When we talk about the digital currency market, we think:
“What security is involved in the transactions taking place in this world of cryptocurrencies?”
Lunes’s platform security is based on blockchain technology.
The blockchain is an incredible invention that has evolved into something much bigger now. By allowing digital information to be distributed, not copied. Blockchain technology has created the backbone of a new type of internet. Originally designed for Bitcoin, the world’s best known digital currency, technology is now finding other potential uses.
The information maintained in the blockchain exists as a shared database that is continuously combined. The blockchain database is not stored in a single location, which means that records kept are public and verifiable. There is no centralized version of this information for a hacker to corrupt, for example.
Blockchain technology is like the Internet. By storing identical blocks of information across the network, blockchain can not:
– be controlled by a single institution, and
– have a single point of failure.
Bitcoin was invented in 2008 and since then, the Bitcoin blockchain has operated without any significant disruption. The Internet itself has proven to be durable for almost 30 years. It bodes well for technology as it continues to be developed, but we must remember that blockchain is a decentralized technology.
But what does it mean?
By creating a new way to verify transactions, aspects of traditional trading may become unnecessary. Stock market talks, for example, become almost simultaneous in the blockchain or can make the types of records, such as a real estate registry, totally public. Currently, decentralization is already a reality. A global computer network uses blockchain technology to jointly manage the database that records Bitcoin transactions, that is, Bitcoin is managed by its network and not by any central authority. Decentralization means that the network operates on a peer-to-peer basis.
Who will use the blockchain?
Currently, the financial sector offers the strongest use cases for technology, especially on account of international shipments, for example. The World Bank estimates that more than $ 400 billion in cash transfers were sent in 2015. And at the moment there is a high demand in this regard, since blockchain technology lacks the middleman for such transactions. So we can talk about the wallets. Let’s see, the personal computer has only become accessible to the general public with the invention of a graphical user interface that has taken shape and is called the desktop. In the same way, for blockchain, the wallet, as it is known worldwide, allows people to use their wallets to carry out transactions and to store their cryptocurrencies.
Lunes Wallet includes other types of functions that go beyond simply storing your cryptocurrencies. Today it is possible to pay for tickets or cell phone charges, all to make your life even more safer! The blockchain of Lunes is prepared to store and guarantee the security of any type of information, not only of financial transactions. This enables us to use our blockchain to perform various processes in a decentralized way, such as document authenticity records, digital asset issuance and execution of smart contracts.
Want to know more? Access our website or contact our support at: [email protected].
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