What is blockchain and cryptocurrencies?

Blockchain is a new, revolutionary technology comparable to the beginnings of the Internet or the creation of the first website based on HTML created almost 30 years ago. It is a distributed and decentralized register of transactions digitally signed using cryptography. It consists on creating so-called block chain for storing data. Each block contains a specific number of transaction data. When the current block is full, a new block is created to receive further data. In this way, an unbreakable and uneditable chain of blocks or blockchains is created and the data once stored in it remains forever in it. This ensures that there is no possibility of falsification and hacker attacks. The data stored in the blockchain form a kind of decentralized database that is not stored on a central server but is distributed across multiple computers in the same copy. The data is only available to users who have a unique cryptographic key. Each user can view only their data. This solution provides unprecedented security of information storage.

There are many applications of this technology. One of the most popular projects created thanks to the blockchain capabilities are cryptocurrencies. The first of course is Bitcoin. It was created in 2009, in a total amount of 21 million, by Satoshi Nakamoto. To this day, we do not know who the creator of this pseudonym was and whether it was one person or a group of people. One thing is for sure: Bitcoin has been operating reliably for over a decade, it has never been hacked and its recognition is gradually growing. This is a great example of how blockchain is a safe and breakthrough teachnology. The capitalization value of the entire market for all cryptocurrencies is over USD 150 billion.



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