WildTornado, as a widely recognized and accomplished Bitcoin casino, along with some A-listers in the world, such as Microsoft, Reddit, and PayPal, to name a few, have successfully embraced the groundbreaking technology referred to as blockchain!
The technology in question revolutionized the very concept of gambling, allowing forward-thinking players to tap into highly enhanced iGaming opportunities which are marvelously unlocked through the introduction of cryptocurrencies such as Bitcoin, Ethereum, LiteCoin, and many others.
As it stands, Blockchain not only gave life to Bitcoin and other cryptos, but it is also regarded as a breeding ground for the envelope-pushing developments capable of making our daily lives favorably unrecognizable.
However, you might be struggling to put your finger on the concept of blockchain, which does not surprise us whatsoever. If tech geeks often need a great deal of effort to understand how blockchain works, what’s to say about the completely uninitiated into the tech industry?
That said, without any further delay, we will break down the mechanics of blockchain so that you could stay on top of things in the technological thickets of the 21st century.
What is blockchain?
In its essence, a blockchain is an unchangeable electronic ledger that is open to public access. Once verified through the network of computers (known as ‘nodes’), each transaction comes as a block in the ledger. Furthermore, this block cannot be changed as it permanently exists on thousands of nodes. Subsequently, another transaction record confirmed in the same fashion pops up as a block attached to the previous one. And then another and another. This all adds up to a block chain of permanent financial records.
The utilization of the digital open-access leger makes transactions unaffected, and thus, virtually unhackable. Imagine, you made a transaction which is validated by a big network of nodes. In other words, your transaction record is imprinted on thousands of computers across the globe. Then, in order to get unlawful access to your transacted funds, a perpetrator will have to physically access all those computers located in different countries to erase the record on each of them – that’s surely a science fiction feat! Furthermore, as nodes strictly control the ledger operations by means of the infallible mathematical algorithms, they will immediately spot the dubious alteration of the transaction, and therefore will not confirm it.
What difference does it make?
It is safe to say that financial institutions like banks are the cornerstone of modern society. It means that in money matters, people are purely dependant on the third parties who are error-prone and often fraudulent. On the other hand, the technology of blockchain as a distributed ledger allows people to have the utmost control over their funds (there is no controlling entity involved). This means that transactions are secure, fast, cheap and resistant to any kind of manipulations.
What is more, the revolutionary applications of blockchain reach far beyond money transfers. The fields it will revolutionize include smart contracts, food tracking and safety, insurance, logistics, voting, and many others.
How do Bitcoin transactions work exactly?
If you are ready to jump into the crypto bandwagon, the first thing you need to obtain is a digital wallet. Once you have one, you will be able to receive, send and store Bitcoins.
Your electronic wallet contains your Bitcoin address, otherwise known as a “public key”. Specifically, your public key is a unique combination of 34 symbols that unlock the complete record data of all your transactions. Furthermore, it can be known by anyone in the network.
Then, your public key is attached to a so-called “private key” ( a unique combination of 64 symbols). Unlike your public key, your private one is to be kept in secret as it works as your ‘signature’ when making transactions. Specifically, upon sending Bitcoin, the crypto software on your PC or smartphone will prompt you to enter your private key along with some other data – the Bitcoin address of the recipient and how many coins you wish to send. When this stage is completed, your transaction proceeds to stage 2 when it is meant to be validated by the network of nodes. As the validation is done and dusted, the transaction shows up in the shared ledger in the shape of a block. And that’s it!
What is absolutely fantastic about the blockchain transactions is that the software verifies the coin transfer by means of the tech tandem of private and public keys while keeping your private key secret. Ingenious, isn’t it?
As we are rounding up this article, we welcome you to capitalize on an exclusive collection of BTC games at WildTornado Casino. Hand-picked and owned by the A-list software providers in the industry, they are a source of sheer playtime raptures and attractive financial rewards!
Best of luck!