Almost ten years ago mankind first found out about the existence of the blockchain, which has been the object of close observation since that time. It is known to everyone that the social-media platform GOLOS is built on the base of blockchain, but not everyone understands what it is and what functions it performs to form various projects.
It seems to me that problems with understanding arise because the information that is published on the Internet is written in a technical or complex language. I will try to explain this "complex" concept in simple words and using understandable examples.
The easiest way is to imagine blockchain in the form of a continuous sequential chain of blocks that are designed to store data or a digital register of transactions, deals, contracts. The presented technology can be called a digital distributed journal of economic transactions which all records of financial transactions or simply data having a certain value are entered into at the program level. You can store anything you want in the blockchain, for example, data on property rights, issued loans, violations of traffic rules and even about marriage.
One definition is not enough to understand how the famous technology works. Just imagine, it is spread between several hundreds and even thousands of computers that are located in different parts of the world. And absolutely every participant of this chain has free access to the current version of the registry, which makes the blockchain transparent for all its participants.
All digital records are combined into blocks, which are the links of this chain, chronologically combined with complex mathematical algorithmic codes. All blocks are connected to the "neighboring" one, and the new ones are added only to the end of the chain. You can not fake the stored data.
Let's take functioning of the blockchain on cryptocurrency as an example:
- object A wants to make a money transfer to object B;
- transactions are transferred to the network and combined into "blocks", each number and hash of the previous "block";
- blocks are sent to all participants of the system for verification;
- if there are no errors, each participant adds a "block" to his database copy;
- now the "block" can be added to the "chain of blocks", which contains information about all previous transactions;
- money is transferred from A to B.
Why do we need blockchain?
Due to its capabilities and advantages, blockchain technology is attractive for many companies operating in various fields. Nowadays a lot of extensions have been developed, which are adapted to be implemented in business offers based on blockchain, which can provide:
- secure network administration, excluding hacking and removing problems associated with the "single administrator";
- storage of digital certificates, fully ensuring the security of users' access to sites;
- security bilateral transactions that will not need to involve a third party (lawyers, notaries, banks and others);
- fixing the time of placement of documents that provides an opportunity to solve problems of patenting, copyright and others;
- confirmation that products or goods are genuine due to a secure certificate;
- confirmation of any property rights;
- creation of public digital business cards with information that is automatically updated;
- a DNS system that is immune to DDOS attacks and other things.
As you can see, blockchain technology is capable of solving problems of a different nature. There are many projects that use the presented technology, because it allows you to find answers to questions which frequently occur in real life:
- money transfer;
- document flow;
- file storage;
- decentralized trade.
As you can see, blockchain is very multifunctional, even though it is at an early stage of development. Despite this, many promising start-ups have already been created. Obviously, we can not get acquainted with them all, but just consider one of the most promising projects, developed on the blockchain technology called SELFLLERY. I chose this project because it will be able to radically change our life and the development of the photo industry in a few years.
I'll tell you briefly what the platform is and what it is intended for .
SELFLLERY is a multifunctional platform that awards its users for activity and unique content with cryptocurrency. As for me, it's so wonderful, because many resources with visual content, for example, Instagram receive monetization for the content that its users publish, and users are left with only likes and comments in return.
As everyone has already understood, the content will be monetized through the use of the blockchain technology, whereby SELFLLERY has an advantageous toolkit that allows:
- to receive tokens for likes;
- to sell your own photos in a photobank;
- to take part in advertising campaigns and get paid for it;
- to receive prizes in photo quests;
- to occupy leading positions in the top ranking for social activity.
According to multiple experts’ evaluations in the near future SELFLLERY will become the most popular and demanded photo resource not only for ordinary users, but also for investors, some of whom have already made a significant investment in its development.
Such conclusions are made on the basis of the analysis of statistical data on the photographs taken. The difference between the number of photos taken in 2017 and 2016, which was about 100 billion, was established, and the difference between 2017 and 2013 is 600 billion. By the way, the developers of the project have already launched MVP SELFLLERY.
I hope that the example with SELFLLERY has simplified the understanding of the blockchain technology.
