Get ready with your explodes to crack!
Blockchain, Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, Tether, ICO, IEO, STO, … ..much more are the jargon that swings around the investors and digital tech enthusiasts. Investors and even financial tech enthusiasts are unaware of the concepts of this booming blockchain technology. The ignorance over the concepts of blockchain, cryptocurrencies have created the mist of security threats and fraudulent incidents happening over the digital currencies.
Blockchain, the top-notch technology can be implemented as enterprise blockchain solutions in most of the sectors like finance, supply chain, healthcare, voting, gaming, digital identity management and much more. In this post, let’s vanish the stains that are created over the blockchain technology and cryptocurrencies by clearly explaining the terminologies!What is Blockchain?
Blockchain is the distributed public ledger that shares data, assets across the network that are cryptographically secure. Blockchain has splendid features such as decentralization, tamper-proof, immutable, peer-to-peer transactions that are strived by most of the sectors. Why is it impossible to counterfeit the blockchain network?Shall we glimpse through these facts?
Why blockchain is a solid rock that can never be cracked by hackers?
Blockchain network is a decentralized system that has a copy of data blocks in every node participating in the community. Nodes are the computers that are connected as part of the particular blockchain network.
For data modification, a person must reverse engineer the hash value generated by the SHA-256 algorithm and then reseal the data block after changes are made. However, on resealing the data block, the output hash value varies from the previous one and hence it becomes out of synchronization from the blockchain network. Even if the data block is proved to be modified by the authorized ownership, the modification changes must be verified and approved by more than 51% of the nodes. For the widely used blockchain networks like bitcoin, ethereum, ripple, these processes are hectic to pass through. Hence, the blockchain networks are solid rock stones for hackers to crack through!
Then, why are hearing the chaotic news like bitcoin, ethereum, and other cryptocurrencies are hacked? Here’s you go with commentary on these thoughts!
While Blockchain is tamper-proof, why are BTC, LTC, XRP, ETH are hacked?
Sorry to say you’re wrong! None of the cryptocurrencies are hacked. Only the cryptocurrency wallets, exchange wallets are hacked by the fraudulent. Wallets require private and public keys to access or transfer the crypto coins present in them. Hackers crack the private keys of the wallet address and then steal your crypto assets, not the blockchain network underlying. Latte is at your tabletop!
By now you’d have visualized the invisible blockchain network and its solid nature. If you have further queries or thoughts, tap us on the comments page below!For more latte smiles, chat with us!