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Our Introduction To Blockchain And Crypto Currency

What is a blockchain?

What is cryptocurrency?

A blockchain is a distributed database that functions as an immutable ledger that supports the process of recording transactions and tracking of assets of a business or a project.

One popular use case of blockchain is Crypto Currency where all transactions are being stored and tracked in the blockchain. Quite often, a blockchain has a function of a smart contract which is a piece of code stored within the block that is being executed depending on the type of transaction that came in.

Most blockchain operated by various projects or businesses have computing nodes spreadout across the world and are hosted by independent node operators.

And depending on the type of validation (POS, POW) that the crypto currency is designed, the blockchain is sometimes accompanied by a network of crypto mining systems for the purpose of securing and validating the crypto transactions.

Since a blockchain is a ledger, it is also being used for storing digital assets (NFTs), contracts (i.e. land titles, financial agreements), loyalty reward tokens, and many others that require trackable and immutable transactions.

For more insights about a blockchain, check the following helpful links:

IBM Reference: What is blockchain technology?

Investopedia Reference: Blockchain Facts

A cryptocurrency (sometimes called a token or in short – crypto) is a digital money of a specific blockchain platform.

A good example of the role of cryptocurrency is this –

Think about when you are going to casino (represented as blockchain), you cannot play the slot machines or play poker by using cash.

You need to convert your cash to “chips” (think of crypto currency exchange) and use the chips as a currency to play in the casino.

Note that a chip of a particular casino is only valid on that casino (i.e. Bitcoin blockchain) and it cannot be used with other casinos (i.e. Ethereum) unless you encash or do an exchange.

The example scenario above is what the role of a cryptocurrency in relation to a blockchain.

It is actually a digital currency that is used only for that specific blockchain as a means to represent value for payment and reward purposes.

The fiat value of the cryptocurrency by each blockchain (i.e. Bitcoin, Ethereum ) is mostly based on the rarity of the produced currency since the number of cryptos in a blockchain has a mathematical limit.

This rarity along with the purpose or functionality of the blockchain plus the popularity amongst people to trade or hold is what gives the value of the cryptocurrency.

Some institutions view cryptocurrencies as a store of value (i.e. bitcoin) similar to a gold but not as a currency since the market volatility in the crypto currency has greater variance with the exception of stable coins (i.e. USDC, USDT).

You can watch the videos previewed here to further the understanding of what is a crypto currency in a simpler way.

Where does Enigmato Technoworks fit in?

Effecient Crypto Mining Systems

Blockchain Master Node Hosting

Validator Node Services

We offer crypto mining services for select crypto currencies. Our crypto mining systems are configured for the most power efficient consumption for less carbon foot print.

We provide master node services to support select blockchain platforms and are deployed either in the cloud or local data center.

We are currently exploring the validator node services which involves staking of select crypto currencies.

Our pursuit of excellence in implementing efficient and stable computing infrastructure for the blockchain is our ultimate goal!