HOW BLOCKCHAIN, THE BASIS OF CRYPTOCURRENCIES, WORKS

Blockchain is a disruptive technology that is reshaping the world. It is, no less, the foundation stone of the "Internet of value". And very soon it will be possible to pay with these "Cryptoassets" all kinds of goods and especially services; yes, even escorts. Because Blockchain is the basis of cryptocurrencies.

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

• The Web 1.0 was characterized by the broadcastThe user was a passive subject and the web sites were a sort of "closed preserve", delimited and inaccessible spaces. The user was a passive subject and the webs were a kind of "closed preserve", 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. He generates actions in different ways: he rates content, uploads videos, writes blog articles, publishes photos, posts comments on major media sites, etc. It was a radical 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 of "cryptoassets" created by individuals. In 2008 the famous manifesto of "Satoshi Nakamoto" (who nobody knows who he is, if he exists) was known 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".
• Geolocation.
• Artificial intelligence and big data as ways to process 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 a master key. The blockchain is the basis of cryptocurrencies.

The end of money?

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

Fiat" or fiat money, the one we know with its coins and bills, is "dematerializing". First with credit cards (created in the mid 50's of the last century). Then with debit cards, checks and home banking. Thus we had the possibility of performing all kinds of banking operations at a distance. Even more with the current digital payment gateways, such as PayPal, Payoneer and others. The banknote is undoubtedly an endangered species.

Blockchain is now the basis of cryptocurrencies, and allows you to go a long step further, with Bitcoin, the most famous, Ethereum and others that you may have already been offered. Because they are based on this revolutionary technology. The transmission of value can now dispense with any institutional intermediation, becoming entirely "P2P" (Person to person) for financial system concerns.

We can define it as a single, consensual and distributed registry in several nodes of a network. In the case of cryptocurrencies, it is like the ledger where each transaction is recorded.

In each block of the chain is stored:

• A number of valid records or transactions,
• Information related to this block,
• Its linkage to the previous block and the next block, with the hash (a unique code that functions as the block's fingerprint).

So, each block has an immovable place within the chain, because it contains information from the hash of the previous block. The complete chain is stored in all the nodes of the Blockchain network, and that is why each member of the network has a copy. As there are thousands and thousands of them distributed all over the world, hacking it would require unimaginable computational power. 

While blockchain is the foundation of cryptocurrencies such as the Bitcoin and all the others, is just the tip of a gigantic iceberg. This technology originated in 1991, when two American mathematicians wrote the first paper on a cryptographically secured blockchain. But its fame exploded in 2008, with the advent of Bitcoin.

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

You already know that Blockchain is the basis of cryptocurrencies that we will use more and more. But how to receive payments in cryptocurrencies? If you don't do it yet, very soon we will give you a lot of valuable information about this very interesting. There is advantages in the use of cryptocurrencies important.