Future Technology

What is Blockchain and its Future?

WHAT IS BLOCKCHAIN?


Many experts believe that blockchain is a modern and revolutionary tool that should change our lives, just as the printing and Internet industries have done before, and it promises to completely change the way transactions are organized from the very beginning , and encourage governments, large companies, mutual funds, and entrepreneurs. But what is blockchain? Let’s go back to the basics and better understand how this new technology and its applications work.

Basics of blockchain

It was money from the beginning. The tools of financial transactions, from the original currency to paper currency, to biblical currency, are based on the trust of users and use them as a unit of account, a medium of exchange, and a means of value storage.
The guarantee principle of the central agency (the state, bank, or municipality for the local supplementary currency). With the advent of electronic transactions, from the introduction of checks to the creation of payment cards,
 the dematerialization of currency has accelerated in the past 25 years, paving the way for thinking about creating unconventional currencies that are independent of what is called digital currency.

They have dematerialized versions because they are based on encryption protocols.
Each unit of digital currency is a unique sequence of numbers that users can send to each other in online transactions.
The numbers are easy to reproduce, and if they are coins, they can be reissued several times in 1990. David Chaum, the developer of DigiCash electronic currency, tried to solve this problem by creating a single central ledger to record each user’s transactions,
Thereby ensuring that not one unit of every currency unit can be in two places at the same time. The integrity of currencies and transactions is guaranteed by a single central ledger.

However, the solution offered by DigiCash has its limitations as it is exposed to the same dangers as any centralized registry
such as databases for banking transactions, credit card transactions, property titles, ID cards, driver’s license, reservations with an airline, etc

it does not guarantee that the content of the register is incorruptible and infallible, for example changing the database, excluding transactions that it does not approve, or even losing the registered data. In October 2008, Satoshi Nakamoto, whose identity of the person or group behind this pseudonym is still unknown, published his whitepaper “Bitcoin: A Peer to Peer Electronic Cash System” in which he proposed a new form of the digital currency
 Bitcoin that overcomes this trap by relying on a new protocol, a blockchain that enables a decentralized verification system, Bitcoin is no longer the responsibility of a centralized authority, but of a relationship called “peertopeer” onship, i.e. a computer network whose participants are released from a central server.

Bitcoin and Block are the same?

 No, it’s not, Bitcoin or CryptoCurrency is a Lil part of BlockChain,
To say that Blockchain and Bitcoin are the same things is misinformation. However, it can be said that all Bitcoins are part of Blockchain (but Blockchain is not part of Bitcoins).

So how do you tell the two apart? We must understand that the Blockchain is the technology underlying Bitcoin.

In other words, Bitcoin uses the Blockchain. He is the first, and so far the most famous, use of Blockchain technology. But, we also have over 3,000 other cryptocurrencies using it that could one day dethrone bitcoin.

Why do we talk about blockchain all the time?

It is true that we hear about it all the time. Blockchain technology is extremely powerful because it eliminates the need for centralization in all applications.

An example? The currency you use every day. Have you ever wondered why a blue rectangular ticket can buy 4 movie tickets? Because the European Central Bank (ECB) told us that this note has a value of 20 euros and the law of supply and demand (supply to the ECB) does the rest.

 If the notes in your wallet have a value, it is because it is guaranteed by a third party (in this case the ECB) cryptocurrencies (based on blockchain technology, if properly followed) have broken this principle: more banks, more institutions, more state

The only authority that guarantees the value of these Cryptocurrencies?The blockchain. So without arbitrary decisions, without misinformation, without opacity. In addition, you no longer need a centralized system to secure your transactions. Tired of the transaction fees you pay every time you withdraw money from an ATM abroad? they exist thanks to blockchain.

 Banks, which are third parties at the heart of centralized systems, charge fees, not the blockchain! Be careful though, a transaction on the blockchain still has fees. These fees are variable and depend on the cryptocurrency you are trading (as not all cryptocurrencies use the same portfolio creation and exchange), we also advise that all your transactions are secure and registered on the blockchain.

Bitcoin and BlockChain

Tokens with several applications Within the computer network of a blockchain it is possible to exchange “tokens”, which are tokens to which a certain value or service is assigned.

 There are three types: “Currency Tokens”, which correspond to the internal currency of the blockchain, “Utility Tokens”, which enable access to services within the blockchain, and “Security Tokens”, which are linked to real assets.

 Cryptocurrencies, led by Bitcoin, are the internal currencies of the blockchains that give them their name. IOS (Initial Coin Offerings), these collections over blockchain, allow investors to purchase “utility tokens”, which are tokens that give them access to certain services developed by the company. After all, the “security tokens” correspond to part of a real value. active, according to the securities model known in the financial sector.

Bitcoin is a currency that is designed in such a way that, unlike traditional currencies, units of currency are introduced gradually, they are not issued by a central authority, and the total number of units issued is set in advance.

The last bitcoin is expected to be produced in 2140. Bitcoins are stored in Bitcoin addresses, the key of which is a series of unique letters and numbers that can be stored on a computer, smartphone, or even on a piece of paper.

 Bitcoin as payment, a record of the transaction is stored in the memory, the transactions are grouped into blocks, each block corresponds to 10 minutes of Bitcoin transactions, all participants in the network provide their computing power to check and commit these blocks to the system.

 This is known as “mining”.Participants who have previously been placed in the competition are paid according to their participation in the calculation and receive a percentage of the bitcoins newly issued by the system. The system that brings all the blocks together is called the blockchain.

Chronologically, and each block contains a digital signature (called a “hash”) of the previous block, which regulates the arrangement of the blocks and ensures that a new block can only be added to the blockchain where the previous block ends. The blockchain, i.e. a copy of the log of all transactions made since Bitcoin was created, is updated by anyone who installed the Bitcoin software. To ensure that the system works normally, blockchains are taken from the computers of those who installed the software so that the system always knows exactly how many Bitcoins each user has in their wallet, they cannot be copied or spent more than once.

Conclusion

Blockchain ”is a term that is now widely used. It is important to understand its contours. The “blockchain” technology, which appeared about ten years ago, is initially based on the provision of a computer log consisting of an encrypted language that enables the development of a transparent and decentralized registry in which transaction blocks are securely recorded.

Originally the “Bitcoin” protocol, from which the tokens of the same name were issued, pioneered and announced other “blockchain” languages ​​that had been developed since its inception (2008). Because of the virtues that a decentralized and distributed registration can enable, especially concerning cost reduction, reduction of the central counterparty risk, and IT security in the transmission and storage of information, the blockchain aroused rapidly growing interested among financial market players to reduce middlemen), blockchain became in Year 2 0161 defined in French law and then resumed in 20172, confirming its innovative role in accounting for the financial sector, with potential on this single economic sector.

The establishment of contracts that are executed alone and if n human intervention (“Smart Contracts”) or the financing of entrepreneurial projects through the issue of digital tokens (initial “ICO” Coin Offerings) pave the way for many possible developments. They are also a strategic issue for all economic sectors that are forced to rethink their model (e.g. concerning distribution and transactions).

If you are still confused between bitcoin and blockchain you can read this What Is The Difference Between Blockchain And Bitcoin?
They’ve written very great article on that, Check that out.

Learn about Hyperloop Technologies

Hyperloop technologies are the most awaited projects of the futuristic world, It makes cargo and traveling much easier.


Hyperloop technologies are going to change the way of traveling. It is different because of its speed, passengers can travel easily over 700 miles an hour. It’s kind of crazy and the fastest travel,

between $6 BILLIONS & $7.5 BILLIONS 350-mile trip costs, From Los Angeles to San Francisco, each way costs $20.

What makes Hyperloop technologies differ?

There are 2 main differences between hyperloop and traditional trains. Hyperloop trains are designed where they can easily travel through the tunnel or in tubes.


Tubes and tunnels makes it total air proof which reduced friction and the second and main difference is that ordinary trains or cars are using wheels to move, but in hyperloop, they removed friction and make that into the tube. It moves by pressure and goes like air-skis.

What are the benefits of Hyperloop?

The main benefits of hyperloop technology are that it is cheaper and faster than ordinary vehicles and trains and yes we can say that it is eco-friendly too because it is less polluting.


The Hyperloop technology can be built quicker than traditional trains, and it is cheaper too, Hyperloop technologies can improve trade, the speed of it can do quick import and export.

Where are the first Hyperloops going to be available?

There are many companies who are working on this technology, the virgin hyperloop has tested this technology you can find that video below, and seriously it’s world-changing.

They are making more services which are based on hyperloop. Let’s see.

The first test was conducted on 8th November 2020, it was conducted into the Nevada desert, this day was a big achievement for the virgin team and virgin’s hyperloop technologies team.

This estimated speed of this technology was 3 times higher than rails and 10-15 times faster ordinary trains.

HYPERLOOP TECHNOLOGIES CONCEPT

Robert H. Goddard was the first who gave the concept of vacuum train also called vactrain in 1904, but in 2012-2013, Elon Musk  gave the concept of the fastest ground traveling and cargo, ’s the CEO of SpaceX and Tesla, He open-sourced the design of hyperloop traveling in the form of the whitepaper (2013)

IS HYPERLOOP TECHNOLOGIES ARE SAFE FOR HUMAINS?

Yes, it is, It is designed to travel in tubes so there are no chances where the weather can effects vehicles and makes changes to the engine or any technical fault which were caused by weather and there are no chances for accidents many accidents happen when animals come in from of the train when a train is crossing through farms or country-sides/villages so in the tube there’s nothing like that.

WHO INVENTED HYPERLOOP?

ELON MUSK, CEO OF TESLA MOTORS and SpaceX.

JOSH GIEGEL, Co-Founder & CTO of VIRGIN HYPERLOOP.

SHERVIN PISHEVAR, He is an Iranian-Amercian, He’s also the Co-founder on Virgin Hyperloop.

Brogan BamBrogan, Worked in Hyperloop Technologies with Elon Musk and He also designed rockets for SpaceX.

and time after time, many companies are getting into this.

COUNTRIES THAT ARE INTERESTED IN HYPERLOOP TECHNOLOGIES

Hyperloop technologies and continuously growing and day by day this technology is gaining the attention of many businessman and politician too, Hyperloop is the one who can change the infrastructure of countries and makes cargo and ground traveling easier.

India – In Maharashtra, They already designed the infrastructure and this will makes India the first and pioneer to hyperloop technologies.

Dubai & Abu Dubai – When we talk about the future how can we forget Dubai, Yes It is the fastest developed city, These cities are using many technologies too, so they will never leave this technology behind. Hyperloop technology can be available from Dubai to Abu-Dubai. The European countries also agree to step into hyperloop technologies; they joined JTC which is also known as JOINT TECHNICAL COMMITTEE to know more about the practical and implementation of hyperloop. JTC will help countries to do it more easily and reduce initial problems during implementation.

This industry is growing day by day and from every part of the world, people are engaging, researching, and dedicating their work to this technology. They are trying to do more and more to create more efficiency and opportunity in this idea.

HARDT:

Founded in 2016 and is located in the Netherlands, HARDT was the winner of the international hyperloop competition. It was held by ELON MUSK’s SpaceX.
Hardt is having a partner that includes:Tata Steel, IHC, Deutsche Bahn and BAM, Koolen Industries, Schiphol Airport, the Dutch Railways, InnoEnergy/

Hyper Poland

Hyper Poland has a Multidisciplinary team and they are having experience with AirBus, Shinkansen, and Bombardier.They were the finalist of the POD COMPETITION 2017 and also were in Build Earth Live Dubai 2016 finalist, Microsoft, Transfer Multisort Elektronik, National Centre for research and development and some others and doing partners with HYPER POLAND.


TransPod

This company is based in Toronto, their main focus was to make easy transportation between cities and growing markets,
This Company was founded in 2015, There goals are to connect people with businesses using hyperloop that will save the environment and costs very low too.

Zeleros

This company is located in Spain,
There partners are ALTRAN, RENFE, F. VALENCIA PORT, and Universitat Politècnica de València, CIEMAT, Plug, and play tech center, Spain’s Key Transport Associations, and EIT Climate-KIC are also supporting this technology.
The great thing is that This company’s founders received double awards from Elon Musk in 2016.

A 13-year-old Girl Just Invented a Train More Viable Than Elon Musk’s Hyperloop

Caroline Crouchley: “My design can be less expensive and more efficient than current train technology that’s out there already.”

You guys know that the world Is moving very fast,
What if we told you that this 13 years old girl Caroline Crouchley challenges that she can do better than hyperloop technologies, Yes and that is true she may figure out a more cost-efficient and transport system than Hyperloop technologies.

Caroline Crouchley “If we can make trains more efficient, then we can eliminate the amount of cars, trucks and buses on the road,” Read More on CNN

She also said that her design will be costs low and will more efficient than traditional trains,
She said that this is also safer than hyperloop, It can be used 100% renewable energy, so that will easily remove electric and diesel motors, to make it lighter and move faster for trains. READ MORE

LEARN ABOUT ESPORTS AND ITS FUTURE