How A Blockchain Token Can Scale Renewable Energy
September 04, 2017
By: Christophe Jospe
What is a blockchain?
The hype about blockchains can be illustrated by a 2010 purchase of 2 large pizzas at $25 using 10,000 bitcoin, the first currency built on a blockchain. At today's prices, the same person could have bought more than $40 million worth of pizza. A common misconception held by people who do not work or invest in the ballooning field of blockchain and digital or "crypto" currencies is to consider bitcoin and blockchain synonymous. They are not. A blockchain is simply the underlying technology infrastructure that, among other things, creates bitcoins.
At the core, a blockchain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable, immutable and secure way. Once something has been recorded in a blockchain, it is there forever and cannot be changed. One way to think about this technology is to compare it to the transmission control protocol and internet protocol (TCP/IP). In simple terms, TCP/IP is what makes the internet run by creating rules that can move data around. Most users don't even know about it or care to understand the mechanics. Internet users just know that when they have web-compliant devices, they can do more. Blockchain exponentially improves this framework by building an a more secure and efficient way for transactions to occur between anything connected to the internet. Slowly at first, blockchain applications will come into our lives, and over time, replace TCP/IP entirely. The magic will happen under the hood.
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