djamal-soft
الأربعاء، 13 ديسمبر 2017
Cryptocurrencies have taken the world by storm as it is evident with the rise in its popularity since the year 2010. The blockchain is the technology used for bitcoins. It is a technology of decentralization of transactions as well as data management. The system is more secure, completely anonymous and provides the highest level of data integrity based on the fact that no third party can control the transactions eliciting unique research interest. However, there is the need to promote cryptocurrency trading for beginners.
It is vital that issuers of cryptocurrency and developers of blockchain technology should agree on a single platform on which the distributed leger can be established. Doing will make transactions using the technology to be possible. Bitcoin issuing companies should also agree on a standard protocol to guide their system development. As a result, payment through bitcoins will become accepted by all businesses since it will be easy to convert cash to bitcoins and vice versa. This will also facilitate financial regulation.
Blockchain ensures that there is a productivity paradox in that a certain number of nodes are required to execute a task entirely. However, many nodes may attempt to complete a transaction but not end up contributing to the overall network. This means that there is a very high likelihood of wastage of system and network resources. If the nodes in the blockchain network were allocated to a different task, the chances are that they may have achieved higher throughput than in the blockchain technology.
It is worth noting that before businesses adopt the ephemeral technology, they should think through it carefully. Through this mechanism, the algorithm and design of the new nodes will give more feedbacks. The new model will ensure that the returns do not minimize as the network grows in size, as the load will be divided among the existing nodes and ensure that they are not overwhelmed. Additionally, the new designs will make sure that the network effects will be harnessed to offer the desired value to the sector and the customers.
Another problem associated with the distributed ledger technology is security concerns when it comes to using it for financial services. Systems security has been a significant issue when introducing new technology and its relevance has increased recently following the several cases of cybercrime. Hacking of BAO and BitFinex, major blockchain markets, show the security limitations of the DLT.
Complexity issues of Blockchain Technology- The technology over which blockchain works on is quite sophisticated. Unless the users are in the technical field of technology, it is hard for them to understand how the public and private keys are interchanged. Additionally, the flow of cash from one person to another is quite complicated as a majority of people do not know how the currency is interchanged between the major participants in the transactions.
There the need to enhance education on cryptocurrency trading. Other than the complexity of the exchange of these public and private keys, a majority of the people do not understand how they can go about traversing through the steps to ensure that they acquire the bitcoin itself. Standard databases are easy to comprehend, but they differ from those that are implemented using the blockchain technology.
As evidenced above, trading for beginners can be enhanced through addressing the various isuues inherent with cryptocurrency. The concerns include cost and efficiency issues, data-off-chain and scalability and interoperability.
It is vital that issuers of cryptocurrency and developers of blockchain technology should agree on a single platform on which the distributed leger can be established. Doing will make transactions using the technology to be possible. Bitcoin issuing companies should also agree on a standard protocol to guide their system development. As a result, payment through bitcoins will become accepted by all businesses since it will be easy to convert cash to bitcoins and vice versa. This will also facilitate financial regulation.
Blockchain ensures that there is a productivity paradox in that a certain number of nodes are required to execute a task entirely. However, many nodes may attempt to complete a transaction but not end up contributing to the overall network. This means that there is a very high likelihood of wastage of system and network resources. If the nodes in the blockchain network were allocated to a different task, the chances are that they may have achieved higher throughput than in the blockchain technology.
It is worth noting that before businesses adopt the ephemeral technology, they should think through it carefully. Through this mechanism, the algorithm and design of the new nodes will give more feedbacks. The new model will ensure that the returns do not minimize as the network grows in size, as the load will be divided among the existing nodes and ensure that they are not overwhelmed. Additionally, the new designs will make sure that the network effects will be harnessed to offer the desired value to the sector and the customers.
Another problem associated with the distributed ledger technology is security concerns when it comes to using it for financial services. Systems security has been a significant issue when introducing new technology and its relevance has increased recently following the several cases of cybercrime. Hacking of BAO and BitFinex, major blockchain markets, show the security limitations of the DLT.
Complexity issues of Blockchain Technology- The technology over which blockchain works on is quite sophisticated. Unless the users are in the technical field of technology, it is hard for them to understand how the public and private keys are interchanged. Additionally, the flow of cash from one person to another is quite complicated as a majority of people do not know how the currency is interchanged between the major participants in the transactions.
There the need to enhance education on cryptocurrency trading. Other than the complexity of the exchange of these public and private keys, a majority of the people do not understand how they can go about traversing through the steps to ensure that they acquire the bitcoin itself. Standard databases are easy to comprehend, but they differ from those that are implemented using the blockchain technology.
As evidenced above, trading for beginners can be enhanced through addressing the various isuues inherent with cryptocurrency. The concerns include cost and efficiency issues, data-off-chain and scalability and interoperability.
About the Author:
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