What is blockchain?
In the present most people use a middleman such as a bank in order to make a transaction.
What blockchain does is allow consumers and suppliers to connect directly, removing the need for the third party.
Blockchain uses cryptography to keep exchanges secure and provides a decentralized database, a “digital ledger”, of
transactions that everyone present in the network can see. Basically this network is essentially
a chain of computers that must all approve an exchange before it can be verified and recorded.
From the developers point of view, the blockchain concept is a paradigm shift in how engineers
will design software applications in the future. This is one of the key concepts that needs to be
well understood. There are five key concepts that we need to understand. We need to know how they
interrelate to one another in the context of this new computing paradigm that is evolving in front
of our eyes: the blockchain, decentralized consensus, smart contracts, trusted computing and proof
of work. This paradigm is a catalyst for the design of decentralized applications, the next step
in the evolution from distributed computing architectural constructs.
In the future there is going to be important to develop new decentralized applications as a way
to enable the decentralized world that we are moving toward.
Business owners, visionaries and even governments will need to learn the new vocabulary around
crypto related frameworks. Developers need to evolve towards writing decentralized apps that are
enabled by blockchain technology. In the future we will probably see comprehensive development
environments that support a full stack of capabilities and value components on top of the
blockchain services and consensus engines.
How does blockchain work in practice?
In the case of XenixCoin, blockchain stores the details of every transaction of the cryptocurrency,
and the technology stops the same xenixcoin being spent more than once. A blockchain is basically
a transaction database shared by all nodes participating in a system based on the Xenixoin protocol.
A full copy of a currency's block chain contains every transaction executed in the currency.
With this information, we can find out how much value belonged to each address at any point in history.
Every block contains a hash of the block before. This has the effect of creating a chain of blocks
from the xenix block to the current block. Each block is guaranteed to come after the previous
block chronologically because the previous block's hash would otherwise not be known. Each block
is also computationally impractical to modify once it has been in the chain for a while because
every block after it would also have to be regenerated. Thanks to this characteristics double
spending of a xenixcoin is almost impossible.
You as the end user can use your Xenix Wallet to conduct transactions,
benefiting from cost reductions, secure transactions and also freedom from central intermediaries.
We are working each day to create a smart wallet with the ability to launch smart contracts.
Because XenixCoin wants to make your life easier we want to allow you to control everything using
just your Xenix wallet. Smart contracts are programs that run on a blockchain and control legal
and contractual terms on their own. What this is, is actually another form of decentralization.
The idea is to make them available for a variety of applications. For example you will be able to
use this feature for wagers, escrow, family trust or even proof of work delivery or many others.
Basically, smart contracts represent an intermediate state between parties. They move certain assets
or value from one owner to another based on some conditions or events between people.