Blockchain is the buzzword we all have heard of!
However, the technology isn’t as new as we know. Back in 1991, Blockchain was first outlined as a timestamp system that doesn’t allow the data-alteration technique. Although, the world never realized the importance of Blockchain until 2009 when Bitcoin was launched.
At first, Blockchain and Bitcoin may seem intimidating and incomprehensible. By analyzing the processes behind them, you can confidently start your crypto journey and have a better understanding of what exactly NewB Farm does and how you can leverage it to streamline your financial hassles!
This article will delve into what blockchain is, how it works, how secure it is, what it is for, and how transactions are processed to be written to the blockchain, everything you ever wanted to know.
For Newbies to the crypto world, this article is a must-read!
Understanding the Blockchain, the First Step to Enter the Crypto Realm!
In traditional applications, data is stored in a single location, either on the cloud, in the database, or on a local computer.
This data is then secured by leveraging many innovative techniques like cryptography, password protection, multi-factor authentication, etc. Additionally, extensive measures are taken to make data fully protected against cyberattacks or malicious activities.
All these efforts are put into ensuring the data remains safe and protected. But ultimately, it has to be stored in a centralized location where some third party must be controlling it. Imagine, if the cloud provider decides to stop providing its services, the data will be inaccessible. That turns out to be a major risk!
Similarly, if the data is saved on local storage, and due to some human errors or internal issues, it is lost, you won’t be able to recover it. The problem remains the same! Despite all efforts made to ensure data safety, you will still be at the same place where you started.
That’s when Blockchain comes for help!
Using Blockchain technology, you can build a secured ecosystem where the integrity of data is maintained along with the trust among the participants.
What is Blockchain?
Blockchain is a distributed ledger technology (DLT) that makes the data immutable, auditable, credible, and most importantly non-hackable. It can maintain every record of all the interactions that happened between the users over a network. These records are called ledgers and the users are called nodes. Each node will have the same copy of the ledger that they can access anytime to establish the authenticity of the data.
There are four crucial components of Blockchain that make this all possible –
1. Consensus Algorithm
It is the heart of Blockchain that’s used to eliminate the need for a third governing party. For instance, if two people want to do a financial transaction, they can do it without taking permission from any third party such as a bank.
2. Nodes
Nodes are the core components of Blockchain that helps maintain the data. There are different types of nodes in a Blockchain -
- Miners
- Light nodes, and
- Full nodes.
3. Cryptographic Links
Blockchain stores the data inside a block. Each block contains a private key to view and access the data inside the block. Each block in the ecosystem is connected through the cryptographic links which are created by including the hash of one block in the next block and then a hash of the new block is created. This new hash is then sent to the next block, combined with its data, and then a new hash is created. This is how, every block will have the hash of the previous one and if any small changes are made in the data of any block, the hash won’t match. Hence, this technique makes the data immutable once it enters the blockchain.
4. Smart Contracts
These are pre-written codes that dictate the terms and conditions for any interaction made between the nodes and eliminate the third-party intervention. Blockchain deploys these smart contracts to automatically execute the terms and conditions the participants have agreed upon. This reduces the chances of any human or technical errors during the transactions.
The implementation of any business logic on Blockchain can be achieved through smart contracts only.
Given the way blockchain security works, it can be used in the industries or sectors where the value and integrity of data remain of high importance. Let’s say you want to make online transactions but not through banks, blockchain can help. With the latest innovations in Blockchain, DeFi (Decentralized Finance) movement has been ruling the most. It gives users the freedom to access financial services through an open-source, permissionless, and transparent ecosystem that is available to everyone and can be operated without any central authority. Users may lend or borrow crypto on a DeFi platform and earn cryptocurrency in return for their services.
In traditional financing, users opt for fixed deposits and many other methods to save their money for a longer period in banks and earn interest against the same. DeFi has taken this concept to the next level with Yield Farming.
Yield Farming means locking up your cryptoassets and getting rewards in form of tokens. The concept of Yield Farming is closely related to a model called automated market maker (AMM) that involves liquidity providers (LPs) and liquidity pools.
Liquidity providers or investors deposit their funds or crypto assets into the liquidity pools. These pools power a marketplace where users can lend, borrow, or exchange cryptocurrencies or tokens.
NewB Farm is such a marketplace that enables users to earn extra money through Yield Farming!
More About NewB Farm
NewB.Farm is an innovative yield farming protocol built on the Binance Smart Chain (BSC), one of the fastest and most scalable blockchains with low transaction fees. This makes NewB an ideal yield farming platform for Newbies like you.
It offers an intuitive, user-friendly ecosystem that makes it easy for even crypto beginners to participate in DeFi and explore amazing yield farming opportunities in a fair, secure, and transparent environment.
The concept of this platform is very much interesting and is deeply connected to our roots, the farmers. At NewB Farm, farmers will be the users who don’t milk just any cow, they milk cash cows and collect daily earnings instead of eggs.
If you want to kickstart your journey in the crypto world, NewB.Farm is the perfect getaway! It’s simple, profitable, and easily understandable, just the way it needs to be for every farmer and his livestock.
To learn more about NewB Farm, join us here –
