Blockchain is For Everyone
With the rise of blockchain powered and integrated play to earn games, continuously giving everyone an opportunity to earn hundreds of dollars everyday, it is clear to see that the society is becoming more open on changes brought to us by technology and innovation; and despite the complexity of how blockchain is being built, blockchain is actually for everyone. Here’s why.
Before we get through the part where I tell you, why blockchain is for everyone, let’s talk about blockchain first. Like where it all started? Who made it? What exactly is a blockchain. You may have heard more about blockchains being involved mostly on cryptocurrencies such as #bitcoin and #ethereum and other crypto investment that each could possibly give you an equal chance of getting millions by the end of the year. But there’s more to that. Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. Your house, your phones, your cash or what we call Fiat money, all of these are tangible assets, we also have intangible assets such as your cryptocurrency investments, patents, copyrights and brandings under your name.
Whether you own your own business or not, we all know that business runs on information. The faster a transaction is being made, the more credibility your business get. Now blockchain is basically a peer-to-peer network that was introduced in 2008 by a group of people working under the pseudonym Satoshi Nakamoto as part of bitcoin changing the way people consume goods and do business. Whereas it is stated that bitcoin aims to create an electronic cash system using public key cryptography (a technology invented in the 1970s), with cryptographic hash functions and a proof-of-work consensus. Blockchain is ideal for delivering that information because it provides immediate, shared and completely transparent information stored on an immutable ledger that can be accessed only by permissioned network members.
Creating a Blockchain
Creating a blockchain, is no different than any other applications, tools and software you could find. behind it is a complex array of codes and figures, mostly on C++, Python and JavaScript. Now you may need help from your developers on building your first blockchain but creating your blockchain business on the front-end needs only the following.
- Identify a Suitable Use-case ~ Creating your own blockchain is the same as creating your own business, you have to determine your purpose. Where would your blockchain be used? How would people use it? and Why do people need to use it.
- Identify the Most Suitable Consensus Mechanism ~ Bitcoin cryptocurrency used proof-of-work consensus as their consensus mechanism. And your blockchain may or may not use the same consensus as their are other consensus mechanisms hosted on multiple distributed ledgers such as Proof-of-Stake, Practical Byzantine Fault Tolerance, Proof of Activity and many more. You just have to determine which consesnsu is the most suitable for your blockchain.
- Identify the Most Suitable Platform ~ There are many blockchain platforms out there today and most of them are free and open source.
- Designing the Nodes. ~ Consider the nodes as your blockchain’s container. These nodes usually offer permissioned or permission less solutions, privately or publicly available. Designing the nodes will most likely entail your blockchains initial configurations, like where would it run, where would data be stored and etc.
- Design the Blockchain Instance ~Blockchain Development is pretty simple yet developments can be delicate. Remember that your blockchain must adhere to socio-economic norms and have the elements of trust, transparency and security as it perform its functions. so it is very important that this stage of blockchain building is thoroughly planned.
- Building the APIs and User Interface. ~ There are blockchains where an API is readily available to its users and developers in order for you to utilize its intended functions and develop a user-friendly interface that common people could easily understand.
- Adding Future Tech.~ Enhance your blockchain by creating a system where it integrates to other technological developments and platforms.
If everything runs smoothly then you have successfully created your own blockchain. Creating your own blockchain whether by yourself, or with a team is by far the best way I could recommend for one to understand the blockchain technology. Take time to study and feed yourself with the right knowledge for you to see that blockchain is not just for the ones who wanted to invest on crypto assets but also for everyone, business or non-business persons alike.
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