Blog

Oct 10

2019

Introduction To Blockchain

What is Blockchain?

First off, i would like to illustrate that there are over a thousand definitions of Blockchain, they all have one thing in common, it involves a lot of technicalities and “algorithms”. The idea here is not to scare you with them, neither do i plan to bore you with a lot of technicalities, but i wish to explain everything to you in simple terms that are very easy to understand. So let’s get to it.

Blockchain technology is a digital technology that allows individuals to become part of a globalized network. It comes in many forms but basically involves a decentralized system (This is an ecosystem without a Central Government), where every member can contribute effectively and decisions are collectively taken.

Blockchain technology has a lot of features, some of them being that it is immutable; immutability signifies that once a data is imputed into the system, it cannot be erased nor deleted, which makes it a avery trustless ecosystem which cannot be altered, The immutability feature of blockchain also ensures that the application of blockchain technology is vast and multi-faceted.

There are other features of blockchain technology including, transparency, scalability, decentralized and anonymousity. These features gives blockchain technology a wide application in every economy of the world, in governance, in finance, in technology, in entertainment, etc.

Blockchain Networks

A Blockchain Network involves a specific link of inter-connected computers working on a particular blockchain, just like  a group of inter-linked computers on a particular network. Since the Inception of blockchain technology, there have been several Blockchain Networks, including but not limited to; Bitcoin Network, Ethereum Network, Neo Blockchain Network, Waves Blockchain Network, EOS Network.

The Ethereum Blockchain

Ethereum Blockchain was designed by Vitalik Buterin to be the incubation for blockchain projects, and so far Ethereum Blockchain have incubated over 2,000 different projects, earning it the name “Blockchain of Blockchains”.

Ethereum Blockchain Network utilizes the ERC Algorithm to implement the incubation of Blockchain Projects, This allows for the creation and deployment of Tokens on the “Ethereum Blockchain”, allowing Ethereum Blockchain to serve as the server to the facilitation of those projects.

Ethereum Blockchain Explorers

In the blockchain technology ecosystem, an explorer is a website that has a comprehensive list of all transactions that occured on a particular blockchain, and a lot of other details including Block Producers, Transaction fees, Miner’s pool and more. Bitfxt coin is built on the Ethereum network.

There are a lot of Ethereum Blockchain Explorers, the two of most popular is etherscan.io and ethplorer.com 

 

Supported Ethereum Wallets

There is a long list of Wallet and applications that supports Ethereum Tokens, Myetherwallet.com being one of them and the only website based wallet Architecture. Other Supported wallets includes:

  • Imtoken

  • Trust Wallet

  • Ledger Nano Wallet

  • Coinomi Wallet

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Address: Bitfxt , Plot 8 The Providence house , Admiralty way Lekki Phase I, Lekki ,Lagos , Nigeria-4000103