When I first heard of Bitcoin, it sounded like something out of a dystopian sci-fi novel.
But if it did?—?if Bitcoin were to go mainstream?—?I was convinced it would lead to a massive geopolitical disruption, shifting the power relations between governments and their citizens.
The first is that “all innovation is good innovation.”
Perhaps governments recognize the inevitable growth of blockchain technology and don’t want to stem innovation too early via overregulation.
But governments have also fought tooth and nail against end-to-end encryption, P2P filesharing, privacy technologies like Tor, and financial networks that enable tax evasion (see e-gold and global financial surveillance policies like FATCA).
If Bitcoin threatens the power of financial surveillance, then it would be considered far more dangerous than any of these prior technologies.
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Did you realize that the terms blockchain and Bitcoin aren’t synonymous?
To put it another way, it’s an open, distributed ledger (database), which means the information stored in the blockchain is distributed (duplicated) among multiple computers and hence decentralized.
However, Bitcoin is only one type of cryptocurrency; blockchain technology also powers other cryptocurrency networks.
Moreover, it was unusual because it tackled a prevalent problem in digital currencies: “double spending.” This guarantees that each Bitcoin is one-of-a-kind and cannot be duplicated.
Because all Bitcoin transactions are immutable and confirmed by a network of independent miners, you always know where your money has gone.
While blockchain was created for digital money, it is currently being used for smart contracts and tracking items along the supply chain.
Blockchain system has evolved, from solving problems to keeping up with future development, the cycle has not ceased.
The reason it has become a huge success lies in the nature of this system, where it is consensus based and works without intervention of any authority.Libonomy is one of its kind blockchain that has achieved the goals of innovation and creativity with great success.
The kind of innovation it advertises attracts and reaches out to masses that have the knowledge that the system is fulfilling its role of greatness.
The specialty of Libonomy Blockchain is that it does not use the previous consensus algorithms that have been used for a very long time.
The data regarding the capability of how far the nodes are willingly taking part in the blockchain is gathered as well as the speed of the transactions and communication is gathered, all this information is combined to understand the nature of the nodes in the respective system.
Once, the analysis is completed the data is transferred to the algorithm which then classifies the information depending on the nature of the nodes and assigns a pool to each one of them.There are four different types of pools.
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