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By UNI.CORN Team Major Fun | Elvin, Jeniece, Shaun and Zong Wei

The Roller-coaster Ride of Blockchain Technology

July 5, 2017

“Virtual currencies, perhaps most notably Bitcoin, have captured the imagination of some, struck fear among others, and confused the heck out of the rest of us.” - Thomas Carper, United States Senator

Source: BTC Keychain,

Cryptocurrencies and the underlying blockchain technology were first brought to the attention of the world through Bitcoin’s release in 2009. Cryptocurrencies are digital assets (like a virtual form of currency), designed to work as a medium of exchange using cryptography (advanced encryption technologies).


A closer look at the use of Bitcoin in today’s digital age


Now, allow us to use Bitcoin as a case study to explain blockchain technology! Bitcoin is a fully digital currency which can be exchanged on a worldwide peer-to-peer network.


The three main parties involved in this Bitcoin world are:


  • Users make transactions, which are then grouped together and sent out to the network in a cryptographically protected block. Individual blocks must contain a Proof of Work to be considered valid (other cryptocurrencies might use different methods of validation).

  • Miners carry out Bitcoin mining, which is the process of adding transaction records to Bitcoin’s blockchain. The blockchain serves to confirm transactions to the rest of the network as having taken place. Bitcoin mining is intentionally designed to require a lot of resources, to ensure that the number of blocks found each day by miners remains steady, albeit decreasing over the years to reach the pre-set limit of 21 million bitcoins. In return for their efforts, miners receive bitcoins and transaction fees.


  • Developers are allowed to tweak the underlying code, but would first require approval from the community before doing so.


 Are you ready for blockchain revolution?

Additionally, a variant of blockchain technology, Directed Acyclic Graph (DAG), has been garnering attention. This addresses the scalability concerns of blockchain while retaining its benefits—decentralisation, immutability and speed. Additionally, transactions made through IOTA—a new cryptocurrency—promise to be free.




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