The digital currency has emerged as a popular medium of transaction over the last few years. There are different kinds of cryptocurrencies in use in the market.
Among the many forms of digital currency, Bitcoin and Ethereum are quite popular. It is essential to understand the blockchain technology and its role in cryptocurrency. Like several other sectors that accept cryptocurrency transactions, many top casinos around the world today allow access to their gaming catalogue with cryptocurrency payments. From blackjack gaming to roulette, online slots and more, you can play your choicest casino games through quick, safe and convenient virtual deposits.
What is the Blockchain Technology?
This technology revolves around managing digital information which is stored in a database that can be accessed publicly. While the information is referred to as the ‘block’, the database makes for the ‘chain’. These digital information pieces that make up the blocks fulfil various purposes such as storing information about transactions and people participating in the transactions.
This technology, however, retains the actual person’s anonymity and only has access to a unique identity in the form of a digital signature of people on the network over the internet forum. Every person signing it has a private key that encrypts the message. The information available on blocks enables distinguishing them from other blocks as there is already duplication of information across various systems. This means that even if your consecutive online purchase details appear identical, blocks can be distinguished owing to their distinct codes.
Blockchain transactions: How it works?
The technology uses multiple blocks that are chained together. When you make an online purchase with a cryptocurrency, your transaction is verified over a network of computers spread across the world. Every transaction is stored in a block and once it’s verified, it is approved with a unique code called a hash, only after which it can be added to the blockchain. Once the block is added to the blockchain, it is available for people for viewing.
The difference between Bitcoin and Ethereum technology
In Bitcoins, the blockchain technology is applied to track ownership of the Bitcoins. Now, this is slightly different from the Ethereum blockchain technology which focuses on earning Ether to support the network. The network that Ethereum that supports it is known as the ‘Enterprise Ethereum Alliance’ which is formed by an alliance of Fortune 500 companies to work in tandem to grow the Ethereum blockchain program. Whoever transacts in Ethereum pays for it in a dollar value.
Bitcoin, on the other hand, is a currency as opposed to the ledger technology of Ethereum. The latter is robust and allows for a cumulative growth of decentralization applications so that more and more can be built on it. In Bitcoin transactions, the miners process the transactions where they earn Bitcoins in exchange.
Currently, the Bitcoin network is known to the most popular one. Several reports have been published to indicate that Ethereum’s blockchain can take over the Bitcoin blockchain soon.