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Tag: blockchain

What is Blockdag?

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https://purchase2.blockdag.network/?ref=w7zwvjaiBlockDAG is a blockchain project aiming to be the world’s most advanced Layer 1 blockchain, according to their website. They achieve this through a combination of factors:

  • Hybrid Consensus Mechanism: While it utilizes a Proof-of-Work (PoW) system for mining, BlockDAG suggests it also incorporates other features to enhance the network.
  • Speed and Scalability: They claim to offer industry-leading transaction speeds and the ability to handle a high volume of transactions.
  • Security: BlockDAG emphasizes its security measures without going into the specifics on their website.
  • Accessibility: They aim to make mining BDAG (their cryptocurrency) simple and accessible, even offering mobile mining through an app.
  • Smart Contract Development: BlockDAG positions itself as user-friendly for developers, including features like pre-built templates to create smart contracts.

Potential Advantages:

Based on the information available, BlockDAG seems to be targeting a well-rounded approach. If they can deliver on their promises, it could offer a combination of security, speed, and ease of use for developers and miners.

Keep in Mind:

  • New Project: BlockDAG is a relatively new project, so there’s limited information about its long-term viability or how it will perform compared to established blockchain platforms.
  • Promotional Content: Much of the information comes from the BlockDAG website itself, which is naturally promotional. It’s important to be aware of potential bias and conduct your own research before making any investment decisions related to BlockDAG or its cryptocurrency (BDAG).

Overall, BlockDAG has interesting features, but due to its recent launch, exercising caution and conducting further research is recommended.

What is Trustier?

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Trustier is a trust worthiness platform

Trustier is an online benchmarking platform for trust(worthiness), by using Trustcoins as a currency of trust.

Based on the amount of Trustcoins received and withdrawn, each individual and company will have a Trust Tier. Tiers serve as a level of trustworthiness and can be used in all online or offline exposure as a marketing and branding tool and will be auditable in a blockchain-based register.

Trustier will be the first organisation to really measure and validate TRUST. The Trustcoins that they have introduced can be given and received, in limited amounts. If you receive Trustcoins, you have to ‘spend’ them wisely. And you can lose them when you break somebody’s trust (unlike ratings on regular review websites).

This will provide you an interesting view on your network of friends, family, business partners, clients and colleagues.

Based on the amount of Trustcoins received and withdrawn, each individual and company will have a TrustTier.

Trustier is also lancing their very own token: The Trustier Token is separate from the trustcoins on the platform and are used to invest in Trustier

What is Blockchain?

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A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography

Each block contains typically a hash pointer as a link to a previous block, a timestamp and transaction data. By design, blockchains are inherently resistant to modification of the data. Functionally, a blockchain can serve as an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. For use as a distributed ledger a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks and a collusion of the network majority.

Blockchains are secure by design and are an example of a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been achieved with a blockchain. This makes blockchains potentially suitable for the recording of events, medical records, and other records management activities, such as identity management, transaction processing, documenting provenance, or food traceability.

The first distributed blockchain was conceptualised by Satoshi Nakamoto in 2008 and implemented the following year as a core component of the digital currency bitcoin, where it serves as the public ledger for all transactions. The invention of the blockchain for bitcoin made it the first digital currency to solve the double spending problem, without the use of a trusted authority or central server. The bitcoin design has been the inspiration for other applications.

Source: Wikipedia

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What is cloud-mining?

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Cloud Mining is the process of bitcoin mining utilizing a remote datacenter with shared processing power

This type of cloud mining enables users to mine bitcoins or alternative cryptocurrencies without managing the hardware. Since Cloud Mining is provided as a service there is generally some cost and this can result in lower returns for the miner. There are many cloud mining scams.

Source: Wikipedia

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