Tony Huang, CEO, Energy Eco Chain
Any conversation about blockchain technology inevitably tilts toward Bitcoin and cryptocurrencies. How are the two different?
Bitcoin is the first application of blockchain technology. It’s kinda like Altavista and Netscape were one of the first few browsers for the underlying technology which was the internet, which was the “next big trend” then.
The first generation (of blockchain) was cryptocurrency, which were all mining-based. That was followed by second-generation blockchains which were ASIC resistant and had Smart Contract capabilities that allowed you to input “wages”.
But what was the mining for?
To create a form of decentralization and verification.
How does that work?
Blockchain technology can be described as a digital ledger that records transactions or any information you can think of. You can write anything to it, and it can be synchronized to anyone.
At the core of blockchain is encryption technology. The hash – or key for information – is unique. When the data is blank, it always defaults to that value. If I put in a set of data, the hash will change. Any time I put in that same data, it will have the same hash, so that’s the encryption part.
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