The Blockchain Ecosystem
In the latest digital time, everyone or most people know about cryptocurrency. Many people in the world are investing in the cryptocurrency and earn the profit. Bitcoin is started by a man named Satoshi Nakamoto in 2008 and its changed everything. Sometimes some people called bitcoin is e-cash means digital cash. This currency operates on a set of interconnected computers called peer-to-peer networks. There are many benefits of blockchain which we would discuss in next points.
And there is Blockchain Ecosystem for bitcoins. We can also exchange cryptocurrency with our currency in cryptocurrency exchange market.
There are many types of cryptocurrency like:
These are the normally known cryptocurrency or digital currency. And there is blockchain ecosystem for cryptocurrency and in these ecosystems, there are many stakeholders are interaction with each other and the outside world. The stakeholders are:
There are many users of cryptocurrency firstly comes an alarmist who is very conscious about this sometimes they like cryptocurrency, sometimes they are very hurt with the decrease in currency. Then comes the man with “connections” they use their connections in all world jurisdictions, the CIA, the law courts, and also with some presidents. Then comes a Believers they invest in cryptocurrency not only to earn profit but also to trust in their team and project. Than reseller came they have only 1 aim that when digital currency price rises they sale their crypto currency and when its price is decrease than buy. They are also connected with cryptocurrency exchange market
Many investors were interested in investing in cryptocurrency. Because in the mid of December 2017 price of bitcoin was $19177. In that times investor are investing millions of dollar in cryptocurrency and some people were working in buying and selling of cryptocurrency. But now the price of bitcoin $6000 that’s why many investors withdraw their investments.
There are two types of miners. Some miners are owned every single node on the network they are called private blockchain miners. But some miners make their computer as a node they are called public blockchain miner. To maintain the integrity of blockchain miners are required to hold a lot of power. And miner is using many tools for mining cryptocurrency and it is very expensive work. If you found a block on your own you would only receive a mining payout this is called solo mining. There are benefits of blockchain and miners are nearly connected with blockchain.
With the cryptocurrency, blockchain has a potential to become a lot. And developers have two types in blockchain:
The developers of blockchain build new blockchain with varying level of functionally. And developers of dApp can develop an application that runs on the blockchain, and with a reason to use the blockchain providing users.
This is the circle of the blockchain ecosystem. Where all stakeholder are connected with each other and gather information, invest and work.