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Blockchain and crypto in Indonesia

15 Jul 2020 Developer News
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Blockchain like Vexanium blockchain Indonesia is a database system that has identical data characters stored in many places (called nodes or miners), is immutable (cannot be edited, cannot be deleted), append-only (can only be added), one block is connected with a block cryptographically before and after. This character causes the cost to do fraud to be very high when compared to conventional databases. Blockchain is a blockchain

Blockchain technology or the Indonesian "blockchain" actually has a long history and passed several technology iterations before Satoshi Nakamoto published Bitcoin whitepaper based on blockchain.

At that time, Satoshi thought about how people could send money peer to peer without going through a middleman or intermediary, which was motivated by the fall of Lehmann Brothers, the top 5 bank in the US.

At that time, he copied a database that was previously only controlled by a handful of people (centralized), reproduced identically to many places that functioned as validators, which are currently on the blockchain other than Bitcoin, commonly called block producers. See the visualization below (also check next slide)

Not only does it copy identical data to many places, but the database also made connections to each other, as shown below. Where the hash of a block will be in the next block. This results if the hacker wants to change the value of block 10 in block producer (nodes/miner) A, he must also hack block 1-9, not just in block producer A only, if the blockchain network has 30 block producers, he must changing blocks 1-9 at a minimum of 51% of total block producer which is not practical. Visit The Crypto Genius App to know more:

Blockchain database depiction:

With the new database character, it has many unique benefits that did not exist in previous technologies. In brief, the value of blockchain technology according to Deloitte is as follows: Blockchain is a technology that has the potential to reduce dependence on a broad technology platform

Supposedly, the government of any country is worried that SMEs (contributors> 60% of the national economy) have a very high dependence on global technology platforms, even when these SMEs advertise locally.

Today's internet (web 2) is like "Disneyland" if you build a restaurant in Disneyland, and success, Disneyland sees you getting too much profit, they will increase your rental fees and change the rules, even making your restaurant with a more strategic position.

Web Structure 2 is built on HTTP, which does not have native features to store value. It has the negative effect of the emergence of a super-sized centralized application or platform with unlimited bargaining power both to the user and third-party developers.

Initially, this technology platform attracted as many users and developers (cooperating) as possible, but over time, this technology platform will compete with developers and users, like the Disneyland example above.

By mastering, controlling user data, this technology company also controls all interactions between users on its platform. The ability of users to exit the platform then move to other platforms, the ability of content creators in terms of discovery and distribution of content, relationships between 3rd party developers and users, as well as the rules on the platform - they can change the laws of the game at any time without prior notice.

Some examples of relationship attractions to extract (aka Disneyland examples above) are Twitter vs. 3rd party client applications, Microsoft vs. Netscape, Google vs. Yelp, Facebook vs. Zynga.

The case mentioned above, where the platform is centralized over time, competes with its contributors. So far, it does not occur in the blockchain network because the blockchain platform is decentralized (not controlled by one individual, entity or company) can be in harmony with its network participants. To achieve one goal, namely the growth of the blockchain network and the increase in token prices.

Blockchain companies are fundamentally different from significant technology platforms that are centralized (as mentioned above), including using consensus mechanisms to maintain and update states, using crypto (tokens or coins) to provide incentives for consensus participants (miners) / block producer/validator) and other network participants - different from the big technology platform companies that are looking for huge profits for shareholders.

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