The impact of innovative blockchain technologies on our lives

by Smartholdem - Global decentralized gaming platform
The impact of innovative blockchain technologies on our lives

At the end of the last century the community interested in the creation of payments based on peer-to-peer networks and capable to bear anonymity in the calculation was originated.

A lot of time has passed before the number of people who have this knowledge has grown and at present there is very few of those who at least once in their life have not heard the following words “blockchain”, “crypto currency” and “bitcoin”.

The predecessors of bitcoin as anonymous digital currency were called b-money, Bit Gold. The first crypto currencies of this trend were Wei Dai, Nick Szabo.

It is generally recognized that bitcoin appear in 2008. Then Satoshi Nakamoto alone or with his group presented a research paper describing the basic principles and mathematical model of peer-to-peer network capable to make anonymous transactions.

Now some people can’t imagine their lives without blockchain as crypto currency tightly entered into their lives. At present bitcoin is used in various spheres of human activity. Society has come to the understanding and acceptance of this kind of technology. The potential of bitcoin decentralized network has gave life to all existing decentralized and centralized platforms on the basis of which there is the principle of “blocking” chain.

Modern blockchain networks are more flexible and have the advantage of speed towards Bitcoin. One of the examples of new technologies in the field of crypto technologies is SmartHoldem. It absorbed virtually all advanced developments in this area.

As a consensus algorithm more advanced DPOS (Delegated proof-of-stake) is used. This algorithm allows to build ecosystem that provides both standard users (mobile clients), and many companies (full nodes that can play the role of validators).

DPoS is designed to maintain a high frequency of generating new blocks and is capable of handling a large number of transactions per time unit compared to other consensus algorithms which work in a distributed environment without confidence. This method is excellent for open-systems design that does not require user identification. Due to the use of this algorithm it is possible to introduce other modern crypto currencies in SmartHoldem.

Advanced DPOS algorithm allows making more than 100 thousand transactions per second. Delegate method of confirming consensus enables any user to nominate its candidate for the post of verification node. Protocol rules guarantee the correct decisions if the majority of assets in voting was monitored by honest users.

One of the problems of modern society is the need to trust the people with whom the transactions are conducted. The difficulty lies in the fact that there is a need to conduct thorough checks of the future partners to control the fulfillment of obligations of each party.

Modern technologies can only partially eliminate some of the vulnerabilities, for example, to reduce the need or risk degree of the confidence to other people. Here blockchain comes to help us. Transparency of all actions carried out with the use of blockchain technology is the most attractive.

Blockchain allows us to get rid of an army of lawyers, accountants and regulators because security of conducted transactions is high enough. For the time passed since the start of Bitcoin network credibility has increased and its price has risen to 20 thousand dollars at the end of the year 2018.

If we compare the number of transactions carried out in Bitcoin network and Visa, for example, then bitcoin loses. But due to a strong automated security, it can be much more important transactions. Every person anywhere in the world can get access to Bitcoin. Thus blockchain allows the buyer to send money to a supplier directly without intermediaries.

Speed of blockchain technology has already outstripped by capacity with such monsters as PayPal and Visa giving also some advantages. First of all it is the protection of transactions, transparency in all actions, as well as their recording with subsequent “eternal” storage. Thus they should supplant banking systems that are the familiar to us.

SmartHoldem project offers its users all technologies that will enable it to organically fit in the financial structure of the modern world. For example, “Smart events” will reduce the human intervention in blockchain, as well as reduce costs.

It is difficult to cover all the areas of SmartHoldem blockchain application. I think in time it will be clearer and it will take its rightful place in our lives.

Blockchain also guarantees the data integrity even when you lock a greater part of the network. For example centralized systems can not guarantee this. This property will be useful while storing important documents or historical facts. As you know, the history is periodically rewritten in favor of the ruling power, and using blockchain becomes impossible that’s why we will always have the original variant stored in blockchain.

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August 25, 2018