If you read my short blog on the metaverse, you are probably also curious about blockchain. What does it mean? Well, just like the metaverse term, there are many definitions floating out there. However, I do think that describing blockchain is a bit simpler than describing the metaverse.
According to Amazon, they describe blockchain technology as an advanced database mechanism that allows transparent information sharing within a business network. Now that is more of a sophisticated business description in my opinion. Some describe blockchain as a decentralized digital ledger used to record transactions between computers in a way that makes it difficult to hack or cheat a system. More about this later. There are real mysteries about who actually started blockchain. It was said to be created under the pseudonym of Satoshi Nakamoto. In 2008 he published a document outlining a new decentralized, digital currency and called it Bitcoin. Yeah, who knows what is really true, but most seem to go with this name.
Bitcoin and Ethereum are probably two of the most popular types of blockchain, with Bitcoin being the most popular. If you ever want to browse or track different cryptocurrency prices, check out CoinMarketCap. Now, I’m not a guru on blockchain or cryptocurrency, but curiosity keeps me looking at it. As of this writing, bitcoin’s market price is around $24,457 and ethereum is around $1,685. Some describe Bitcoin as the first decentralized cryptocurrency and payment system. The ticker symbol is BTC. On coindesk.com, they point out that there are three components to Bitcoin. Those components are as follows:
- The Bitcoin Network
- The native cryptocurrency of the Bitcoin network, called bitcoin (BTC)
- The Bitcoin blockchain
Confused yet? Well, you are not alone, but there is tons of information you can find on the web to help it all make sense. Maybe it will make a little sense. ?
Of course, there are issues with blockchain. One of the main issues I’ve read about is the fact that it consumes a lot of energy. According to a Forbes article, blockchain is much slower than the traditional database because blockchain technology carries out more operations. Since blockchain is decentralized, there is no one to enforce laws, which could potentially be a problem in my eyes. An obvious concern is that it could be used by criminals, which happens today from what I’ve read. I wonder will the government step in somehow in the future? Not sure since the whole point of blockchain is decentralization.
It is impossible to sum up everything about blockchain, but the good news is the internet library is full of information. Trust me, it seems endless with so many opinions on if blockchain has a future or not. Well, that is it for now, however, I will share more when I learn more.