Frantisek Hrinkanic is a 25-year-old entrepreneur who is on the mission to create awareness about cryptocurrency. He shares his knowledge through his website cryptotips and promotes discussion through his dedicated telegram group about cryptocurrency.
Frantisek says that the current period is one of the most exciting periods of finance. Technology is enabling things beyond human’s wildest dreams. We sat for a chat with him, and he shared his insights on blockchain and how it is transforming the world.
What Is A Blockchain?
In layman’s terms, blockchains are essentially blocks of databases. This database is managed and stored over multiple computers. Once the data is input in the blocks, one cannot edit or modify it. Every block has a set of data, and every time new information needs to be added, a new block is attached to the existing chain of blocks. Hence, the database is called the blockchain.
Information uploaded in one node(computer) is reflected in all the other nodes. So even if one of the nodes gets hacked and data gets edited, it would be easy to ascertain as the records won’t match with other nodes. These mechanics of blockchain make it enormously hard to hack. It makes blockchain an incredible way to store data.
Blockchain as a concept was first introduced in the year 1991 by Stuart Haber and W. Scott Stornetta. However, it was first used for the cryptocurrency called Bitcoin.
How Is It Affecting The World?
Blockchain is simplifying the lives of humans and making information easily accessible yet hard to modify. Experts are trying to figure out ways to incorporate blockchain into banks, property papers, healthcare papers, etc.
The highly fascinating form of currency of today’s time, Bitcoin, a cryptocurrency, uses blockchain to store and secure its data. Cryptocurrency is a currency that exists on the internet and doesn’t have any physical appearance. Despite being present only on the internet, they are still a medium of exchange and are often used to buy and sell things. Bitcoin is gaining momentum in the world, and it is on its way to become the next currency.
Through the database of the blockchain, customers can easily access information about their digital currency. There have been reports of nodes getting hacked, but they were easily traceable due to the decentralized network of blockchain. Experts say it’s almost impossible to hack the entire system. With its robust mechanism, blockchain has built trust in the finance world. It has also safely managed the data of Bitcoin since 2009.
Frantisek often shares such fascinating information on his website. He also shares articles about the happenings of the crypto world. He provides his insights in real-time through his telegram group called Cryptotips. Furthermore, Frantisek has launched a course designated to teach people everything about cryptocurrency. It’s an insightful course for anyone who wants to introduce themselves to the world of cryptocurrency and want to earn money through them.
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