Blockchain, the technology at the heart of Bitcoin and other digital currencies, is an open, distributed ledger with the ability to record transactions between two parties efficiently, and in a verifiable, permanent manner. The blockchain ledger stores information in a fashion that makes it virtually impossible to add, remove, or change data without detection from other users; to that end, experts consider the blockchain ledger virtually impossible to corrupt. The specific mechanism making this network so uniquely secure is called a Proof-of-Work (“PoW”) system: in a PoW system, thousands of computers authorize, back, and achieve consensus on every transaction. No singular entity owns the blockchain; thus, it is immutable and there is no single point of penetration or vulnerability for those attempting to hack or otherwise corrupt the data on the blockchain ledger.
To that end, blockchain is the first technology that enables the transfer of digital ownership in a decentralized and trustless manner. The implications of living in a world where contracts and data are completely transparent and secure, and where transactions can be executed more quickly and efficiently without third-party intermediaries, in theory, revolutionizes and disrupts the customary mechanisms by which traditional industries operate. For example, in the world of finance, third-party intermediaries, such as banks, which take a hefty cut in transactional fees, may no longer be necessary
While Blockchain technology offers a revolutionary framework that may one day completely restructure today’s outdated and unbalanced financial and banking industry. It has never been so easy to send and receive money. But, undoubtedly, many questions surround the recent surge in popularity of blockchain technology and cryptocurrencies in the mainstream media — especially when it comes to the technologies application in the world of finance. With burgeoning security risks, people are seemingly more and more keen to learn more about the underlying technologies. These technologies can be difficult to understand, and for beginners who are only just being introduced to Blockchain technology and cryptocurrencies, the complexities of these new technologies can be overwhelming to grapple with. Many desire to have a basic understanding of the technology before proceeding to trust and use it — completely fair.
As a result, many people steer clear from cryptocurrencies and Blockchain based applications because they are intimidated by the perceived complexity of the underlying technology. But Blockchain technology shouldn’t be so difficult to understand when explained on a fundamental level. At its core, Blockchain technology enables peer-to-peer transactions between any two parties around the world, without the need for any centralized authority or third party intermediary.
Satoshi Nakamoto originally developed the blockchain ledger as part of the digital currency Bitcoin. While Bitcoin, and other cryptocurrencies — i.e. types of digital currency, operate on the Blockchain platform, the two differ completely in functionality. Bitcoin is a type of cryptocurrency. A cryptocurrency is a “purely electronic form of money designed to take advantage of the distributed, decentralized, and trust-building nature of the blockchain.” Hence, Bitcoin and other cryptocurrencies are digitized, unregulated currencies with no central authority, bank, or administrator and they can be sent from user-to-user on the peer-to-peer blockchain network without intermediaries.
With all that being said, there is still an undeniably steep learning curve. That is why Stibits has taken it upon itself to introduce a completely new and revolutionary platform that makes it easy to transfer cryptocurrency to anyone, anywhere, on the Blockchain — with no previous knowledge or understanding of the abovementioned technologies required. Stibits’ algorithm and platform personifies Blockchain technologies intended and maximal use, allowing for seamless and secure transactions — effectively eliminating the need for any centralized banking intermediaries and ensuring frictionless peer-to-peer transactions.
A normal person would rather use familiar names, phone numbers, email addresses and images when selecting someone to send money to.
Not only that, but Stibits addresses security issues that currently exist with most cryptocurrency exchange platforms that make the process of sending and receiving coins from the likes of Bitcoin to Ravencoin more secure and frictionless. With Stibits, the security risks associated with all those other coins and platforms are effectively non-existent, as user data is encrypted in the safest way possible, and in turn nearly impossible to hack. Nobody has access to your funds and your information, except for you — sending virtual currencies has never been safer, thanks to Stibits.
Here’s an explanation of how Stibits intends to simplify Blockchain Transfers:
- Create an account easily and in a matter of minutes;
- Add existing keys to your account, or create a new one;
- Search for your friends’ profiles on the Stibits platform, or simply invite them using their email address or phone.
- Initiate a Blockchain transfer to anyone with a Stibits profile in a matter of seconds with no hassle.
It’s as easy as that! And rest assured: the Stibits interactive social dashboard creates a bridge to all other existing cryptocurrencies in a manner that enables users to have ultimate control over their information, privacy, and data encryption. By associating a users’ public key set with his profile, Stibits has in essence eliminated the problem of lengthy addresses, all the while making the process of sending and receiving money easy and simple for all. Stibits is on the cutting edge of financial service technology within the blockchain sector — thankfully making the transfer of cryptocurrencies faster, easier, and safer for the rest of us.