Cryptocurrencies make extensive use of blockchain technology nowadays. A blockchain is a decentralized, worldwide, open-source, and cryptographically secure ledger for keeping track of transactions. This means it is not controlled by any single bank, government, or group, and anybody with an internet connection can access it. When technology is centralized, it is usually controlled and managed by a single corporation, government, or individual. Decentralization is not a new concept. Three basic network designs are often examined when developing a technology solution: distributed, centralized, and decentralized. While decentralized networks are frequently used in blockchain technology, a blockchain application cannot be classified as decentralized or not.
BFIC Mainnet – Latest Blockchain Technology
The world has seen drastic changes in blockchain technology since 2010. One of the most recent revolutionary changes is brought on by BFIC Mainnet. BFIC Mainnet is the third-generation based blockchain technology developed by Innovation Factory. It inculcates the characteristics of Bitcoin, Ethereum, and Tron. It is a deadly combination of first-generation and second-generation blockchain technology along with some new features. The BFIC network is the cornerstone of Blockchain due to its unprecedented speed and decentralization.
- The transaction costs of BFIC are lower than those of any other Blockchain.
- For decentralized projects, data storage costs are low.
- Tokenizing assets allows them to flow on Ethereum and other networks.
Advantages of Decentralized Blockchain Network
Even though blockchain technology was first proposed in 1991 but it wasn’t until Bitcoin that its application was made possible. Since then a lot of innovations have been made to the technology by numerous tech companies. Blockchain technology is also gaining rapid acceptance all over the world. It is being used in different industrial sectors for advancements and security improvements.
While comparing it to the centralized blockchain technology, we can surely see that a decentralized network has far more advantages.
Prevention of Fraudulent Activities
Blockchains are open-source ledgers that record every single transaction, hence, it’s incredibly straightforward to spot if there’s been any fraud. Miners monitor and protect the integrity of blockchain networks by corroborating transactions 24 hours every single day. At any given time, there are tens of thousands of miners authenticating blockchain transactions all around the world. This provides decentralized blockchain-based coins with a massive level of control and almost eradicates fraud. This is a huge advantage of decentralized network.
Transaction timings for blockchain-based cryptocurrencies are substantially faster than bank transaction timeframes. Some financial transactions, such as wire transfers, can take days to complete. Transactions on a blockchain, on the other hand, normally take only a few minutes. The fact that transactions can be completed faster and with more precision using blockchain-based cryptocurrencies. That has the potential to benefit innumerable individuals and businesses all over the world. BFIC Mainnet is a prime example of this. More than 100,000 transactions per second can be conducted on the network without any kind of deferral.
As a result, moves can be made faster, decisions can be made faster, and commodities can be moved from point A to point B. Increased transaction speed benefits the global economy.
Increased Financial Efficiency
Decentralized blockchains allow transactions to be made directly between people without the need for a third-party intermediary. The whole concept is solely based on peer-to-peer networking. This increases financial efficiency and reduces people’s reliance on banks and other financial organizations. This can save a lot of money for customers in terms of fees and other costs linked with banking. Many consumers who want to save money may find this feature of blockchain technology highly tempting. Financial transactions are not only faster but also cost a fraction of what we pay to our banks and government. Decentralized blockchain technology is rapidly making its way to our homes as well as all industrial sectors.
Protection from Government Interference
Governments, banks, and central banks do not influence blockchain-based cryptocurrencies. This means that governments are unable to interfere with them. The problem of government intervention has resulted in the devaluation of several currencies throughout history. When governments tamper with currencies, they frequently wind up causing inflation or hyperinflation by debasing, devaluing, and/or printing an excessive amount of currency in a short period. Decentralized blockchains make it impossible for governments to interfere with cryptocurrencies because they are not under their control. Nobody can accomplish it. Because cryptocurrencies are simply software programs with a limited number of coins. Unlike national fiat currencies, they are particularly resistant to hyperinflation.
Blockchain technology has been practically around for almost a decade now. A lot of people speculate differently about such inventions. Some have high believes and hopes about cryptocurrency while others believe it to a giant bubble ready to burst. Whatever side of history you choose to be on doesn’t negate the fact. That blockchain technology has been a very innovative invention that is bound to change the digital economy forever. Its development necessitated extraordinary computer science and financial expertise, and blockchain can disrupt both industries. Overstock.com and Tesla, for example, have begun to accept blockchain-based cryptocurrency as payment.