Buenoscoin
Contributor
Bitcoin is the first technology that allows digital files to be exchanged at any time, at a reduced cost, without borders or permissions from anyone, only with an Internet connection and a wallet of cryptocurrencies. Its technology is born of the conjunction of others: work tests with incentives, cryptography and a timestamp server, also known as block chain or "block chain".
And if any of them were eliminated, Bitcoin or the other cryptocurrencies would not be what they are: decentralized networks that allow the safe transfer of value without the possibility of censorship. Cryptography protects against invalid transactions and the chain of blocks serves as a record of evidence of transactions made. Then, the work test with incentives allows decentralizing the network and reaching a consensus on the status of its accounting, avoiding double spending, corruption and censorship.
As you can see, it doesn’t make sense to call a blockchain technology like Bitcoin, which, yes, includes a chain of blocks, but it is much more than that. It would be like calling the car wheel, antenna to the radio, screen to the television or ink to the printing press. All parts of something bigger.
We need then, a term that allows us to call the technology in a generic way, without using a specific "brand" like Bitcoin or Ethereum that contemplates its nature and doesn´t generate confusion. Until now, "crypto-active" seems a good word because it includes two key definitions of technology: cryptography, that native mathematical language of these networks that guarantees integrity and allows the verification of information; and assets, the "set of all assets and rights with monetary value that are owned by a company, institution or individual", as defined by the Royal Spanish Academy.
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And if any of them were eliminated, Bitcoin or the other cryptocurrencies would not be what they are: decentralized networks that allow the safe transfer of value without the possibility of censorship. Cryptography protects against invalid transactions and the chain of blocks serves as a record of evidence of transactions made. Then, the work test with incentives allows decentralizing the network and reaching a consensus on the status of its accounting, avoiding double spending, corruption and censorship.
As you can see, it doesn’t make sense to call a blockchain technology like Bitcoin, which, yes, includes a chain of blocks, but it is much more than that. It would be like calling the car wheel, antenna to the radio, screen to the television or ink to the printing press. All parts of something bigger.
We need then, a term that allows us to call the technology in a generic way, without using a specific "brand" like Bitcoin or Ethereum that contemplates its nature and doesn´t generate confusion. Until now, "crypto-active" seems a good word because it includes two key definitions of technology: cryptography, that native mathematical language of these networks that guarantees integrity and allows the verification of information; and assets, the "set of all assets and rights with monetary value that are owned by a company, institution or individual", as defined by the Royal Spanish Academy.
Did you like this article? Don’t forget to follow buenoscoin on instagram to stay up to date with all the news of the cryptoworld.
Want to BUY BUENOS COIN? Check out Buenos.io for more info.