▪️What is a Blockchain?
Blockchain definition and how DECENOMY uses this technology
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Blockchain definition and how DECENOMY uses this technology
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A blockchain is a technology revolutionizing how we store and manage digital information. Initially introduced alongside Bitcoin, the blockchain concept has since evolved beyond financial transactions.
Imagine a record book that isn't under the control of a single authority but is instead distributed across multiple computers or nodes. Each transaction forms a block, and these blocks are linked in a chain, creating the blockchain. This system's extraordinary capabilities lie in how a cryptographic hash links each block to the previous one. This mechanism ensures that once a block is added to the chain and verified, altering or manipulating the information becomes virtually impossible.
The transparency and integrity add a whole new level of trust to the system. Blockchain technology also eliminates the need for intermediaries, such as relying on central institutions. This is because the blockchain operates on a network where every participant has a copy of the entire blockchain. The decentralized nature opens new possibilities for direct and trustless interactions between participants. In addition to cryptocurrencies, blockchain technology has found applications in various other sectors, including supply chain management, healthcare, voting systems, intellectual property, and many more For example, the integration of other software such as smart contracts, which are emerging with the blockchain bubble, will allow for self-executing agreements where pre-defined rules are encoded within the blockchain itself.
DECENOMY is a project network with a common wallet codebase and blockchain infrastructure, facilitating cross-chain interoperability and governance among various DECENOMY projects. It employs a distinctive open-source cryptocurrency platform known as DSW, an acronym for Decenomy Standard Wallet. DSW serves as the core blockchain development for the entire infrastructure. DSW forked the PIVX code in 2021 to inherit blockchain features like Proof-of-Stake (POS) and Masternodes, which PIVX had originally inherited by forking DASH. As the main source of technology, DASH is also a Bitcoin fork code, thus providing all the main Bitcoin functionality and technology to the DSW blockchain code. Since then the DSW code has been developed independently from these forks, and you can track its progress in its GitHub Repository at https://github.com/decenomy/DSW Some unique developments, new features added, and upcoming ones are all documented on this website in the chapter Blockchain Development