What Is Blockchain Technology Know Easily How It Works

 Blockchain technology is a digital ledger of transactions that is work on a peer-to-peer network. It's an innovative way to record and store information. It has the potential to revolutionize the way business is done, and there are many ways you can use it.

What is Blockchain technology?
A blockchain is a digital ledger of transactions that are verified and recorded by network nodes in secure, tamper-resistant blocks. Transactions are verified by making sure that the data in the blockchain is true and consistent. This assures the chain of events remains uninterrupted and valid. It is different from traditional financial systems, such as banks, because it doesn't rely on people or intermediaries.

It was invented by Satoshi Nakamoto, an unknown person or group of people who used the name as a pseudonym. It is decentralized, meaning it is not subject to government control or manipulation. Bitcoin, the first and most well-known blockchain application, was created in 2009.

What is a Blockchain Application?
There are multiple applications that are based on blockchain technology. Blockchain applications can be used to create a secure record of transactions or to verify the authenticity of a document. Here a few specific examples are :

• Bitcoin - It is a cryptocurrency that uses blockchain technology to store and trade funds.
• Ethereum - It is an open-source platform that allows users to write, program, and deploy smart contracts.
• Litecoin - It is a cryptocurrency that uses blockchain technology to process payments.

Besides the above, there are thousands of industries where blockchain is used as the base of the application like - Supply chain management or monitoring, Music and video royalties training, Secure Voting monitoring system, Data processing in the Real estate industry, Content ownership protection, etc.

What are the Benefits of Blockchain Technology?
It is a new and innovative way of handling transactions that allows for secure and transparent data management. It has the capability to bring about tremendous change in the many industries available across the world. There are many benefits to using blockchain technology for example -

• It provides an efficient and secure way to store and transmit financial data. Because blockchain applications use distributed ledgers instead of centralized servers, they can be faster and more accurate than traditional online banking systems.
• It can help to reduce fraud and improve the accuracy of financial information
• It can help to verify the authenticity of documents and improve security around online transactions because it uses cryptography to protect the data in its blocks from being stolen or changed without notice.
• It reduces costs of production because blockchain applications don't need a central point of authority to operate, they can be much cheaper to run than traditional online financial systems.
• It reduces the weight of data because every block contains a record of all the previous blocks and no new data is added to the blockchain until someone updates it.
• Reduces the time needed to process transactions because there is no need for middlemen like banks or card companies. No need for third-party verification or trust services like PayPal or credit cards.

How does Blockchain Technology Works?
It is a cutting-edge innovation that allows for secure, tamper-proof transactions.

Transactions are recorded in blocks, which are also called "blocks" because they contain a timestamp and the data of the transaction. Blockchain has three basic constituent items - blocks with stored data, transitional hash, and previous hash. Blocks can be linked together to form larger blocks, and each block contains a cryptographic hash of the previous block.

why you need this crypto

  The broader crypto market has been going through a rather alarming time, especially throughout the month of April 2022. Top cryptocurrencies like Terra ($LUNA) have seen their prices tumbling down the charts hitting all-time lows. While governments worldwide rally about regulations on digital assets, constant efforts are being made to advance the Central Bank Digital Currencies (CBDC) projects in different countries.

In one of the weakest moments in the history of cryptocurrencies, people are confused about the future of digital assets. The market faced similar conditions the previous year and then eventually fought back. However, in the middle of difficulty lies opportunity. For those willing to invest and 'buy the dip,' here is a list of the best cryptocurrencies to invest in 2022.

Polygon ($MATIC) - Layer 2 Platform for Ethereum

Polygon is primarily categorized as a Layer 2 platform because it works alongside the Ethereum network, and is known for its ability to reduce the cost of transacting and increase the speed of transactions on the Ethereum blockchain. These are the critical features of Polygon that make it one of the integral parts of the Web3 infrastructure.

Along with its flagship product, the Matic POS (Proof-of-Stake), Polygon as a platform has been designed to scale Ethereum and build Layer 2 infrastructure such as Validium, zkRollups, Plasma, and Optimistic Rollups.

The previous year, Polygon acquired the Mir protocol for $400M, eventually enhancing Eth 2.0 scaling possibilities. Polygon ($MATIC) is a cryptocurrency that will remain in the center of Web3 for years to come.

Sandbox ($SAND) - Metaverse and Gaming Platform

The Sandbox is a Metaverse platform where gamers can play, create and monetize their activities through Non-Fungible Tokens or NFTs. Their utility token is $SAND.

Players can use NFTs as proof of ownership of digital assets in the game. Players can trade these digital items on NFT marketplaces and integrate them into their games. Moreover, the Sandbox offers players digital real estate in their metaverse, which one can purchase with the $SAND tokens.

With Facebook rebranded as Meta, we all know that Metaverse is the next iteration of the internet where individuals can play, earn, socialize and interact. Recently an unknown buyer paid $450,000 to purchase a plot of virtual land beside the digital residence of the famous rapper Snoop Dog in the Sandbox Metaverse. $SAND is one of those cryptocurrencies one should watch out for.

Filecoin ($FIL) - Distributed File Transfer and Storage

Filecoin ($FIL) is a relatively new cryptocurrency. One can invest in this crypto to gain access to the distributed data storage network, which seeks to convert unused data into a powerful business resource.

Storage space can be purchased using the $FIL token from the store on the project's website. The network is based on the InterPlanetary File System (IFPS) protocol. Apart from providing P2P sharing of storage, the network also acts as a layer to incentivize participation in the network.

Enjin ($ENJ) - Digital Assets Marketplace and Gaming Platform

The Enjin Coin ($ENJ) is another Metaverse coin focused on gaming. The Enjin platform has a lot of use cases for $ENJ, its native token, it is the all-in-one digital asset for NFTs and in-game purchases. Enjin aims to become one of the largest online gaming communities. A staggering 250,000 gaming communities with over 18M gamers are already onboard the Enjin platform.

The team working at Enjin specializes in NFTs. They proposed a token standard that won approval as a standard Ethereum token for specialized NFTs - the ERC-1155.

Like The Sandbox, Enjin distributes software development kits (SDKs) to developers to facilitate rapid integrations into games.

The Graph ($GRT) - Indexing Protocol for Querying Blockchains

Most of us are unaware of how the internet simply works without understanding the role of the universal resource locators or URLs. Without URLs, even the Google Search Engine would not be present. URLs help to index the data on the internet.

Similarly, the Graph aims to build an indexing standard for the decentralized application world. It will help to query the data on the blockchain in a much more accessible manner.

Developers use the open APIs of the Graph, which can easily access the on-chain data previously indexed by a network of node operators. The technology behind the platform is called the Subgraph. It is open-source, which helps attract developers to build decentralized apps (dApps).

High-profile projects such as Synthetix, Audius, and Uniswap are some of the Ethereum dApps built using Subgraph. $GRT is an excellent crypto token to add to your portfolio.

8 Best Cryptocurrencies to Invest in 2022

 The broader crypto market has been going through a rather alarming time, especially throughout the month of April 2022. Top cryptocurrencies like Terra ($LUNA) have seen their prices tumbling down the charts hitting all-time lows. While governments worldwide rally about regulations on digital assets, constant efforts are being made to advance the Central Bank Digital Currencies (CBDC) projects in different countries.

In one of the weakest moments in the history of cryptocurrencies, people are confused about the future of digital assets. The market faced similar conditions the previous year and then eventually fought back. However, in the middle of difficulty lies opportunity. For those willing to invest and 'buy the dip,' here is a list of the best cryptocurrencies to invest in 2022.

Polygon ($MATIC) - Layer 2 Platform for Ethereum

Polygon is primarily categorized as a Layer 2 platform because it works alongside the Ethereum network, and is known for its ability to reduce the cost of transacting and increase the speed of transactions on the Ethereum blockchain. These are the critical features of Polygon that make it one of the integral parts of the Web3 infrastructure.

Along with its flagship product, the Matic POS (Proof-of-Stake), Polygon as a platform has been designed to scale Ethereum and build Layer 2 infrastructure such as Validium, zkRollups, Plasma, and Optimistic Rollups.

The previous year, Polygon acquired the Mir protocol for $400M, eventually enhancing Eth 2.0 scaling possibilities. Polygon ($MATIC) is a cryptocurrency that will remain in the center of Web3 for years to come.

Sandbox ($SAND) - Metaverse and Gaming Platform

The Sandbox is a Metaverse platform where gamers can play, create and monetize their activities through Non-Fungible Tokens or NFTs. Their utility token is $SAND.

Players can use NFTs as proof of ownership of digital assets in the game. Players can trade these digital items on NFT marketplaces and integrate them into their games. Moreover, the Sandbox offers players digital real estate in their metaverse, which one can purchase with the $SAND tokens.

With Facebook rebranded as Meta, we all know that Metaverse is the next iteration of the internet where individuals can play, earn, socialize and interact. Recently an unknown buyer paid $450,000 to purchase a plot of virtual land beside the digital residence of the famous rapper Snoop Dog in the Sandbox Metaverse. $SAND is one of those cryptocurrencies one should watch out for.

Filecoin ($FIL) - Distributed File Transfer and Storage

Filecoin ($FIL) is a relatively new cryptocurrency. One can invest in this crypto to gain access to the distributed data storage network, which seeks to convert unused data into a powerful business resource.

Storage space can be purchased using the $FIL token from the store on the project's website. The network is based on the InterPlanetary File System (IFPS) protocol. Apart from providing P2P sharing of storage, the network also acts as a layer to incentivize participation in the network.

Enjin ($ENJ) - Digital Assets Marketplace and Gaming Platform

The Enjin Coin ($ENJ) is another Metaverse coin focused on gaming. The Enjin platform has a lot of use cases for $ENJ, its native token, it is the all-in-one digital asset for NFTs and in-game purchases. Enjin aims to become one of the largest online gaming communities. A staggering 250,000 gaming communities with over 18M gamers are already onboard the Enjin platform.

The team working at Enjin specializes in NFTs. They proposed a token standard that won approval as a standard Ethereum token for specialized NFTs - the ERC-1155.

Like The Sandbox, Enjin distributes software development kits (SDKs) to developers to facilitate rapid integrations into games.

The Graph ($GRT) - Indexing Protocol for Querying Blockchains

Most of us are unaware of how the internet simply works without understanding the role of the universal resource locators or URLs. Without URLs, even the Google Search Engine would not be present. URLs help to index the data on the internet.

Similarly, the Graph aims to build an indexing standard for the decentralized application world. It will help to query the data on the blockchain in a much more accessible manner.

Developers use the open APIs of the Graph, which can easily access the on-chain data previously indexed by a network of node operators. The technology behind the platform is called the Subgraph. It is open-source, which helps attract developers to build decentralized apps (dApps).

High-profile projects such as Synthetix, Audius, and Uniswap are some of the Ethereum dApps built using Subgraph. $GRT is an excellent crypto token to add to your portfolio.