Blockchain for Beginners
Blockchain for Beginners
Blockchain technology appeared several years ago and immediately opened up new prospects for data exchange. How does it work and does it have a future? The Noft Games Team will try to figure it out with you!
What is Blockchain?
Blockchain is a way to record and store digital information so that it cannot be forged, deleted, or changed without attracting attention. The blockchain consists of a chain of blocks containing information, with each subsequent block connected to the previous one. If you replace or remove at least one of them, the entire chain will collapse.
Blockchain is an eternal digital distributed journal of economic transactions that can be programmed to record not only financial transactions as a cryptocurrency but also almost everything that has value (real estate rights, cars, notary agreements, contracts, etc.). A blockchain is a universal tool for building various databases, which has the following advantages:
- Decentralization. The main data storage server is missing. All records are stored by each participant in the system.
- Full transparency. Any participant can track all transactions that took place in the system.
- Confidentiality. All data is stored in encrypted form. The user can track all transactions, but cannot identify the recipient or sender of the information if they do not know the wallet number. A unique access key is required to perform operations.
- Reliability. Any attempt to make unauthorized changes will be rejected due to inconsistency with previous copies. To change the data legally, a special unique code is required, issued, and confirmed by the system.
By allowing the distribution but not copying of digital information, blockchain technology has created the basis for a new kind of Internet. The technology was originally developed for the digital currency, bitcoin, but currently, the technical community is looking for other potential uses for this technology.
Use of Blockchain
Due to the undeniable advantages, blockchain technology can be used in a variety of industries.
Finance and international payments
The use of blockchain technology for cross-border transfers is one of the most illustrative examples of the use of this technology. Blockchain platforms allow international transactions to be carried out almost instantly and with low fees due to the absence of the need for participants to contact any intermediaries, such as banks. Banks and other financial institutions can also improve the efficiency of their internal work through the transition to decentralized systems within the bank itself among its various divisions and independent counterparties.
Blockchain technology has opened up a huge niche of cryptocurrency exchanges — digital platforms for buying, selling, exchanging, and storing cryptocurrencies. Compared to traditional exchanges, crypto exchanges are characterized by a lower entry-level, high-transaction processing speed, and relatively small fees. Blockchain technology has also enabled the development of investment platforms that allow users to invest not only in cryptocurrencies but also in various tokenized assets.
Purchase of unique art objects, NFTs.
NFTs are tokens that are created on the blockchain. Each NFT has its unique identifier in the form of a code that is associated with an address within the chain. Using a blockchain system to track and protect the information, NFTs can become a reliable form of recording information, such as the creation, sale, or resale of digital goods.
Blockchain has found its fans even in the game industry. It is another vivid example of the boundless and rich imagination of entrepreneurs. For example, Noft Games is an amazing free-to-play blockchain deathmatch, which takes place on an abandoned spaceship, where Nofts fight among themselves. Each character, Noft, is, in fact, an NFT. By winning battles, Nofts earn precious tokens and experience! Noft Games is a fantastic opportunity to get an entertaining gaming experience and earn cryptocurrency.
What are Crypto Wallets?
In short, a crypto wallet is a tool that can be used to interact with the blockchain network. One of the most reputable wallets of the Bitcoin network is Bitcoin Core, a "heavy" wallet based on the Satoshi Nakamoto program. It is a complete node of the network and stores information about the blockchain. That's why this wallet is called "heavy". To download the entire blockchain of the same bitcoin means to download in general the entire history of all transactions made in the world up to the first one. Such a wallet weighs several hundred gigabytes and is constantly growing.
In contrast to the "heavy" ones, there are also "light" crypto wallets. These are programs that weigh significantly less and can be installed not only on a desktop but also on a smartphone. The weak point is that the blockchain is stored for you by a third party — the developer of a "light" crypto wallet. It is not as reliable as heavy but allows you to move with the crypt and make transactions directly from your mobile phone.
We will tell you more about wallets in our next article. Subscribe to our blog to be the first to find out!
Blockchain is an amazing technology that has huge potential in a variety of applications, from energy and medicine to the gaming industry. Blockchain is a very promising technology, and we will see this in the coming years. Meanwhile, everyone can join the fascinating world of blockchain technologies through Noft Games! Don’t forget to visit our website and Discord to support the Noft Games project!