On the 17th of July, we held the TEAM Talk “Blockchain Technology Overview”.
Over the past few years, blockchain and Bitcoin have become huge buzzwords. We therefore decided to hold a special event in order to learn more about the technology. The Talk was devoted to the blockchain technology, its applications in the real world, emerging market of the cryptocurrencies, and distinctive characteristics of Bitcoin and other blockchain-based altcoins.
The revolutionary solution created by Satoshi Nakamoto in 2008 paved the way for the era of decentralized electronic payment systems that did not require a trusted third party. Information about every transaction is stored in the Bitcoin database and is accessible by users while remaining anonymous. One Bitcoin is made up of 100,000,000 Satoshi. To date, the cost of 1 Bitcoin is about $2700. The emission of this cryptocurrency is limited and will finally end by 2140 when about 21,000,000 Bitcoins will be issued. As of today, 75% of the total Bitcoins amount has been issued. Further emission is carried out on the principle of halving, reducing the issue every year.
Our special guest was Prof. Roman Oliynykov, Doctor of Technical Sciences, a Ukrainian cryptographer, IT security researcher and lecturer. His professional experience, including the improvements of flexibility and security of blockchain-based technologies, as well as the development of Ukrainian cryptographic standards, made it possible to visualize real-life examples of the crypto-markets operation.
Roman says: “To date, there is a huge potential here, but in order to understand how to invest, it is necessary to understand how this works from inside.”
Bitcoin and other cryptocurrencies raise much interest not only from the technology perspective but as the ways to earn money. Mr. Oliynikov also covered the topic of mining – the way of making money with Bitcoin. We learnt who are the “miners” and how do they manage to earn $ 2,700 for each block found.
In the end of the TEAM Talk, we became more aware of the components of Bitcoin, the hash function, authenticity verification of the electronic signature, the purpose of the Merkle tree and what are the consensus protocols in the blockchain.
The meeting ended with the discussion about alternative cryptocurrencies, more specifically, how do they manage to survive in such a competitive market, and what are their advantages.
We are excited about this topic and are going to continue our research together with bright professionals from all over the world.