What is Blockchain 1.0?
1.0 is the first version of Blockchain technology, a completely new breakthrough in the financial sector.
Why is Blockchain 1.0 considered a breakthrough in the financial technology industry?
Or even experts in the industry consider Blockchain 1.0 as the “key” for digital transformation and building an information technology platform in the future?
Let's follow this article and find out the answers to these two questions right away!
What is Blockchain 1.0?
Blockchain 1.0 is known as a decentralized database that stores information in blocks that are linked together via cryptographic technology and is scalable over time.
Each block will contain important information such as initialization time and transaction data.
In essence, Blockchain 1.0 is a type of technology supporting transactions, acting as a digital payment system in the field of cryptocurrencies through complex algorithms.
All operations of Blockchain 1.0 and other versions are carried out through the Internet - where there is no constraint on geography, language, etc.
Thus, between individuals who are completely unaware of each other from everywhere will also be able to complete transactions quickly and transparently.
What are outstanding advantages of Blockchain 1.0?
Following are the outstanding advantages that have made the name Blockchain 1.0:
P2P database
P2P is also known through another name, peer-to-peer network.
This is a computer system that connects to each other through the Internet and shares data without the need for a central server.
Every individual participating in the Blockchain space in general will have the right to download data from stub to the present.
Besides, they will also have their own private key.
Since all Blockchain 1.0 data is stored on the client, manipulation is completely unlikely.
Clarity and transparency
All transactions will be broadcast to the Internet space and authenticated by the entire system under the supervision of users.
Incognito
When making transactions in Blockchain 1.0, all users' identities will be absolutely secure.
Only factor that is made public is just the wallet address.
No third party involvement
Blockchain 1.0 technology works completely independently and is not controlled by any middlemen.
Completely immutable
Any information once recorded on the Blockchain in general cannot be changed.
Capable of self-sustaining
Blockchain in general is capable of sustaining itself for as long as the Internet exists.
Application of Blockchain 1.0 technology
The most typical application of Blockchain 1.0 technology is to create Bitcoin - the world's first cryptocurrency.
Bitcoin is known as a breakthrough invention that solves the problem of currency transaction and conversion perfectly.
And it can be said, Blockchain 1.0 is the origin of cryptocurrency.
How does Blockchain 1.0 work?
When a user wants to use Bitcoin as a payment method for their transaction, they will have to set up an order.
This order is publicly logged on blocks and other users will confirm it.
Bitcoin needs a space to operate, which is Blockchain.
Blockchain does not need Bitcoin to create value for itself.
