/ Blockchain

PrimaBlock Primer!

Primablock is a absolutely groundbreaking tech platform which enables their clients to host multi party fund raising for ICOs and token distribution. It is based on an open-source smart contract system that enables sophisticated threat detection and offers enhanced protection against cyber borne threats.

Primablock runs on something called Blockchain. The next naturally logical question is—what is blockchain?

What is blockchain?

Well, Blockchain—as you crypto geeks might already have heard RIGHT HERE ON SUPERCHILLIN—is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block,[6] a timestamp, and transaction data (generally represented as a Merkle tree).

By design, a blockchain is resistant to modification of the data. It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way". For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks, which requires consensus of the network majority. Although blockchain records are not unalterable, blockchains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been claimed with a blockchain.

Blockchain was invented by a person (or group of people) using the name Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the cryptocurrency bitcoin. The identity of Satoshi Nakamoto is unknown. The invention of the blockchain for bitcoin made it the first digital currency to solve the double-spending problem without the need of a trusted authority or central server. The bitcoin design has inspired other applications, and blockchains which are readable by the public are widely used by cryptocurrencies. Blockchain is considered a type of payment rail. Private blockchains have been proposed for business use. Sources such as Computerworld called the marketing of such blockchains without a proper security model "snake oil".

What is a Smart Contract?

Blockchain-based smart contracts are—often quoted as one of its most groundbreaking inventions yet—proposed contracts that could be partially or fully executed or enforced without human interaction. One of the main objectives of a smart contract is automated escrow. An IMF staff discussion reported that smart contracts based on blockchain technology might reduce moral hazards and optimize the use of contracts in general. But "no viable smart contract systems have yet emerged." Due to the lack of widespread use their legal status is unclear.
Smart contracts were first proposed by Nick Szabo, who coined the term. With the present implementations, based on blockchains, "smart contract" is mostly used more specifically in the sense of general purpose computation that takes place on a blockchain or distributed ledger. In this interpretation, used for example by the Ethereum Foundation or IBM, a smart contract is not necessarily related to the classical concept of a contract, but can be any kind of computer program.
Notable examples of implementation of smart contracts include the following:
Bitcoin provides a Turing-incomplete Script language that allows the creation of custom smart contracts on top of Bitcoin like multisignature accounts, payment channels, escrows, time locks, atomic cross-chain trading, oracles, or multi-party lottery with no operator.
Ethereum implements a nearly Turing-complete language on its blockchain, a prominent smart contract framework.
Ripple (Codius), smart contract development halted in 2015

What is Initial Coin Offering?

An initial coin offering (ICO) or initial currency offering— as you crypto geeks might already have heard—is a type of funding using cryptocurrencies. Mostly the process is done by crowdfunding but private ICO's are becoming more common. In an ICO, a quantity of cryptocurrency is sold in the form of "tokens" ("coins") to speculators or investors, in exchange for legal tender or other cryptocurrencies such as Bitcoin or Ethereum. The tokens sold are promoted as future functional units of currency if or when the ICO's funding goal is met and the project launches. In some cases, like Ethereum the tokens are required to use the system for its purposes.

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So, I hope this article in here gave you an incredibly deep overview of what Primablock is and does. Hope you can use this information listed in this article to start your own journey into the world of cryptocurrency.