The technology of Blockchain is a friend-to-friend transaction chain that is cryptographic. All the transactions of blockchain are reserved in a fishy and hesitant manner and the entire credit goes to the decentralized nodes that commit and validate them. Bitcoin is the first cryptocurrency in this ecosystem and it introduced the whole concept of blockchain in the industry.
Everything To Know About Blockchain Technology And DApps
Satoshi Nakamoto, an anonymous person revealed the BTC white paper in 2009 where the problem of double-speed was solved by him with the help of digital peer-to-peer payments. He also made evolution and all the transaction were kept on trustless entities and the need for an intermediary was over.
The intermediaries used to spend a lot of money and time on handling the transactions which increased the cost for the parties and used to limit the potential of the daily transaction. The process of the transaction was decentralized which enabled the inactivity of trustless peer-to-peer and the requirement of a third party which made the whole process faster and cheaper. However, to make a transaction on the top of the blockchain, bitcoin was used and thus, blockchain came before bitcoin.
The technology has developed and innovations have enabled DApps to operate on top of it and the solutions have increased insecurity and speed. The majority of these innovations are due to smart contracts.
Ethereum is currently being considered the future by numerous enthusiasts. This is simply because it lays emphasis on applications of blockchain and holds tightly the smart contracts rather than just being a decentralized currency.
DApps are totally trustless and it ensures users hold their capabilities without forcing an intermediary to join. Bitcoin has only the barebone model of smart contract technology, whereas, Ethereum provided a platform for its users to form their DApps with the power given by smart contracts.
