As the blockchain technology advances, there is increasing curiosity to understand how it works. Well, the Wyoming Blockchain Coalition is out to bring the citizens all there is to know about this technology, and we are here to take you through some of the crucial things you need to know about the mission.
About the Wyoming Blockchain Coalition
The mission is aimed at educating Wyoming citizens on the potential power of blockchain technology when it comes to cutting costs, spurring new businesses in the area and streamlining administrative process. The mission already comprises of several advisors. But it is expected to increase the number as technology advances while being open to all who might like to join.
The Blockchain Technology
This tech involves a new type of database for multiple parties to share a single copy of data. This is based on trust thanks to computer science breakthrough that has seen multiple computer users being able to agree on their shared data without necessarily reconciling individual copies.
Bitcoin is the currently leading cryptocurrency form, which is also the first application of blockchain technology to be embraced. This decentralized type of payment is capable of recording the ownership and transfer of tokens on a fully integrated payment system with tokens. The payment system, blockchain, is run by thousands of computer nodes located across the globe.
The crypto coin is the magic of computer science, which is protected by the law of math and hasn’t been successfully hacked so far, despite having a hacker’s bounty of $120 billion by November 2017. And although hackers have managed to compromise bitcoin-related applications, the main protocol remains steady.
Another interesting fact is that the system has been operating 99.99185% of the time since the first mining in 2009, and all this happens without having an administrator running the system.
Security cannot be ruled out as solid, and so computer science experts consider this system relatively more secure compared to conventional computer networks. The encryption and decentralized nature make these systems more secure, unlike the traditional computer networks that have the information stored in firewalls where protection by encryption is difficult.
Why Companies Are Into Blockchain Technology
Most of the companies in virtually all aspects are embracing blockchain technology, from the logistics companies to healthcare, banks and governments alike. The aim of this move is to De-Duplicate records, automate administrative tasks as well as saving on costs.
The Ecosystem Landscape
Blockchain technology has several aspects incorporated in its landscape. These include start-ups, which have seen over 650 equity deals closed since 2012 for more than $2B. There is also capital raised using utility tokens, which have been around since 2016 and seen over 250 ICOs that have closed for over $2B, the ecosystem market value was at $209 billion in November 2017 and counting.
What’s In It For You?
So why is Wyoming Blockchain Coalition diving headfast into this initiative? Well, there are several advantages, from favorable corporate laws and LLC to strong privacy protection, Strong academic support and tremendous bandwidth in Cheyenne and other blockchain applications as well. It is only a matter of time, and if you are into Bitcoin and blockchain technology at large, there might be something for you.