The Blockchain is a decentralized public ledger of all cryptocurrency transactions. It allows the public to keep track of digital market currency transactions without central recordkeeping.
The Blockchain is perhaps the main technological innovation of Bitcoin and is used worldwide. Bitcoin isn’t regulated by a central authority. Its users see and verify the transactions when one person pays another for goods or services, this way eliminating the need to store payments by a third person. The completed transaction is publicly recorded into blocks and eventually into the Blockchain, where it’s verified and relayed by other Bitcoin users. On average, a new block is appended to the Blockchain every 10 minutes, through the mining.
Klein rock, an American computer scientist, is working with Sunday group, on a project where people from groups together according to their common interests such as music or dance and reward one another for the expertise. Blockchain has all the qualities suitable for any new social media platform. It is decentralized, with none of the people owning the database of information. In Blockchain, each group can control their own assets including the personal information.
In Blockchain world, any business who wants to make and earn money, showing ads against personal information, couldn’t just define the information, as Facebook does. To be used, the business requires formally transact, with the individual. That is known as “Opting into” the system v/s Facebook’s “Opt-out” reality.
Facebook is where people meet and interact, with one another, in turn, feeling connected and anything displacing it would probably need to have the same network effect.
Robert Metcalfe, who is one of the inventors of the Ethernet networking technology, first proposed the idea that the value of a network increases, at a rate equivalent to the square of the number of people participating, which came to be known as Metcalfe’s law.
Recent research shows that the Blockchain has network effects that agree, with Metcalfe’s law, which is, the more people use Blockchain Customer Care Number +1-800-509-3075, the more it will gain runaway popularity.
But there are certain problems. Blockchain’s viral quality has come from speculators in bitcoin and other currencies, which could blow away like the proverbial tulip. And unlike the web, Blockchain isn’t easy to use. Those faddish devotees have to buy the computers with expensive graphics chips from NVDA, Nvidia or advanced micro devices.
Any replacement of the social network might require some kind of bold new user interface such as virtual reality. Open source software such as Linux, O’Reilly says, didn’t dethrone Microsoft (MSFT) by being a decent replacement. Open source won because it became the foundation for new internet services and applications that had completely different rules.
Related Link: How Blockchain Could Displace Facebook
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