HOW BLOCKCHAIN WORKS, THE BASE OF CRYPTOCURRENCIES

The “Blockchain” is a “disruptive” technology, one of those that is reconfiguring the world. It is, nothing less, the cornerstone of the "Internet of value". And very soon it will be possible to pay with these "Cryptoactives" all kinds of goods and especially services; Yes, also those of escorts. Because Blockchain is the basis of cryptocurrencies.

It is generally accepted that there are three stages in the evolution of the Internet:

• Web 1.0 was characterized by broadcast, that is, large content issuers that tried to bring it all together (The famous “Portales”). The user was a passive subject and the websites a kind of "closed preserves", delimited and inaccessible spaces. It would be the first period of its existence, between 1991 and 2003.
• Web 2.0: the user is an active part of the process. Generate actions in different ways: rate content, upload videos, write blog articles, post photos, post comments on major media sites, etc. It was a sea change that transformed the way we understand collaborative processes and the nature of knowledge. The fundamental mutation is that the user became the author. Became prosumer: someone who consumes content, but at the same time produces it. And some technologists began to theorize about Blockchain as the basis for “crypto assets” created by individuals. In 2008 the famous manifesto of "Satoshi Nakamoto" (nobody knows who he is, if he exists) was released announcing the new era.
• Web 3.0, where we would be now This expression, which appeared in 2006, is used to describe the evolution of the use and interaction of people on the Internet, which has added functions. For example:
• The “semantic web”.
• The Geolocation.
• Artificial intelligence and Big data as ways of processing the immense amounts of data that the Internet itself produces.
• And of course, what concerns us today: The transfer of value through the web, with blockchain as master key. The chain of blocks is the base of cryptocurrencies.

The end of money?

Initially, the information circulated on the Web in only one direction (from the sender to the passive receiver) and later it was bidirectional. Now the same thing is happening with the transmission of value (or money, more specifically).

“Fiat” or fiduciary money, the one we know with its coins and bills, is being “dematerialized”. First with credit cards (created in the mid-50s of the last century). Then with debit cards, with checks, with “Home banking. Thus we had the possibility of carrying out all kinds of remote banking operations. Even more so with the current digital payment gateways, such as PayPal, Payoneer and others. The ticket is an endangered species, without a doubt.

Now Blockchain is the basis of cryptocurrencies, and allows you to take a long step further, with Bitcoin, the most famous, Ethereum and others that may have already been offered to you. Because they are based on this revolutionary technology. The transmission of value can now do without any institutional intermediation, becoming totally “P2P” (Person to person) for concern of the financial system.

We can define it as a single registry, agreed upon and distributed in various nodes of a network. In the case of cryptocurrencies, it is like the ledger where each of the transactions is recorded.

In each block of the chain is stored:

• A number of valid records or transactions,
• Information regarding that block,
• Its linkage with the previous block and the following block, with the hash (a unique code that works as the digital fingerprint of the block).

So, each block has an immovable place within the chain, because it contains hash information from the previous block. The complete chain is stored in all the nodes of the Blockchain network, and therefore each member of the network has a copy. With thousands and thousands of them distributed throughout the world, hacking it would require unimaginable computing power. 

Although Blockchain is the foundation of cryptocurrencies as Bitcoin and all the others, it is just the tip of a gigantic iceberg. This technology originates in 1991, the year in which two North American mathematicians wrote the first work on a chain of cryptographically secured blocks. But his fame exploded in 2008, with the arrival of Bitcoin.

Its use is highly demanded in other commercial applications, and its use is expected to grow by 51 % by 2022 in various industries. Especially financial, in the "Internet of Things" (IoT), as an inviolable traceability system for commerce, and obviously in the payment of services such as those performed by escorts.

You already know that Blockchain is the basis of the cryptocurrencies that we will use more and more. But how to receive payments in cryptocurrencies? If you have not already done so, very soon we will give you a lot of valuable information about this very interesting thing. There is advantages in the use of cryptocurrencies important.