Know about the blockchain technology

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You must have heard about the cryptocurrencies and the amount of money people are earning by investing into it. For the people who don’t have experience in the field of cryptocurrency, they are a little bit hesitant about investing in it. So, if you want to earn huge amount of money through the cryptocurrencies, then you can choose to understand the basic concepts of it. Blockchain is one of the most essential factors which should be understood to you if you want to become an investor in the cryptocurrency market.

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What is the meaning of blockchain?

As the name suggests itself, the blockchain is a chain of blocks. These blocks are the data collection of the transactions and all the contracts in the system which is in the form of cryptography. Block chain is the basis of any kind of cryptocurrency. The blocks in any blockchain are connected with each other and when someone wants to record or add a new block, then the person will need to keep the total information of the older blocks also.

In a blockchain, there can be infinite number of transactions which are updated constantly. One can’t replace or remove any information from the blockchain. The functioning of blockchain is like peer to peer network as the transactions are done between the different entities directly. The transactions are implemented because all the participants are connected with the same chain and that is blockchain and one can know about its details from the website https://icosend.com/.

With the help of the blockchain technology, smart contacts are established between the investors. People share the information about the database with each other in the public blockchain. All the participants in the blockchain are the servers and this is the support of the blockchain. The nodes of the block chain would allow you to filter the operations and record the transactions.

How many types of blockchain are there?

There are two types of blockchains. The first one is public blockchain in which the database is open. All the participants who are involved in this process can read the whole data of the system. Although, the data is open for everyone but it can’t be changed by anyone.

The second type of blockchain is the private one. This blockchain prohibits all the people to read the data. Only a few selected people are involved in the crucial procedure of the transactions. Not anyone can enter in the process which can happen in the public blockchain.

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