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2. Key Features
Most blockchains work as a digital ledger that is shared among a distributed network of computer nodes.
Blockchains are best known for their crucial role in the cryptocurrency industry, for maintaining a secure and decentralized record of transactions.
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FUN FACT
In 2010, a Florida-based developer paid 10,000 bitcoin for two pizzas (worth then about $40). It is generally acknowledged as the first commercial bitcoin transaction.
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4. Transaction
In January 2009, computer scientist Hal Finney received the world’s first bitcoin transaction from the network‘s pseudonymous founder, Satoshi Nakamoto.
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1. History
It’s a common perception that blockchain technology was invented with the emergence of Bitcoin, but this is not entirely true.
An early version of a cryptographically secured, timestamped chain of blocks was described by computer scientists Stuart Haber and W. Scott Stornetta in 1991.
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3. Use Cases
Blockchain has a large number of use cases. Let's take a look at some examples:
- Remittance: Blockchain simplifies the process of transferring money to a distant location by eliminating unnecessary intermediaries and reducing transaction fees.
- Digital ar...
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CURATED FROM
IDEAS CURATED BY
Are you sure you know everything about blockchain? Blockchain is a word you may have heard many times, but do you know when the technology was invented? Here are 4 facts that are key to understanding blockchain.
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Other curated ideas on this topic:
HOW DO YOU BUY CRYPTO ART?
- The NFTs used to buy crypto art are built on blockchain technology.
- Blockchain technology is also used for cryptocurrencies like Bitcoin, Etherium, and yes, even DOGE coins. The blockchain offers a secure, digital record of transactions.
- The...
How Is the Terra Network Secured?
The Terra blockchain is secured using a proof-of-stake consensus algorithm based on Tendermint, in which LUNA token holders stake their tokens as collateral to validate transactions, receiving rewards in proportion to the amount of LUNA staked. Token holders may ...
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