sets of customers. Achieving this requires the right site architecture and navigation tools based on user behaviour.

marketplace

A Lean, Scalable Business Model
Marketplaces offer their owners surprisingly lean, scalable business models. Some of the world’s biggest companies make great examples. Uber, for example, do not own their cars. Airbnb do not own the apartments, and Amazon do not own most of the goods and services they sell. While marketplaces need to sell a higher amount of goods, or services, to break even, the fact that focus is on the platform, and reaching consumers, means that economies of scale are easier to achieve.
This means, in contrast to other digital businesses,  new marketplace owners might also be surprised by what they can achieve with a relatively small team.

 

marketplace

Social Connect
Shopping has always been a communal experience and social media can replicate that feeling on your marketplace platform. People like showing off what they bought, asking for opinions on what they might buy, and just generally talking about cool products they came across.
Social media offers an easy way spread the word about your sellers’ products and your marketplace in general. Coupling products with personal endorsements by friends drives traffic to your platform and increases the likelihood of sales.

 

social media

Admin Interface
While your buyers and sellers define your marketplace, you are ultimately responsible for it. You will need a set of tools in the shape of an administrative interface that allows you to monitor and make the necessary adjustments to support your customers.

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