Blockchain definition and how DECENOMY uses this technology
Thank you for reading this post, don't forget to subscribe!A blockchain is a technology that is revolutionizing the way we store and manage digital information. Initially introduced alongside Bitcoin, the blockchain concept has since evolved beyond financial transactions.
True blockchain definition
Imagine a record book that isn’t controlled by a single authority, but is distributed across multiple computers or nodes. Each transaction forms a block, and these blocks are linked in a chain, creating the blockchain. The extraordinary capabilities of this system lie in the way each block is linked to the previous one by a cryptographic hash. This mechanism allows that once a block is added to the chain and verified, it becomes virtually impossible to alter or manipulate the information. This transparency and integrity add a whole new level of trust to the system. This technology also eliminates the need for intermediaries, such as relying on central institutions, because the blockchain operates on a network where every participant has a copy of the entire blockchain. This decentralized nature opens new possibilities for direct, trustless interactions between participants. Beyond cryptocurrencies, blockchain technology has found applications in other areas such as supply chain management, healthcare, voting systems, intellectual property, and more. For example, the addition 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.
Where DECENOMY stands
DECENOMY is a project network that shares the same wallet codebase and blockchain infrastructure, enabling cross-chain interoperability and governance among the DECENOMY projects. It uses a unique open-source cryptocurrency platform called DSW which stands for Decenomy Standard Wallet, which is the central blockchain development for the entire infrastructure. DSW forked the PIVX code back in 2021 to collect blockchain features such as POS ( Proof-of-Stake ) and Masternodes, which PIVX also collected 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 is being developed independently from these forks, and it can be followed in its GitHub Repository at https://github.com/decenomy/DSW Some unique developments and new features added as well as upcoming ones are documented on this website in the chapter Blockchain Development
