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Blockchain technology has arguably been one of the most popular key terms in search engines for the past few years. But despite its popularity, not many people actually know how blockchain technology works, much less how it’s used in cryptocurrency. However, if you plan to engage in any crypto-related transactions, it’s something you must definitely know at some point. After all, most crypto platforms you’ll find on the internet use blockchain technology. 

Speaking of which, if you’re looking for a platform or other important resources related to the world of crypto, you might want to visit reliable sources of information on the Internet, like Crypto Exchanges Australia. 

With that said, this article will discuss the fundamental idea behind blockchain technology and its correlation with cryptocurrency. It might be best to start with a brief overview of the subject. 

A brief overview of blockchain technology 

Blockchain technology is a system that contains records of transactions that took place in a network, which is called a digital ledger. Each transaction is called a ‘block,’ and these blocks form a chain of information, hence the name blockchain. Though you’ll find various definitions from the internet, this is the basic idea behind blockchain technology. (1) 

As you might imagine, that’s not all there is to blockchain technology. Otherwise, it won’t be as popular as it is now, much less become the primary network for cryptocurrency transactions. 

Why is blockchain technology used in cryptocurrency? 

It may seem like a one-of-a-kind idea, but the idea behind blockchain technology is by no means new. There are other networks out there that work in a similar fashion to the blockchain. 

Furthermore, it’s important to understand that blockchain technology was introduced way back in 1991, though it was only in 2008 that it took off as part of the proposal for Bitcoin. Therefore, it was designed specifically for Bitcoin and Bitcoin only, not for cryptocurrency, in general. (2)

So, why did blockchain technology become the most popular ledger for cryptocurrency? Here’s a look at six elements that set blockchain technology apart from other networks: 

• Accessible: Unlike conventional systems where you must seek the approval of regulatory authorities, like a bank, the blockchain is shared across the virtual space, meaning just about anyone can engage in transactions using the technology. Its accessibility is one of the main reasons why it blew up as opposed to other peer-to-peer networks. 

Moreover, the blockchain is open any time of the day. Hence, investors and traders can make profits from crypto without worrying about time constraints.

• Affordability: You may also find transaction fees in blockchain platforms to be lower than other networks. This is because there are fewer steps involved in the process. 

• Secure: When a transactional record is created in the blockchain, it consequently creates a unique key. To edit or change anything about that particular record, you must have the signature that corresponds to the transaction. In other words, each record or file has a password. This specific element of the blockchain reduces the likelihood of tampering. 

• Automated: In a traditional transaction, all parties involved typically have to establish a set of rules, also known as a contract, to make sure there’s no foul play. While it does provide a sense of security for all parties involved, it takes too long to set up, even with the help of modern technology. Blockchain technology takes this concept to a whole new level by creating smart contracts that are defined and executed immediately. 

• Accurate: Though it wasn’t the case when it was first introduced, blockchain technology has no human involvement. When someone requests a transaction on the virtual space, it’s approved by a network of computers. For that reason, there’s less room for human error, resulting in accurate transactional records. 

• Anonymity: Even though every transaction in the blockchain displays the wallet address of every party involved in the transaction, the owners of each wallet address are anonymous. This results in a certain extent of transparency since the wallet address is viewable, as well as anonymity due to the fact that the wallet address doesn’t tell who the owner is. (2) 

With these six elements, it’s easy to see why blockchain technology is used in cryptocurrency. For one, countless people want to invest in crypto, so it makes sense to use an accessible network for crypto-related transactions. Two, since it’s pretty popular, hackers would most definitely try to infiltrate the crypto market. Therefore, security is a priority. Lastly, since there are tons of crypto investors, each transaction must be quick, which is where automation comes in. (2)

With these characteristics, one may argue that blockchain technology is the perfect ledger for cryptocurrency. Now the question is, ‘How exactly does blockchain work for cryptocurrency?’ 

How does blockchain technology work? 

While it may seem that blockchain technology works in mysterious ways, its mechanism and structure are actually simpler than you may think. Here’s a look at how it works: 

• An individual sends a request to purchase or sell a cryptocurrency. 
• The request is sent to a network of computers known as ‘nodes.’ 
• Once the request enters the blockchain, thousands of computers would compete for the right to confirm the transaction. This is essentially how crypto mining works. 
• The computer or miner who successfully completes and confirms the transaction, also known as the block, is rewarded with crypto for their work, or more specifically, the computational resources they spent during the entire verification process. 
• Once the transaction has been confirmed, it’ll then get added to the blockchain in the form of a block and become a part of a chain of previous crypto transactions. (3) 

That’s how simple blockchain technology works when it comes to cryptocurrency. But keep in mind that this technology isn’t necessarily limited to crypto. In fact, blockchain technology can store pretty much anything of value, such as property sales, medical records, and legal contracts.

Final words 

One must keep in mind that blockchain technology is constantly evolving. Unbeknownst to many, the company managing the technology releases patches and updates regularly. Therefore, its mechanisms or way of working may change in the near future. For that reason, it’s essential that you keep up-to-date with the latest news on blockchain technology.

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Blockchain Weekly Source

In its most basic form, blockchain is a decentralized, digital ledger that records transactions in a public or private network. The key difference between traditional ledgers and blockchains is that blockchains are immutable, meaning that once a transaction is recorded, it cannot be altered retroactively.

This makes blockchains an incredibly secure way to store data and conduct transactions. Blockchain exists in two very broad types: public and private. Public Blockchains, such as Bitcoin and Ethereum, allow anyone to view or add transactions to the ledger. Private Blockchains, on the other hand, restrict access to the ledger to a select group of individuals or organizations.

Why Learn Blockchain?

Blockchain technology is still in its infancy, which means that there are many opportunities for college students to get involved. Here are seven reasons why you should consider learning about blockchain technology:

       I. You’ll Be in Demand

The demand for certified blockchain developers is skyrocketing. If the latest skills index is anything to go by, blockchain expertise is the fastest-growing skillset in the job market. Many companies are struggling to find blockchain developers, and as a result, they’re willing to pay top dollar for talent.

    II. It’s a Lucrative Career

In addition to being in high demand, blockchain developers also command a high salary. According to Glassdoor, the base annual salary for a blockchain developer is $103,529. And that’s just the base salary — with the right skills and experience, you could easily command more than that.

 III. Blockchain Technology allows you to Work from Anywhere in the World

If you want to work in the blockchain space, you don’t have to confine yourself to a specific location. Because blockchain technology is still in its early stages, many companies are open to hiring remote workers. This gives you the opportunity to work from anywhere in the world — whether that’s your home country, another country, or even a completely different continent.

 IV. You’ll Be Working on the Cutting Edge of Technology

When you work in the blockchain space, you’ll be working on the cutting edge of technology. This means you’ll have the opportunity to work on some really innovative and exciting projects. And who knows — you may even have the chance to work on a project that will change the world.

    V. You Can Get Involved in a Variety of Projects

There are many different types of blockchain projects you can get involved in. For example, you could work on a project aimed at improving the efficiency of supply chain management or developing a new platform for online payments like Plixpay. Or you could even use blockchain technology to create a new system for voting in elections. The possibilities are endless.

 VI. You Can Make a Real Impact

Because blockchain technology is still in its early stages, you have the opportunity to make a real impact on the development of the technology. Your work could help shape the future of blockchain — and potentially even the world.

VII. You’ll Be Part of a Community

When you work in the blockchain space, you’ll be part of a community of like-minded individuals. This community is filled with talented and ambitious people passionate about blockchain technology and its potential to change the world.

So, there you have it — seven reasons you should consider learning about blockchain technology. If you’re looking for an exciting and lucrative career, there’s no doubt that blockchain is the way to go. That brings us to the next issue;

How can you learn about Blockchain Technology?

While there are many ways to learn about blockchain technology, there isn’t one that works for everyone. Besides, you may have tight schedules that make creating time for learning blockchain technology a significant challenge. The best way to learn about blockchain technology is to find a method that works for you and then stick with it. Here are three helpful suggestions on how you can learn about blockchain technology:

● Join an Online Course

One of the best ways to learn about blockchain technology is to join an online course. There are many different courses available, and they’re usually very affordable. Plus, you can complete them at your own pace and in your own time. If you are already taking classes and you’re afraid you may not have enough time for the course, consider getting assignment help online. It doesn’t really matter whether you need thesis help or just proofreading.

There are reputable services that can help you with school work so you have enough time for your blockchain course. Just be keen to read the essay service review of the service you choose so you can be certain of the quality to expect. To find the best course for you, simply search for “blockchain technology course” on your favorite search engine. Consider taking a course that covers the basic concepts of blockchain technology as well as more advanced topics such as smart contracts and distributed ledger technology.

● Read Books and Blogs

If you’re looking for a more self-directed learning approach, you might want to consider reading books and blogs on blockchain technology. There are many different books available on the subject, and you can find them both in print and online. You can also find a wealth of information on blockchain technology by reading blogs written by industry experts. To get started, simply search for “blockchain technology books” or “blockchain technology blogs” on your favorite search engine.

● Attend Conferences and Events

Another great way to learn about blockchain technology is to attend conferences and events. These events are usually very informative, and they offer the perfect opportunity to network with other professionals in the field. One good thing with these events is that you get to connect with people who are willing to guide you on every basis you want to know on the specific areas of interest.

Final Thoughts

Learning about blockchain technology is a great way to prepare for a career in cryptocurrency’s exciting and growing field. With its potential to revolutionize the way we conduct business, there’s no doubt that blockchain technology is here to stay. So, what are you waiting for? Start learning about blockchain technology today!

Thomas Jackson is an experienced freelance content writer who also participates in several writing groups in New York. He has composed many songs throughout his life. He gets his energy from live performances which he performs in front of close friends and family members.

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Blockchain Weekly Source

Most of the leading altcoins saw decent increases as the global crypto market value rose past $1.71 trillion on the strength of Bitcoin’s climb above $42,000. On the other hand, Meme coins still had the hearts of the crypto investors, with many deciding to buy Shiba Inu. Thus, Shiba Inu recorded the largest market gains of twenty-five percent ahead of Dogecoin, and it is back in competition with it.

Meme coins are built on internet jokes, and there’s been plenty for Shiba Inu to enjoy huge increases. As more investors buy Shiba Inu, the coin has successfully found its way back into competition with Dogecoin. Dogecoin is the biggest meme coin with a market valuation of $20 billion, slightly higher in the crypto rankings than Shiba Inu’s $16.8 billion market cap. Despite more investors choosing to buy Shiba Inu, the coin’s price rose in January and February 2022 due to metaverse announcements, merchant adoption, and large events.

In October of last year, Shiba Inu reached an all-time high market valuation of about $40 billion, with prices 158 percent higher than they are currently. There’s room for more growth, but there’s also room for more instability, and investors who intend to buy Shiba Inu must be aware of this.

Overview Of Shiba Inu

Shiba Inu is an Ethereum-based cryptocurrency. ERC-20 tokens, such as Shiba Inu, are fungible tokens (instead of non-fungible tokens, or NFTs, which use the ERC-721 token standard). The Shiba Inu may use smart contracts to construct decentralized finance (DeFi) products because the token is based on Ethereum.

The DeFi sector has gained traction this year, with tokens as Uniswap yearn. Finance and Aave see price and adoption increase. To construct decentralized exchanges (DEX), lending protocols, and even interest-bearing accounts, these cryptocurrencies leverage smart contracts on the Ethereum blockchain.

Shiboshis, a collection of 10,000 NFTs styled after their pet Shiba Inu, has also entered the NFT space. The decentralized scheme makes use of the Ethereum network, which allows NFTs to be auctioned off instead of using smart contracts.

How Shiba Inu Bounced Back To Competition With Dogecoin

In early February, Shiba Inu jumped to 13th place in the cryptocurrency market cap rankings, with a valuation of $18 billion. That put it in second place after Dogecoin, also based on online memes about dogs. However, while Dogecoin only experienced an 11 percent MTD (month to date) gain in February 2022, Shiba Inu saw a 50 percent MTD gain as crypto enthusiasts thronged to buy Shiba Inu.

The majority of these gains may be traced back to two days in February: February 6 and 7. SHIB’s price increased by 41% on these dates following favorable news and anticipation.

Welly’s, a fast-food business that sells hamburgers and french fries, unveiled a Shiba Inu re-brand on February 3. This includes Shiba Inu-themed products, such as NFTs, and the ability to purchase with SHIB. The price of SHIB increased by 7% the day after the announcement.

Bigger Entertainment, a crypto company, later announced on February 5 that 162 million SHIB would be burned on Valentine’s Day. The scarcity and price of Shiba Inus will rise due to this. On the same day, Unification, a Singapore-based blockchain solutions company, announced the development of Shibarium, a layer-2 solution. The Shibarium will be optimized for gaming in collaboration with Shiba Inu makers.

While the Shiba Inu has gotten all the attention, Dogecoin has been trading much more quietly since its moment in the sun on January 14, when Elon Musk revealed that Tesla would accept DOGE as payment. 

SHIB has its own set of challenges. To begin with, the token’s meteoric rise hasn’t done anything to boost its utility outside of Bitcoin exchanges. Up to 618 establishments worldwide accept SHIB payments. Almost 2,000 merchants have integrated DOGE into their checkout pages to put that into perspective.

The problem is that meme coins are nothing more than memes. They have their Internet moment, and then the focus shifts to something else. One emerging trend in the crypto business is to focus on cryptocurrencies with better usefulness and fundamentals, which can withstand unfavorable cycles and mature into solid crypto investments.

While DOGE spiked to $0.2148 following the Tesla news on January 14, but has subsequently plummeted to around $0.15. SHIB was just 5% behind its year-to-date high of $0.00003523, aiming for a breakout above its interim resistance level of $0.00003331. Shiba Inu, unlike Dogecoin, has maintained its recent increases as investors are still opting to buy Shiba Inu.

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Blockchain Weekly Source

At present, rapidly changing technology paradigms, customer demographics, and client and market demands are redefining the shape of contemporary banking. A majority of today’s customers are digital natives looking for mobile, accessible financial services that integrate seamlessly with their daily routines. There is also a growing demand for more involved, personalized service and support that tailors itself to the life experiences and needs of individual customers with ease.

Retail banks are facing increasing pressure to adapt swiftly to this transformed business environment in the interest of retaining old customers and attracting new ones. This need is especially urgent given the emergence of more enterprising and innovative competitors in fintech. To stay ahead of the game, banks must become more architecturally flexible, open, and responsive than ever before—and adopting appropriate digital core banking solutions is one way to get there.

A streamlined, adaptable, operationally efficient core banking system is a necessity for retail banks to maintain their competitiveness in the digital age. In particular, the perfect banking solution typically offers the following features and capabilities:

Smooth Onboarding and Product Originations

Customers’ first experiences with a bank will inevitably shape their impressions of the institution as a whole. Time-consuming and inconvenient onboarding processes with too many customer touchpoints, for example, may frustrate clients and cause them to abandon their applications partway through. These aborted applications can in turn lead to lost revenue and reputational damage on the part of the bank. Hence, the ability to facilitate fast and frictionless client onboarding is crucial for an ideal core banking system.

By the same token, banks stand to gain much from making their product origination processes more personalized and more convenient for customers to access. Rolling out customized offers that address specific customer requirements and requests sends the message that the bank values its clients’ insight and is willing to prioritize their needs. Core banking solutions expedite this process by creating manageable, accessible product catalogs to guide customers, as well as by streamlining workflows to help teams customize products and product bundles more easily.

Accelerated Decisions and Approvals

Each day, banks receive hundreds of thousands of credit and loan applications from clients. Processing these applications has historically been deemed one of the most time- and labor-intensive parts of a bank’s operations, but it doesn’t have to be. Modern banking software can accelerate all stages of the processing cycle for any type of loan by automating decision rules and replacing paper documents with digital files. Utilizing such software thus enables banks to save time and money, improve customer satisfaction, and sidestep the costly human error risks inherent in manual processing.

360-Degree Customer Perspective

The success of any business depends heavily on the ability to understand the customer base deeply and to accurately anticipate its needs. Banks especially benefit from deep customer insight, as the services they provide their clients are not only long-term but also highly involved and intimate, due in part to the sensitive nature of personal finances.

Enhancing their understanding of their customers and taking swift and focused action around these insights is a major goal for many retail banks operating today. To this end, modern core banking solutions come with features to efficiently capture, process, and store essential customer data and feedback. Banks can then view this information comprehensively and use it to provide customers with personally tailored, contextualized services and advice.

More Personalized Engagement

Many experts believe that for banks to truly succeed in the current age of mounting digitization, offering more digital conveniences must come hand in hand with more personalized services and customer support. To this end, transitioning from predominantly transaction-focused servicing to more advisory and relationship-based customer engagement is key. Banks must determine ways to position themselves as relevant to and present in the lives of their customers for the long term; in so doing, they drive their own revenue growth.

The complete and insightful customer perspective core banking solutions provide paves the way for banks to provide more elevated forms of customer interaction. The use of artificial intelligence in the form of digital assistants, for example, helps expedite the processing of customer queries and other customer service tasks. Diverse automation and intelligence capabilities help optimize operations, reduce transaction times, and empower staff to engage customers more deeply.

Enhanced Payment Services

A more robust core banking system enables banks to offer customers more payment options across a range of diverse platforms and networks. Customers can now communicate and transact with their bank in the manner that’s most convenient for them, including but not limited to SMS, social media, email, and QR codes. Moreover, customers can feel safe entrusting their hard-earned money and sensitive information to their bank, as a modern core banking system can ensure that each offered payment option comes with the highest possible level of cybersecurity protection.

Banks have long been aware of the urgency with which they need to adapt to industry and market-wide changes in order to survive, and many banks are making the wise decision to embrace technological innovation in order to do so. The right core banking technology can lay the groundwork for more efficient processes, more empowered staff, and more involved customer engagement, all of which are necessary for banks to not only persist but thrive in the current age.

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Blockchain Weekly Source

The currency market and the equity markets are possibly the most widely traded financial marketplaces on the globe. This is owing to their prior volumes, fluctuation, and the extensive training resources accessible to both FX and stock traders. Whereas these two investment kinds may appear to be quite comparable in terms of adopting advanced technologies like tracking the equity markets via apps or using top expert advisors in the forex market, understanding the distinctions is also critical if you wouldn’t want to wind up with a complex financial portfolio.

Understanding forex market

At any one moment, multitudes of traders from all across the world exchange currencies on the currency market. To put it another way, it’s the way of acquiring one currency for another at a fixed rate. With an almost limitless number of major, minor, and exotic currency pairings to exchange, the forex market is the world’s biggest financial sector with the most liquidity.  

Several long-term forex traders try to profit from the disparity in consumer spending between currencies by systematically swapping an inflated currency for an inexpensive one and then allowing for the marketplace to adjust to a more balanced state.

Understanding stock market

A company’s equity is referred to as stock issued by businesses or governments. It offers the purchaser a stake in the firm or even a portion of the equity section. Anyone who invests in specific shares is authorized to a share of the underlying asset’s income and capital growth.

While currency pairings have a volatile exchange value, stock prices fluctuate during the day, weekly, and monthly. The value of every particular single share can be influenced by a variety of factors, including the company’s board of directors, the current performance of the market, and the company’s business activities.

Discrepancies between the FX and stock market

• Trading hours

The currency market and stock markets have different trading periods. The currency market operates five days a week, 24 hours a day. One of the benefits of trading FX over trading stocks is the ability to trade multiple currencies at the same time. Because the international currency market isn’t concentrated around a fixed time zone’s regular business hours, traders have significantly additional opportunities to trade their marketplace per week than equity traders. Rather, the currency market has a number of market hours that correlate to significant world currency hubs and use their own operating hours.

On the other side, relying on the geographical location and exchange, there is a predetermined daily schedule for equity market trading sessions and has defined closing hours. Only at certain times are you able to open or close a trade, limiting the flexibility for the traders.

• Liquidity of the market

The ease with which an asset may be bought and sold is referred to as liquidity. Liquidity levels vary between FX and stocks. FX traders, particularly, seek out markets with substantial liquidity, since this indicates that an item may be purchased and sold quickly without having a significant impact on its price. As a result, increased market fluctuations are more likely to benefit short-term investors.

Stock market liquidity is determined by stock exchange regulations, which are vulnerable to change due to government action, natural catastrophes, or other occurrences.

• Transparency of the market

Since it is controlled by a worldwide community, the currency market is more transparent. Each trader, irrespective of where they are dealing from, has access to an equal amount of currency data.

Companies that operate the share market have the ability to suppress information. Because there is less visibility, traders must conduct a more thorough study before beginning.

• Trading strategies

Another significant distinction between FX and shares is the abundance of tools and tactics available to currency traders. Several forex trading methods, such as day trading, position trading, and scalping aim to make a short-term profit. However, because stocks are frequently bought through long-term holdings, while currency pairings are valued more by short-term investors in turbulent markets, targeted tactics for trading stocks are less prevalent.

Conclusion

Taking into account all of the factors mentioned above, it is hard to draw a straightforward conclusion about which market is more lucrative. All external elements, such as persona, risk appetite, and overall trading objectives, should be considered before selecting a financial product or marketplace to invest in.

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