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Blockchain (is) a game changing technology seen as “democratic” distributed database shared between many conputer in a network called nodes.
One innovative part Blockchain bring stands in eliminating the “middleman”. Comparing with banks for example the transacton fee should be substantially lower or even free!
Blockchains are either public or private. Sourceless offer a better solution in combining both solutions into a hybrid blockchain, supporting a higer level of customisation. For example, anyone can join the network but after proper identity verification and specific and asigning selected design permisions for performing only specific tasks.
Good morning Friends,
In plastic terms, “moca” means free, but why should this technology be free at all?
The power of the internet and the booming technologies have brought about countless changes in recent years, and those who have been there from the beginning and have done their “homework” correctly are now reaping all the benefits.
This game-changing technology is seen as innovative and revolutionary because it offers a high level of data security, but also greater efficiency and reliability.
In the last decade, for sure you were literally bombarded in social media with terms like : crypto, bitcoin, NFT projects, crypto currency, and so on.
To briefly understand what blockchain technology refers to, it is a distributed database that is shared between nodes of a computer network.
Blockchain is the technology that secures the storage of cryptocurrencies, the most eloquent example here being Bitcoin, but also all the transactions that take place between these cryptocurrencies.
Blockchain is that part that stores electronic information in digital format and allows data to be collected, integrated and shared in an easy way within a collective group. Pretty simple, right?
Most published blockchains are free, meaning you can use them, but to make certain changes to them you either have to be an integrated part of a blockchain node or you have to pay.
Whenever you make changes to a blockchain the change will be updated once all nodes in the network agree to it. These types of features make the blockchain special.
Of course, in the case of private blockchain, it cannot be used for free. You have to pay to use a private blockchain, and the price usually depends on the owner or creator of that blockchain.
If we make a comparison between the fees charged by banks in general when making any transaction and the fees of a blockchain transaction, the latter will be lower because the need for third party verification is eliminated, and the costs associated with it.
So we are already talking about limited transaction fees due to the lack of a central authority in blockchain, and another advantage is that all these transfers are done instantly because there are no working days here, everything is up and running 24/7.
We are talking about private and secure transactions, benefits that users already know and enjoy, but blockchain technology is far from free. In the real world, the power of millions of computers in the Bitcoin network is close to what Norway and Ukraine consume annually.
But solutions are starting to emerge, and some of them could be the emergence of bitcoin mining farms that will use solar power, power from wind farms or excess natural gas to minimize costs and power consumption.
The use of blockchain technology is expected to grow significantly over the next few years, and things won’t just be limited to storing cryptocurrencies, but will also mean storing medical records, property rights and a variety of other legal documents that will be more secure this way.
Because we wanted to integrate both public and private blockchain types in one place, Sourceless offers this possibility to its users.
We want you to have all the advantages that both types of networks offer because we know the importance of flexibility and freedom to decide exactly what suits you!
