What are Bitcoin, Ripple and Blocked Chain Technologies?

blocked chain

This article will definitely help you to get a basic idea about blocked chain and Cryptocurrency. Cryptocurrency is nothing but the digital currency for exchanging.

Let’s start with the term Blocked Chain as the name indicates as some kind of chain network. Basically blocked chain is a technology a network structure consist of a protocol (set of rules) for transactions and communication in simple words.

This Blocked Chain technology is different for different Cryptocurrency or may be same.

1) Bitcoin Blocked Chain Technology:

Bitcoin is digital currency launched in 2009 (1st largest Cryptocurrency) with and intension of simplifying online transaction by bypassing government control. It does it by storing and transacting currency in peer to peer network in a blocked chain rather than a central repository.

Here Bitcoin is transmitted over public anonymous blocked chain network. Don’t confuse between Bitcoin and blocked chain. Bitcoin is an application of blocked chain and not the blocked chain and technology created for Bitcoin is called Bitcoin blocked chain technology.

There are some trust issues as it is public and anonymous but there are other business block chains which are private, trusty and can be permission for selective members.

2) Ripple Blocked Chain Technology:

This technology was created in 2012 by banks and financial institutes and is based on private blocked chain that is permissionized, centralized which is complete opposite of Bitcoin blocked chain technology. It is used for currency exchange between different countries within a second.

Ripple is a technology which simplifies transactions and its token is called XRP or we say ripple Cryptocurrency (Global exchange for anything for value).Ripple it is an infrastructure while bitcoins other coins are just digital currency.70% of its network is handle by ripple network so it’s not public and they can manipulate prices.

So after reading above hope you have got the basics of the Cryptocurrency and blocked chain technology.If you are interested in investing on it I can help you with a trusty site but do invest on your own risk and also stay updated on stand of Government on it.

How to invest?

You can invest it on website name Koinex. Koinex was founded in August 2017 by IIT and BITS Pilani graduates (Rakesh Yadav, Rahul Raj and Aditya Naik).

Koinex has been well funded by Pantera capital and Beenext fund raising company. The platform supports multiple Cryptocurrency investments. You just need to sign up with required KYC and invest in Cryptocurrency.

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Article By : Saurabh Joshi

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