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Beginner guide to Ethereum
Before we explore the world of Ethereum, let’s understand how the Internet functions. The reason we are doing this is because many experts in the field compare the emergence of blockchain technology to be very similar to how the internet disrupted almost every industry known to us. Our personal data, passwords and financial transaction details are all stored in centralized databases that are hosted and owned by large companies like Google, Amazon, Facebook, etc. Although this setup provides a number of conveniences to its users, the primary advantage being the presence of a team of specialists to monitor and maintain these databases.
By Python Script2 years ago in The Chain
Introduction to Blockchain
There are certain fundamental flaws in the way that financial transactions and services take place in the present world. If person X wanted to send some money to person Y, then person X usually does it through a centralised authority, i.e., his bank, which ensures that person Y receives the money from person X. In the process the bank charges person X a certain transaction fee for carrying out the transaction successfully, and updates the corresponding databases (i.e., a digital ledger), by deducting a certain amount from the buyer and adding it to the seller’s account.
By Python Script2 years ago in The Chain