Archive for August 2021

Taking A Look At The ADAX Cardano Blockchain

The ADAX Cardano Blockchain is an open-source, public blockchain that enables users to build and host decentralised applications (dApps) on top of it. This allows developers to create applications powered by the strength of the Cardano network without relying on any one company or entity. Here we will take a deeper look into the Cardano Blockchain and describe how it benefits you!

What Exactly Is A Blockchain in Crypto? 

A blockchain is a continuously growing list of records, called blocks, containing a chronological record of transactions. Each block in a blockchain has a cryptographic hash of the previous block. This means the first block in the chain has a unique number equal to the string of letters and numbers (called a hash) that results when the first block in the chain is hashed using one of many different algorithms. This gives each block in the blockchain an identical hash.

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The second block in the chain will have a hash that is identical to the hash of the first block. And so on. This prevents two blocks with the same hash from being created simultaneously because if they were when one was hashed, the resulting hash would be the same as the other block. Thus, a blockchain is a continuously growing list of blocks, each containing a unique, unchangeable record of all the transactions that occurred in a given period. A blockchain is also a distributed database. 

How Does It Function?

It is maintained by a group of nodes (computers) that communicate and constantly validate and update each others’ data. This is done using cryptography. In cryptocurrency trading, the most important function of the blockchain is to provide an irretrievable and undeniable record of all transactions that occur on it. This means you can have peace of mind knowing your trades are final and cannot be reversed. It also means you do not have to trust anyone else involved in the transaction. You see, when you trade on a blockchain, every transaction is recorded on every node in the network. This means if one of the parties involved in a transaction tries to reverse or cancel the transaction, every other party will know about it immediately. Thus, no one can cheat or scam you because everyone will know about it immediately! What Is The Importance Of Understanding How A Blockchain Works? You see, just because something is new and different does not mean it is better. Sometimes, new things are merely new. Take email, for example. When it was first invented, people thought it would replace the traditional mail system. However, that did not happen.

Why Is It Important?

Because blockchain technology is new, it is still being tested and refined. However, the technology is already here and ready to be implemented. Why? Simply because once information is entered into a blockchain, it is irretrievable and undeniable. No one can change it. It is also continually updated by the nodes in the network. This makes it more and more difficult for anyone who tries to tamper with or alter the data.