Cryptocurrency Block Chain and What it is.

It’s the election year here in Kenya 2017 and you can imagine the fear of rigging being pegged to whether the electronic system will work and how to work with failure hence whether or not we need a backup system. Let’s use an ideal situation here. What if there was a way out of it that relied on technology where it would record per voter’s details and all it took was a touch of a button (on your phone or gadget) and that vote was irreversible, distributed throughout all centers and outcome irreplaceable. Once clicked, that’s it!

The token only appears once on your device -during the voting period – and that token only appears once all voters who have been validated by you and I agree that my vote is valid and my neighbors vote is valid hence creating a “trust” system that counterchecks each other’s validity and those not valid are immediately red flagged by everyone in the system hence making sure that every vote is a voter who has reached the required terms (18 years and above, alive, extra), creating one big ledger account of valid voters. When the big day arrives, the tokens become active for use and voting for your preferred candidate begins immediately for that limited amount of time which is usually a whole day. This will mean there will be no IEBC or central tallying center as results will appear throughout and seen live on the tallying board. Once you click and submit your vote and the time frame is over, the token disappears until after five years.

What is Blockchain Technology

Blockchain technology is the revolution of the internet itself that will remove almost/or all intermediaries by creating one ledger -the block- that accounts for every transaction that has taken place in the history of that transaction between party A and party B which is distributed to all nodes who account that that transaction is correct.

At its most basic, the blockchain is global spreadsheet — an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value and importance to humankind: birth and death certificates, marriage licenses, deeds and titles of ownership, educational degrees, financial accounts, medical procedures, insurance claims, votes, transactions between smart objects, and anything else that can be expressed in code. This ledger represents the truth because mass collaboration constantly reconciles it. We will not need to trust each other in the traditional sense, because the new platform ensures integrity.

Don Tapscott is the author of 15 widely read books about the digital revolution in business and society, dating back to 1981

Nodes are  every machine connected voluntarily to the network (Internet) and are all part of the authentication process of any transaction because part of the main characteristic of a blockchain is transparency but it takes massive computing power to solve a block that pops up every ten minutes since the network that sustains the blockchain is self-aware and self-audits itself. Call it the heartbeat of the network. Miners (individuals who take up the responsibility of solving these complex mathematical problems or puzzles) then take the block that appears in the mainstream through the heartbeat of the network and since it is accessible to anyone or any miner, the first miner who solves it produces a coin or what we call the cryptocurrency of that block. The block connects to other blocks of that chain and the chain goes on and the miner gets paid well. All parties happy!!

Look at it as a distributed database as well put by Blockgeeks because blockchain technology brings people to the highest level of accountability with zero means of hacking into it.

A distributed database

Picture a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update this spreadsheet and you have a basic understanding of the blockchain.

Information held on a blockchain exists as a shared — and continually reconciled — database. This is a way of using the network that has obvious benefits. The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable. No centralized version of this information exists for a hacker to corrupt. Hosted by millions of computers simultaneously, its data is accessible to anyone on the internet.

In Conclusion

Internet came to connect people and share information amongst each other but at the end of it all, it really didn’t solve the problem of transparency especially in the finance industry. Surely we have seen leaps from the industrial age but yet still there are centralized systems that have not quite let go of the grip over people like finance institutions and governments.

Where jobs are becoming scarce due to the replacement of humans with technology this phenomenon has created the scarcity of wealth yet the power lies in the vast majority of the people.

Blockchain is the next internet of things breaking these chains of a centralized digital self-image. This breakage is expected to spread prosperity among so many people. What now is very expensive and time-consuming to transact or send/borrow money from one region to another will now become very affordable to the mass and not requiring a middleman to validate transactions cause it is done in the system itself.

the rest of the world doesn’t trust organizations and corporations that much — I mean Africa, India, the Eastern Europe, or Russia. It’s not about the places where people are really rich. Blockchain’s opportunities are the highest in the countries that haven’t reached that level yet.

Vitalik Buterin, inventor of Ethereum

What was once controlled by finance markets will now be owned by the people. The people will not lose their identity but the identity created by their digital image will work for them and belong to them thanks to this breaking technology of blockchain.

Online identity and reputation will be decentralized. We will own the data that belongs to us.

William Mougayar, author The Business Blockchain: Promise, Practice, and Application of the Next Internet Technology (2016)

Once more, the swisscoin runs under this technology making it one of the fastest growing cryptocurrency since its inception in the year 2016. The benefits of investing in the swisscoin rally all depend on which side of the fence you will want to be on coming its official public opening in August 2017. The stakes are raising so be part of this revolution. One can only join through an invite and I invite you by clicking on https://swisscoin.eu/paulkadi as we take the power to control our lives digitally.

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