#blockchain #cryptocurrency

When it comes to cryptocurrencies, it is important to understand the nature of blockchain technology that makes cryptocurrencies work.

While some trade with the wrong conclusion that a cryptocurrency will make them money, not what the technology will do for them, it is important to know the details and the general state of the technology behind the coin in order to make important buying and selling decisions.

Before we talk about the detailed technology of blockchain, let's take a look at the concept behind it.

What is Blockchain technology?

The world is moving from a centralized Web 2.0 data storage system to a decentralized Web 3.0 data storage system.

The way in which this transition is taking place is called block chain technology. Block chain data is open to everyone through computer networks in different locations and is a decentralized technology that does not have a single administrator.

Blockchain is a system that allows multiple people to jointly control, store and exchange data.

In this system, blocks and ledgers, which are connected to each other, help everyone to see them clearly.

Blockchain is unhackable, built on a binary basis with no third-party interference, so its reliability is unquestionable.

Blockchain can be divided into four main types of blockchains, including public blockchain, private and hybrid, and the technology is extensive and detailed, but I will refrain from going into the details in this article.

Research shows that there are up to a thousand blockchains built for different purposes, including the Bitcoin blockchain with the Genesis block created by Satoshi Nakamoto, the creator of Bitcoin in the cryptocurrency world, the Ethereum Blockchain, which is the most popular, and the Solana Blockchain, which is the fastest.

Blockchain is not only used for cryptocurrency transactions.

This technology has started to be used in medical facilities, agriculture sector, land and resource management, population registration and many other sectors.