How Blockchain Works
Each transaction in the set that makes up a block is fed trough a program that creates an encrypted code known as the hash value. Hash values are further combined in a system known as a Merkle Tree. The result of all this hashing goes into the block’s header, along with a hash of the previous block’s header and a timestamp. The header the becomes a part of a cryptographic puzzle solved by manipulating a number called the nonce.
Are You Looking Dive Into Crypto?
check out the advantages
1 – Fraud
Cryptocurrencies are digital and cannot be counterfeited or reversed arbitarily by the sender, as with credit card charge-backs. There fore making it more secure and reliable.
2 – Identity Theft
When you give your credit card to a merchant, you give him or her access to your full credit line, even if the transaction is for a small ammount. Credit cards operate on a “pull” basis. where the store initiates the payment and pulls the desnated ammount from your account. Cryptocurrency use a “push” mechanism that allows the cryptocurrency holder to send exactly what he or she wants to the merchant or recipient with no further information.
3 – Immediate Settlement
Purchasing real property typically involves a number of third parties (Lawyers, Notary), delays, and payment fees. In many ways, the cryptocurrency blockchain is like a “large property rights database”, says Gallippi. Contracts can be designed and enforced to eliminate or add third party approvals reference external facts, or be completed at a future date or time for a fraction of the expense and time required to complete traditional asset.
4 – Access to Everyone
There are approximetly 2.2 bilion individuals with access to tthe internet or mobile phones who don’t currently have access to traditional exchange systems. These individuals are primed for the Cryptocurrency market. Kenya’s M-PESA system, a mobile phone-based money trasnfer and micros financing service recently announced a bitcoin device, with one in three Kenyans now owning a bitcoin wallet. (Let me repeat that again. 1/3)
5- Lower Fees
There aren’t usually transaction fees for cryptocurrency exchanges because the miners are compensated by the network. Even though there’s no cryptocurrency transaction fee, many expect that most users will engage in third party service, such as Coinbase, creating and maintaining their wallets. These services act like PayPal does for cash or credit card users, providing the online exchange system for Cryptocurrencies, they’re likely to charge fees.
Reasons To Consider
Why Invest in EFX?
There’s the long tail of users who don’t want to speculate. They just want a store of value on a censorship-resistant ledger, escaping the local banking system, currency controls, or a collapsing economy. Right now, Bitcoin or other cryptocurrencies with dynamic course can’t offer them that.
Fast and Global
Crypto-currencies are based on stunning solutions that allow the use of currency in any corner of the globe. Send & Receive crypto currency instantaneously.
Crypto currency networks are designed to irreverseble and we have no control over them. Knowing this, users protect themselves from double spending froud by waiting for confirmations when recieving payments.
EFX is running blockchain. It is virtually impossible to stop simultaneously all the computers participating in the blockchain. Therefore, this database is always online and its operation never stops.
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