Blockchain

Blockchain is the revolutionary underlying structure of cryptocurrencies, and all other innovations that came with them such as NFTs, DAOs, and DApps. A blockchain is a type of distributed ledger database, that stores the data of financial transactions. Everyone on the blockchain can view and verify this data. The transaction data on the blockchain are stored together is blocks, and these blocks are chained to each other in a chronological manner; together they form a blockchain. Different blockchains have different methods for validating the data of the blocks; this is called the consensus mechanism of the blockchain. The most popular consensus mechanisms are Proof-of-Work (Bitcoin blockchain) and Proof-of-Stake (Ethereum blockchain). The three distinct pillars of the blockchain technology are decentralization, security, and scalability. The Bitcoin blockchain was the first widely successful and popular blockchain. Since Bitcoin had achieved decentralization and security in financial transactions but lacked the necessary scalability, other blockchains were created in order to overcome these problems and fill the gaps of this emerging and promising technology. Nowadays, blockchains have found many more use cases other than the finance industry, ranging from arts and fashion to supply chain management and agriculture. At CoinCupDaily, we provide the evolving history and the recent news regarding blockchain technology. What different blockchains are there and why do we need them? What problems do blockchains solve? What are the most recent updates for blockchain enthusiasts?