Satoshi Nakamoto

Invented the Blockchain and solved the double-spending problem for digital currency using a peer-to-peer network, through the use of Bitcoin. This technology would have sold for billions but was given to everyone as a gift. CryptoBanditz, respects this sentiment and are giving you their grass-roots version of the Blockchain.

Why use the Blockchain?

Trust

  • Do you trust the traffic lights to turn green?
  • Do you trust your bank to show you the right balance?
  • Do you trust the postman/woman to deliver your letters?

If the answer is yes? Then you will understand why we trust the blockchain to keep our data safe. Trust is the fundamental reason the Blockchain should be used. Whatever is recorded on the Blockchain cannot and will never be altered. Some say it is the truth machine. We don’t disagree.

Transactions

The transaction part is like sending you a personal letter. If you want to receive a letter/package you need an address (door number, street name, postal/zip code, etc.). In the blockchain, this is called your public address (a string of letters and numbers) and just like your address anyone can see it, post a letter or share this information without interacting with you.

Now if you want to open those letters you would need your front door key. In the Blockchain, this is known as your private key (another set of letters and numbers). The same way you protect your precious front door key is the same way you should protect your private key! Never lose it or give it away to people you don’t know or trust. Even your family members should have their OWN front door key. Knowing these goldern rules will get you sharing transactional data across the Blockchain.

Transparency

The blockchain keeps a record of everything you send and receive, just like your bank statement. You expect your Bank statement to always show your correct data. Your bank stores this on massive servers (controlled by middlemen), whereas the blockchain stores this over a variety of nodes, which can be computers, servers or anything else with an internet connection (no middlemen).

All transactions are recorded on the block – similar to recorded delivery but even better! Once one transaction is recorded on a block the next transaction is recorded on the following block and so on, making this the blockchain!

The blockchain is also very secure and transparent as anyone with internet access can check the recorded data stamp to make sure there’s no foul play. 

Transaction process

We hope this helps you a little bit to understand the blockchain and the importance of everyone getting involved in the new digital technology era. But if not, we would like to hear your feedback, so please post on one of our social media outlets:

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