Understanding the Blockchain Apprehension Through Bitcoin’s Middle Tier Knowledge

5d85c99dd353c-bpfull
Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

Understanding the Blockchain Apprehension Through Bitcoin’s Middle Tier Knowledge

  • Blockchain Technology quite famous in the areas where entertainment is involved since the propaganda is often used instead of theory.
  • Huawei had spent ten years, smashing billions of dollars, finally completing it with the support of IBM. 
  • Satoshi Nakamoto what the first one to create a decentralized experimental financial system successfully.

Blockchain Technology quite famous in the areas where entertainment is involved since the propaganda is often used instead of theory. Another reason for it can be because everyone is used to the causal routine in cognition.

As it goes with the people, they tend to see the effect first, and then look at the cause. This method may be generally useful, but it is not always practical since it ignores the middle layer. 

An easy way to explain this is to give the example of Huawei company. The standard “effect” of Huawei is high innovation and high profit. This is a fallacy since this cause and effect ignores Huawei’s important “middle tier.”

Huawei had spent ten years, smashing billions of dollars, finally completing it with the support of IBM. As of the year 2019, many companies are preparing for the digital transformation in the next five years. Therefore, Huawei has achieved high-quality implementation for more than a decade ago. 

Presently, for Baidu, we can notice that the blockchain has four elements: distributed data storage, point-to-point transmission, consensus mechanism, and lastly, encryption algorithm. However, these four elements are not the truth of the blockchain and only the four characteristics of the blockchain. The blockchain has its own “middle layer.” 

Satoshi Nakamoto what the first one to create a decentralized experimental financial system successfully. It was operating on the Internet-Bitcoin, which considered as the origin of today’s generalized blockchain. 

Satoshi Nakamoto just focused on how to build a secure and reliable Internet. He had no idea that time that it will emerge as the basic tenet of “blockchain teaching.” His skilled application of cryptography and encryption algorithms considered to be one of the most admirable geniuses in the Bitcoin system. 

The asymmetric encryption algorithm invented in 1976. After continuous optimization and evolution, it now considered being the most secure encryption algorithm for human beings. 

Post the emergence of asymmetric encryption algorithms. They have widely used in security authentication as well as information transmission encryption. 

Theoretically, the practice of secure operation of the Bitcoin system for so many years also proves the security and effectiveness it provides. Two users can freely and securely transfer large amounts of money. 

Concluding it, the actual Bitcoin transaction is a bit more complicated, which is mainly due to the symmetric encryption conversion between “public key” and “wallet address.”

In fact, in the bitcoin world, private keys are essential. If you lose them, you really can not find them. It has estimated that the number of Bitcoins that cannot recovered due to the loss of the private key is more than 20%.

Advertisement

Hot News

Dan Morehead, CEO, Pantera Capital, Predicts Bitcoin Markets to Stay Bullish in 2020

Dan Morehead, CEO, Pantera Capital, chanced upon Blockchain, was fascinated by it, and never went back to engineering. Pantera Capital became the first...

Crypto Derivatives, ETH Futures Sees an All-Time High

Digital currency derivatives were booming for the past two weeks and on Sunday Ethereum future contracts set an all-time high. Debrit, a popular...

Ukraine Is Moving Forward With Its Cryptocurrency Adoption

Three months later, in December, the Ukrainian government made cryptocurrencies payments legal but it was strictly in compliance with the anti-money laundering (AML)...

Paypal, Visa Opening up to Cryptoworld

There has been a sudden surge in the number of companies accepting Bitcoin as the mode of transaction. Big names such as...

China Ups the Ante in Testing of Cryptocurrency Wallets

China plans to launch a Digital Yuan, to become the first country in the world to offer a digital sovereign currency. The testing...

Kyoto University to Recruit People to Maintain XRP Validator

Kyoto University is now in search of a technical assistant to maintain and manage XRP validators. XRP also is known as Ripple is a...

Partners

RELATED NEWS

Dan Morehead, CEO, Pantera Capital, Predicts Bitcoin Markets to...

Dan Morehead, CEO, Pantera Capital, chanced upon Blockchain, was fascinated by it, and...

Crypto Derivatives, ETH Futures Sees an All-Time High

Digital currency derivatives were booming for the past two weeks and on Sunday...

Ukraine Is Moving Forward With Its Cryptocurrency Adoption

Three months later, in December, the Ukrainian government made cryptocurrencies payments legal but...