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It is regulated by central authorities & co's face severe penalties if any fraudulent activities are traced like corporate misconduct, pump & dump of penny stock in large quantities, false news, insider trading, etc.

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Hard fork requires all the nodes to agree to the new changes.

Soft fork only requires agreement from the majority of the nodes. The only way to reverse a soft fork is by doing a hard fork.

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These changes are done by the nodes to increase scalability, speed, or any other quality of blockchain to pass it through an upgrade in its software or implementation.

There are 2 types of forks – Hard Fork and Soft Fork

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The fee & key both are respectively released when the date arrives. In case the key is not sent on time, the blockchain automatically releases a refund.

The system works on the conditional premise of “If” & “Then”.

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Thus, this money can now be transferred by the supporters to the Smart Contract.

This contract automatically passes the money to the creator of the project if fully funded or issues a refund if not.

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In the future, there is a very high chance that you can be a party to a smart contract. This means knowing the technicalities of a smart contract is essential for you.

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The creator of a project expects the funds to be given to them, if the funding goal is met, whereas the supporters want their money to go to the project or get a refund when it doesn’t reach the goal.

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Essentially, the fundraising platform is a trusted third party that sits between the project creators and their supporters. They charge a fee for being the middle man.

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In traditional contracts, you would have to go to a lawyer, broker, or government and pay them to get an important document, but in a smart contract, there is no middlemen.

Smart contracts can also function with digital signatures.

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Once a copy of the magazine hits your email on the 1st of the month, the amount is processed on the blockchain.

This criteria is coded in the contracts and works according to that.

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Smart Contracts

Smart contracts are neither “smart” nor “contracts”.

A smart contract is a set of cryptographic code which consists of pre-determined rules & execution of a task.

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Utility Token

Utility tokens offer entitlement to certain services.

You can pay using utility tokens in exchange for certain services as acceptable by both parties.

The most famous example of a utility token is Filecoin.

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Some Famous Altcoins –

1. Litecoin,
2. Filecoin,
3. Dogecoin
4. Zcash.

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Generally, the same framework is used for developing Altcoins as Bitcoin but with enhanced features including the better process of mining, cheaper & faster transactions.

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31/ A new block is generated once the block is deemed authentic by the network.

The generated block is then added to the most current state (the most recent block) of the blockchain.

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29/ How does blockchain work?

For this, let’s take the blockchain of the famous & most talked cryptocurrency – Bitcoin.

To start with, consider A wants to send money/data to B. The transaction will be represented by a block in the network.

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Bitcoin is directly dependent on continuous supply of electricity and high computational power.

Without electricity, blockchain, hashing and bitcoin are fantasies.

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28/ Like distributed ledgers, the ledger will update only when the majority of the nodes validate the transaction.

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26/ Decentralised Ledgers
Decentralised Ledgers are often confused with distributed ledgers

Decentralised Ledgers can be called the "distributed network of centralised ledgers" (Read that again).

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23/ There are 3 kinds of ledgers in the blockchain and crypto ecosystem.

1. Centralised Ledgers
2. Distributed Ledgers
3. Decentralised Ledgers

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