What is blockchain?
Imagine such a world,
Without having to trust any stranger, you can deal with it;
No need to trust the bank, you can safely store your savings there;
No need to trust the body, because you know it has to be fair and just;
This imaginary world, it is the vision of blockchain! What is the blockchain 3.0? Blockchain is a distributed database system that is co-located by different nodes and is an open ledger.
It consists of a string of cryptographic data blocks or packets generated by the block (block), for each block data information is automatically stamped time stamp to calculate a data encryption value, the hash Value (hash). Each block contains the hash of the previous block, starting from the genesis block to the current area, forming a blockchain.
“Blockchain technology is more important than artificial intelligence and deep learning.” - Ginny Romanti, IBM President and CEO
When talked about blockchain 3.0, it is good to know about the blockchain evolution. Blockchain, like a database of ledgers, records all transactions. The technology is also gaining the attention of the banking and finance industries due to its safety and convenience features.
Blockchain 1.0 is a digital currency plication represented by bitcoin. Its scenario includes the monetary functions such as payment and circulation.
Blockchain 2.0 is a combination of digital currency and smart contract, which optimizes a wider range of scenarios and processes in the financial field application, the most familiar should be Ethereum, is currently the second largest currency in the overall coin market capitalization.
Block 3.0 chain stage is the future we hope to form a completely decentralized social network, if we can achieve this, it means that we can form a very low cost of social trust, so that the cost of running the entire community dramatically drop.
Today, PANDORA tokens are built on APOLLO blockchain, which is based on blockchain 3.0 technology, its function is to a higher level, its essence is to solve the shortcomings of the smart contract as it cannot meet the changes in the environment and conditions, blockchain must be implemented no matter under what circumstances.
The DAO case happened on year 2016can justify this weakness, leading to the hard fork of Ethereum, and become ETH and ETC. Ethereum’s smart contract can only write and execute code, while intelligent trading like blockchain 3.0 technology allows software to be installed on PANDORA, contract participants can modify the contents of agreement, with the changes of environment. PANDORA is a crypto currency build on APOLLO blockchain.
APOLLO based on proof of stake (PoS) mechanism, constructed from scratch in open source Java. A total quantity of 10 billion available tokens were distributed in the genesis block. Curve25519 cryptography is used to provide a balance of security and required processing power, along with more commonly-used SHA256 hashing algorithms.
APOLLO Blockchain 3.0 technology will be available in 2018 for integration in various areas of the entity.
The first and most obvious use of blockchain is financial services. Barclays is the first company to use the technology for trading. Blockchain technology helped them to reduce trading hours from 7-10 days to less than 4 hours. In the foreseeable future, the world's major banks will issue encrypted currency on the basis of blockchain. The equity market will strengthen the management of equity through the blockchain. The settlement of currencies, bonds and stocks will also be conducted through the blockchain solution.
Who can think of a blockchain that can change the way the world votes? But blockchains can indeed be used to deliver, track and count votes. Voters can use their unprecedented authentication methods to check the records of their anonymous votes and strangle the fraud election. This is one of the reasons the technology will grow rapidly in the future. As early as 2014, the Danish Liberal Party for the Party became the first organization to use a blockchain secure electronic voting system.
In education, blockchains are available to both institutions and businesses. First, it will simplify the steps required to validate academic qualifications, largely eliminating unnecessary paperwork and reducing physical labor. In August 2017, Sony announced that it is working with IBM to build an educational service system using this technology. In addition, the latest report of the European Commission points out that education and blockchain technology will be interrelated. Imagine the future without a physical paper certification to qualify individuals, which will make the current lengthy process a breeze!
4.Internet of Things (IoT)
Internet of Things and blockchain are the two most promising technologies. When they are integrated, it will be very interesting. The era of real all-Internet open. PANDORA, powered by the APOLLO blockchain platform, is about to interconnect technology that really uses blockchain in the physical space.
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