Blockchain Technology
Blockchain The official definition of blockchain is “a decentralized, distributed, public ledger”. This term often makes it sound a bit lofty and intentionally confusing, but it’s really not. A blockchain is actually just a collection of data storage entities, linked together to prevent tampering with any information that has been added to the blockchain. Each block contains about 1 MB of data, making a transaction capable of taking up thousands of blocks, depending on the size of the transaction.
In return, the transaction is invulnerable to bad actors of any sort and will be permanently recorded. Anyone can view the contents of the blockchain, but you can also choose to connect your computers to the blockchain network as a node. From now on, your computer will receive a copy of the blockchain that will always update whenever a new block is added. Although information proving the transaction happened is public, there is no threat to the security of the data of any person involved. All the public eye can see is the digital signature of the parties involved, which is sort of like a username and does not give away any details about you or the person the transaction was carried out with. So, why is blockchain so safe, and why is it called a distributed ledger? Well, due to the chains connecting all the blocks, a bad actor cannot attack a single block without affecting all the other blocks. In order to gain access to one block, the bad actor would have to simultaneously gain access to all other blocks at the exact same time, which would be an impossible feat. This linear and chronological distribution is the real guarantee of the security in blockchain. The decentralized part of the definition comes from the fact that nobody is really in control of a blockchain, as it grows organically with every block added. What can be done with decentralization, and would it be a welcome alternative? Let’s look to the world of finances for an example. Unlike paper money, blockchain is not controlled by anybody. Since a government entity cannot decide to devalue or increase the value of a bitcoin whenever they want due to the quantity of bitcoin being limited, bitcoin can be considered a decentralized blockchain powered currency. Meanwhile, governments around the world are implementing blockchain solutions to protect important data. A good recent example is the project by the United States government to protect their power stations with blockchain, to prevent attacks that would handicap the electric grid for a prolonged period of time. For us, blockchains decentralisation seemed the ideal way to create a freelancing website that is truly free. By having all information pertaining to a job written down in these little blocks, we can ensure the integrity of both the assigned project and the conditions for the project’s completion. This will be done using the smart contract technology first implemented by Ethereum. Currently, Veelancing runs on the Ethereum blockchain, but we are planning to launch our own blockchain in the future. Once we do, we will use our proprietary blockchain to implement other groundbreaking solutions that are waiting to be ushered out into our shared world. Furthermore, to promote the use of blockchain as much as we can, all cryptocurrency payments done on our platform will be instant and have either very low fees or no fees at all. In addition to already well-established cryptocurrencies, we will also implement our own token. We will be launching our pre-ICO soon, so follow us for more details!