If you spend any amount of time in the blockchain community, you’re going to start craving blockchain-related things… if you haven’t already. But don’t worry – it’s perfectly normal, and there are plenty of things you can do to manage your cravings. Here are 7 things you crave if you’re a blockchain addict
1) Open Source Software
A term known as open source, something that can be modified and shared with the public because it is publicly accessible, denotes a work of software with development methods specific to it, to keep a cohesive and enthusiastic community, and which is available to be developed and maintained by any interested party. It also means that you have access to the original code and are able to use it or change it as you see fit. For example, you might want to fork your favorite software project into your own version of it so that you can add features or fix problems that interest you more than the original project maintainers want. In some cases, this kind of independent development has led to new projects becoming successful in their own right! A great example of this is Linux, which was created by Linus Torvalds after he was frustrated with an operating system called Minix. He felt like Minix had been very difficult for him to use and wanted an easier alternative. After working on his idea for months, he released Linux as a free piece of software in 1991. As people learned about what he’d made, they began contributing their own fixes and modifications to the program. Nowadays, Linux is one of the most popular operating systems in the world – especially when it comes to servers where reliability and stability are important.
2) Decentralization
Decentralization is the main characteristic of blockchain that sets it apart from other technologies. By definition, it means that there is no central authority or single point of control. This also means that blockchain is more secure since there is no central target for hackers to attack. Furthermore, decentralization makes blockchain more resilient to censorship and corruption. In fact, the blockchain ledger can be copied across many computers so if one computer gets taken down by an attack, all copies of the ledger remain safe. As a result, blockchains are said to be immutable which means that data cannot be altered retroactively without altering all subsequent blocks in the chain. The immutability property is important because it prevents individuals from tampering with transactions once they have been confirmed by being placed into a block on the chain.
3) Disintermediation
The elimination of middlemen in business transactions. In the case of blockchain, this refers to the elimination of banks, brokers, and other financial intermediaries. With blockchain, there is no need for these third parties, as all transactions are recorded on the distributed ledger. This not only saves time and money, but also makes transactions more secure, as there is no central point of failure. For example, if someone hacks into your bank account information, they can get access to your funds and potentially steal them. But with blockchain technology, because you have your own private key (which allows you to access your assets), then nobody else can do so. Plus, if you lose your key, it’s impossible to recover it, which ensures that fraud will be minimized. Additionally, because there are no middlemen, transaction fees will be reduced or eliminated entirely. One study found that using a public cryptocurrency network like Bitcoin cuts remittance costs by about 8%!
4) Transparency
One of the main reasons people are so fascinated by blockchain is its transparency. All transactions are stored on a public ledger for anyone to see. This level of transparency is new and different, and it’s something that traditional businesses can’t match. It also means that if you’ve been stealing from your company, your actions will eventually catch up with you. That leads us to our next point: security. Anyone who has personal information on a public ledger needs to be able to trust that their data is safe. And as we mentioned before, because blockchain provides such strong security (due in part to cryptography), hackers won’t be able to gain access easily. The same goes for potential corruption among employees or collaborators; once again, the fact that all transactions are recorded makes fraud very difficult. Another thing that should be noted about security is the fact that users have complete control over their funds, meaning they can’t have them frozen or seized like they could with a bank account. When someone owns cryptocurrency, it’s theirs- there’s no middleman taking a cut of every transaction like there would be with other forms of currency.
5) Trustlessness
The following are seven things you may crave if you’re addicted to blockchain:
1. The desire to learn about and understand the technology.
2. A strong belief in the potential of blockchain technology.
3. The need to be involved in projects or companies that are using blockchain technology.
4. A passion for discussing the topic with others, whether online or in person.
5. A constant craving for news and updates about the industry.
6. A longing to play a role in helping the technology reach its full potential.
7. And finally, a genuine excitement for the future of blockchain technology!
Follow these steps to quit your addiction and start your recovery today. Remember that you can’t be perfect, so give yourself some leeway with cheat days and don’t be discouraged if you slip up or fall back into old habits every now and then.
6) Favorable Global Adoption
1. A blockchain is a distributed ledger that’s easy to maintain, robust against alteration, and resistant to tampering.
2. The potential applications of blockchain technology are far-reaching and varied.
3. From streamlining supply chain management to providing a new platform for online advertising, blockchain is poised to revolutionize many industries.
4. Despite its vast potential, blockchain technology is still in its infancy and has yet to be widely adopted.
5. However, there are already many startups and established companies working on exciting blockchain projects.
6. If you’re a blockchain addict, you crave the day when this innovative technology is finally mainstreamed.
7. But until then, you’ll have to get your fix by following cryptocurrency news or reading up on developments in the space – if you don’t have enough foresight to invest at the outset!