Blockchain Technology

Blockchain is an open, distributed ledger with the capacity to record transactions permanently. Based on a number of electronic transaction records known as “blocks” linked to cryptography, each block contains the encryption combination of the previous block, matching timestamp, and transaction data. When the data is stored on the block, any new block does not change retroactively without the change in all blocks, which demands the network majority’s consensus.

In 2008, Bitcoin, the known first cryptocurrency on the blockchain technology, was officially released with the paper titled “Bitcoin: Peer-to-Peer Electronic Cash System” whitepaper. In January 2009, Satoshi Nakamoto, who released Bitcoin Whitepaper, launched the first Bitcoin software, created the Bitcoin network, and developed the first Bitcoin block.

In 2013, Ethereum expanded the blockchain’s functionalities by replacing Bitcoin’s limiting programming language with a common blockchain framework and running a series of code with Turing-complete virtual machine functions. Ethereum enabled developers to produce their own “smart contract”, which is a form of agreement that supports, confirms, or executes a contract for reliable, verifiable, and irreversible transactions on digital platforms without the interference of any third party.

Blockchain is the primary technology behind Bitcoin and Ethereum. It lessens efficiency, cost, and security of data storage by using cryptography, distributed consensus, incentives, and timestamps to provide decentralized peer-to-peer communication in a distributed network. Blockchain technology is an innovative model developed as a combination of multiple technologies.

DefiBids is leveraging the blockchain infrastructure for its services to create an unrivaled product. This is a great revolutionary project open to everyone interested in bidding on cryptocurrencies and DeFi.