• Nelson Tizeo

Blockchain - Everything You have Always Wanted to Know

Updated: Apr 12


What is blockchain?

- Blockchain is a system that stores data in blocks

- Blocks are like folders where data is stored, organized and encrypted.

- As more blocks get added to the blockchain, it becomes harder to hack and change previous blocks, intensifying the network's security.

- Nodes authenticate transactions and add new blocks into the blockchain.

- Nodes are the computer that connects to each specific cryptocurrency network

- Nodes working together form the blockchain network.

- People who use nodes to authenticate the blockchain are miners.

- Decentralized blockchains are programmed to create a cryptographic currency


How the blockchain economy works:

- The hardware of miners that successfully authenticates the blockchain is rewarded with cryptocurrency

- Miners are incentivized to join the network and maintain its integrity

- Cryptocurrency is created and distributed according to the cryptocurrency-specific blockchain protocol.


Species of Cryptocurrency: Every blockchain project is unique and has its own economic rules.


Bitcoin Blockchain

- It is the blockchain that creates the bitcoin currency

- Bitcoin has a cap of 21 million Bitcoins

- Blockchain went live in 2009, when its creator, Satoshi Nakamoto, mined bitcoin's first block.

- Began distributing bitcoins at a rate of 50 bitcoins for each newly authenticated block; this return is halved every four years until it reaches its cap.

- Blocks are created every 10 minutes

- Bitcoin blockchain will stop rewarding miners with new bitcoins at the moment its cap is reached

- When the last bitcoin is mined, the blockchain will reward miners with transaction fees.

- To mine Bitcoin, you need patience and time to find suitable sources to provide you with the correct code to set up your system. Efficient computing hardware is necessary.


Ethereum

- It is a blockchain with remittance and smart contracts capabilities. Its native currency is Ether coins, popularly referred to as Ethereum.

- Ethereum has no cap for coin creation;

- Blockchain was launched in 2015 with over 50 million coins, already available in the open market through Ethereum ICO (initial coin offering).

- Ethereum blockchain distributes 5 Ether coins for each new block miners authenticate.

- Blocks are created every 14-15 seconds

- To mine Ethereum, just like Bitcoin, you will need access to computer hardware, and you will have to research and implement code to get started. In addition, you must put Ethereum coins at stake to be accepted as a validator in the network.


NEEbytes

- Have designed a blockchain with remittance capabilities that enables people to monetize their data and attention through NEE coins.

- It has a cap of 11 billion NEE coins.

- Blockchain is going live in the last quarter of 2021.

- Blocks are created every 14-15 seconds.

- Traditional miners, authenticating the blocks, will be compensated with the blockchain transaction fees.

- NEEbytes blockchain has been designed with a new mining method, making it easier for new members to join the network.

- Anyone can mine NEE coins in exchange for cookies data and attention

- There is no need for any coding knowledge or expensive hardware to mine NEE coins.


At NEEbytes, we backed NEE cryptocurrency by data and use blockchain technology to enable the community to monetize.


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