Making money with blockchain technology - Ralph Y Santiago

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Making money with blockchain technology

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Making money with blockchain technology

Blockchain technology where the system consists of two types of records, namely block & chain. More precisely Transactions are stored together in one block. Technically blockchains can be understood as blocks containing cryptographic hashes thus forming networks. The cryptographic hash function is to retrieve data from the previous block and convert it into a compact string. This string will make sure the system is very easy when it occurs or detects sabotage.




1. Get to know Blockchain.

Blockchain is useful for maintaining user privacy, but unfortunately, sometimes it is considered the payment method of choice for cybercriminals because bitcoin network nodes do not have to reveal the identity of the person who made or received the payment. The fact that its technology is decentralized, and cannot be changed or edited makes it ideal for financial transactions and the storage of important information. Due to its advanced cryptographic protection system, it offers a much more secure experience than traditional banking.

A real example of blockchain where most cryptocurrency technologies are like Bitcoin. By relying on the advantages of a database form that can track large and safe volumes of transactions. Blockchain can also be understood as technology or system that uses many cryptocurrencies. Blockchains are datasets distributed across computer networks. Once a note has been added, it will be very difficult to change it. To make sure all copies of the database are the same, the network creates a constant check. Blockchain is currently used to support currencies bitcoin, but many other uses may appear in the future. In building a database, technology performs recording and is grouped into several blocks. Each block is then added to chains one after the other.



2. Examples of Blockchain Usage.


First Step,
Trades are recorded. For example, Mr. Nail sold two of his coins to Mrs. Emile for $ 1000. A note listed the details, including the digital signatures of both parties to transact.

Step Two,
Records are checked by the network. Computers in the network, called 'nodes', perform checks and trade details to make sure they are valid.

Step three,
After the inspection was carried out, a note that there was an in-network transaction that was received and added to the block. Each block contains a unique code called hashes.

Step four,
The block is added to the blockchain. The hash code connects the blocks in a specific order. It's hard to change the hash code. With this code, it will provide security in keeping records.

Hash code is an example of encryption. This is a code scramble of the contents of the file. Only those with a digital 'key' can decipher it.




3. Blockchain Characteristics.


- Can not be changed or immutable and (append-only) that can only be added.
- Distributed ledger, all data copied to network participants (nodes).
- The data inside the blockchain is interconnected, if the hacker wants to change one data on one node, then he must also change the data on another computer which it's not possible.




4. Advantages and Disadvantages of Blockchain.


4.1. Advantages of Blockchain.


4.1.1. Provide Better Transparency.

Because of its immutable rust rustic that is irreversible. Making transaction data through public address can be seen by everyone through explorer public address. It's easy to see how many accounts a person has and wherever he transfers his money. This level of transparency has never existed in any financial system before and could add an unprecedented level of accountability. In the past, financial companies could use money or funds from customers without the customer's knowledge, and their use was not necessarily honest.

4.1.2. Has a high level of security.

Blockchain technology, a transaction verified by miners before being recorded on many nodes or computers. Not only 1, after the transaction is disapproved, will be encrypted and connected to the previous transaction through the hash.

In the current banking system, if using a centralized database such as SQL, if a hacker or employee has bad intentions, they just work with the database administrator to change the data. It will be different from blockchains whose data cannot be changed because it is immutable and data can only be added.

Why hackers and bribes can not hack blockchain data:

- Blockchain database structure is appended only, no edit command.
- If there is a change to one node or data the blockchain will result in a mismatch with the hash that exists on the other blockchain node data so that this change will be rejected.

Some types of industries have sensitive data so that data protection becomes very crucial, such as financial, government and healthcare, blockchain has the potential to change the way data is retention to avoid fraud and hacker activity.

4.1.3. Provide better trail audit & traceability.

If your data is entered into the blockchain, you will be able to have an audit trail that allows you to know where an asset is coming from and where each checkpoint goes through.

Blockchain data that is appended only creates old data incorrectly, cannot be edited for repair but must be done new data input or new transactions to fix it, blockchain characters like this make the blockchain has a better audit trail.

4.1.4. Can Eliminate Middlemen or Lower Costs.

With blockchain, you hand over the trust, not to middlemen but consensus algorithms. By believing in algorithms, you're not bothered by paperwork that's troublesome for verifying transactions because everyone will get access to just one immutable database.




4.2. Blockchain Weaknesses.

Nothing is perfect. With every advantage, there will also be drawbacks. It's rarely talked about. But here I will give a little review about the lack of blockchain that hopefully in the future can be improved and improved again system.

4.2.1 Less Effective in the authorization.

Confirmation of block data occurring on the blockchain network requires agreement from the parties on the blockchain network, so it certainly takes longer than the main authority. If there is a major authority it may only take a matter of seconds, but the blockchain network takes 1 minute, 10 minutes, or it can even be up to a matter of days, depending on the speed and capacity of the network.

4.2.2. Less organized if there is technological renewal.

The decentralized nature makes the parties in the blockchain network scattered in different parts of the world and certainly are different parties. Because of this, if the network requires technological renewal or development, then the update cannot occur in its entirety, depending on whether or not these parties want to renew, this is related to the soft fork and hard fork of a blockchain network.



5. Blockchain technology in multicurrency trading systems.

5.1. Trademen - Ultimate Exchange 2, Live Trading, Tradingview, banking, kyc, market exchange.



5.2. Exbita - Cryptocurrency Exchange Platform. Exchange, trade, buy, sell crypto.

IMPORTANT NOTE: Exbita - Cryptocurrency Exchange Platform uses ITS OWN Nodes, so all wallet-owned private keys are under YOUR control, and you do not rely on third-party services, which raise security issues and additional costs.



5.3. PayMoney - Secure Online Payment Gateway.

PayMoney is an online payment gateway that ensures the smoothness and security of transactions from pre-payment to payment processing. PayMoney is a much simpler & convenient way to send money online than going to a bank or any other way. Just follow the PayMoney documentation to get started. This will help keep your account more secure & reliable. Enjoy secure online payments through PayMoney. The system is similar to larger payment services such as PayPal or Stripe. You can deposit money in minutes with various currencies and multiple payment gateways such as PayPal, Stripe, CoinPayments, and more. The main features of the application - Deposit, Payment, Transfer, Exchange, Payment Request, Ticket System, Income, Merchant, Merchant Payment, etc. If the user has a claim against any payment, he or she can claim to the defendant using The Dispute.



5.4. Crypto Trading Competitions | Fantasy Trading Laravel Web App.

Crypto Trading Competitions is a web application, which allows website owners to run virtual trading contests and let visitors compete in cryptocurrency trading without risking money. With the help of features such as recurring competitions and trading bots, the app can run in fully automatic pilot mode.



5.5. Nishue - CryptoCurrency Buy Sell Exchange and Lending with MLM System | Crypto Investment Platform.

Nishue is a complete cryptocurrency loan program with Software with multi-level marketing. each user level will earn commissions from a lower level. it has an amazing cryptocurrency that analyzes direct data comparison systems.



5.6. Tokenbox - Best Security Token Offering Platform (STO).

Security Token Offering (STO) system is an online web application for the public trading of tokens. This system was developed to automate token distribution & token sales. We developed this web application to buy and sell tokens from anywhere. In this system, there are also shareholders & admin panel where they can easily control and monitor every activity.



5.7. Tokener - ICO for ERC 20 token.

Tokener is an ERC20 token sales management web application for anyone who wants to start a new cryptocurrency business or raise funds.

This web app will help you start your own cryptocurrency business from scratch. You will have control over almost everything that happens in this app even on top of every user and every event. New users will be able to purchase tokens without difficulty.

This script helps you add your ERC20 tokens and also helps your contributors to buy your tokens easily. You can manage your token bonus amount, soft-cap/hard-cap, token price and set a payment method that automatically applies to the purchase process.



5.8. Crypto Compare | Coin Market Cap, Chart, Widget, Watchlist, News | All in One Cryptocurrency App.

Crypto Compare is a top-selling and ranked web app, featuring real-time cryptocurrency quotes, market capitalization, headlines, historical and intraday charts for over 2000 coins. It's designed to let you quickly activate and run websites like coinmarketcap.com.



5.9. Crypto Currency Tracker - Realtime Prices, Charts, News, ICO's and more.

Track the prices of 2000+ Crypto Currencies like Bitcoin, Ethereum, Litecoin, Ripple, etc.

Crypto Currency Tracker is an ultimate platform to keep track of the crypto market and prices. It has a clean, user-friendly, contemporary design, awesome features, continuous updates, 24/7 customer support, and free installation on your server.



6. Conclusion.

The above examples of multi-currency exchange can be used as a means to earn income through blockchain technology. The features offered with the technology can be fared and can bring in new sources of income. Blockchain technology allows you to reap the benefits of trading markets from different countries. Therefore, learn more in the system and start from now on.

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