Blockchain technology was invented in 2009,and Bitcoin became the first cryptocurrency created on its basis. Over the past 13 years, several generations of blockchains have emerged, along with decentralized apps and smart contracts. Thousands of tokens and coins have been issued. In addition, some platforms allow exchanging of fiat money for cryptocurrency in a matter of seconds with a minimum fee and without intermediaries.
There are users of blockchain platforms in all countries without exception today. This segment of the economy is constantly growing while outperforming other industries.
Let's take a quick look at what the technology represents today, its possibilities, and prospects in the near future.
Mybitsore will be reviewedas an example. The startup emerged in 2019 a number of products were developed.
That's how it works at the moment:
- over 61,000 wallets are registered in the network;
- over 1,000,000 transactions were completed.
Advantages of Mybitstore Wallet
Let us focus on the characteristics of the Mybitstore Blockchain network.
Reliable protection
Mybitstore has a high level of reliability and sustainability. This degree of protection is achieved thanks to complete system decentralization and the absence of a single point of failure. Its
functioning is backed by thousands of nodes, which are actually independent devices of ordinary users.
Lowest Fees
A decentralized system has no intermediaries. This means that transaction fees will be minimal. Their purpose is to keep the network running.
Features
A modern blockchain platform contains cryptocurrency, smart contracts, and decentralized apps. The scope of their application has already gone far beyond the exclusive financial sector. For example, Mybitstore includes:
- decentralized data storage;
- confidential chat for communication;
- the infrastructure of cryptocurrency payments based on 250-plus payment methods
- Escrow System
- P2P exchange.
Versatility
Every user can install Mybitstore and getaccess to all crypto products. You can install the app on any device: desktop PC, laptop, smartphone, or tablet. The following operating systems are
supported:
- Windows;
- Android;
- iOS;
- macOS.
To become a user of the Mybitstore Blockchain network, you just need to download and install the app on your device and then register an account. That's all!
Availability
Users needed an impressive amount of knowledge at the early stages of blockchain technology development to access cryptocurrency, along with special equipment. Today, you don't need to be a crypto expert to take advantage of the Mybitstore Blockchain ecosystem.
Problem-solving and development prospects
Despite undeniable progress, decent ralized platforms still face some challenges. The most significant obstacles are the following: red tape restrictions and unawareness of the general public. Some countries have decided to follow the path of denial and banned the use of
cryptocurrencies by their citizens. However, progress cannot be stopped, and as the market grows, the task of its regulation becomes more acute.
Many people are skeptical about blockchain technology. They don't quite understand how it works. Over time, when information becomes more accessible, this will become a thing of the past as well. It might seem surprising now, but the Internet faced exactly the same problems once.
Besides, blockchain, like any other young technology, has multiple technical flaws that are being fixed by disparate development teams.
Blockchain networks of the first and second generation feature the following most common vulnerabilities:
- low throughput;
- difficulties with scalability;
- excessive power consumption;
- need for powerful equipment;
- vulnerability to attack 51%.
Energy Efficiency
A large amount of energy required to keep things running and perform calculations is a key problem with previous generations of blockchains. Enormous resources are allocated for the mining farms' operation in many countries.