Flawless Technology behind cryptocurrency success

Bitcoin hits the market capitalization of $1 trillion and it raised yet another record high in digital world. The second-largest cryptocurrency Ethereum’s total market capitalization is above $211 billion. Not only these two, many cryptocurrencies surge in the digital market and attract the new investors.

Bitcoin’s gains have been increased soon after gaining acceptance among institutional investors and companies like Tesla and MasterCard. There are 25 top companies have showed the Bitcoin on their balance sheet. The number should increase by the end of the calendar year. All these reveal that widespread acceptance to cryptocurrency from all corners.

People should know about the technology that worked well behind successful journey of any cryptocurrency. Behind every digital currency is the ingenious blockchain technology that enables unprecedented digital asset. There is lot of confusion among the many people on bitcoin and blockchain. Both are different in definition and not similar in performing their jobs. Bitcoin is cryptocurrency or digital currency whereas blockchain is the technology that enables the existence of cryptocurrency. A blockchain is a type of database which collects the information. A blockchain collects information together in groups, also known as blocks that hold sets of information.

The blockchain technology is “decentralized,” meaning it is not controlled by one central authority. While traditional currencies are issued by central banks, cryptocurrency has no central authority. Instead, the cryptocurrencies in blockchain are maintained by a network of people known as miners. Blockchain technology is tamperproof. A block contains a cryptographic hash of the previous block, transaction and timestamp. If anyone tries to modify the data in one block that made change the hash code and not matched with previous block. That’s the reason blockchain technology is tamperproof. Because the blockchain is not centralized, it also means that if one part of it went down, the whole network would not collapse. Cryptographic algorithms and decentralized concept made successful for any cryptocurrency.

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