blockchain

Blockchain for Attorneys is yet another installment in a series to help busy executives take a dive into the new world of crypto. The purpose of this week's entry is to give the reader a basic understanding of blockchain technology, how it is currently being used, and where thought leaders project it going.

Here is this entry’s bulleted list of nuggets for Blockchain for Attorneys:

• The first decentralized blockchain was implemented in 2008 by the same entity that invented Bitcoin. The technology existed previously in separate components, but was never applied together, and to currency until then.
• The mass appeal of popular blockchains is their decentralization and transparency to the public. This means that anyone with a computer can track or confirm any transaction.
• Blockchains such as Bitcoin and Etherium are trusted and considered ‘unhackable’ because they are decentralized and transparent.
• The term decentralization is used because segments are stored on the computers of volunteers throughout the world. The segments are referred to as “blocks”, and the volunteers’ computers are called “nodes.” And, of course, there is no central server.
• Blockchain is poised to become the new type of payment rail, potentially making centralized electronic payment systems such as credit card companies, PayPal, Venmo and Zelle obsolete.
• Mining cryptocurrency is fun and can be done using your own PC during off hours. It is not only a way to earn money, but also to participate on the chain as a “node.” However, most folks who mine use a dedicated computer for it.
• Most NFT transactions occur on the Etherium or Solana blockchains. Digital art is the most frequent media traded as NFT’s currently. This is where Intellectual Property will explode.

Other articles include: Web3 for Attorneys, Crypto Wallets for Attorneys, NFT for Attorneys, Crypto Mining for Attorneys, Metaverse for Attorneys.

Web3 for Attorneys is yet another in a series of articles that will cover all of these and more. The purpose of this week's entry is to give the reader a basic understanding of the mechanisms involved and what is to follow. Most of you on our list are executives with a lot on your minds. Therefore, we are serving our data to you in bite-sized nuggets in the form of bulleted lists. Here is this week's summary of Web3 for Attorneys:

• Bitcoin was invented in 2009 by Satoshi Nakamoto. His/her true identity has been speculated, but not confirmed. Satoshi compiled the research of technologists in the eighties and nineties to create the blockchain technology that we see today.
• Blockchain technology is simply a way to create a decentralized ledger that has the ability to be shared and confirmed via millions of peers throughout a massive worldwide network. An early notable example of a massive peer-to-peer network is Napster (though they did not use a blockchain).
• “The Blockchain” used for Bitcoin is only one such ledger. Etherium has its own. There are countless others, but much of the current activity in the news operates on one of these two. Whatever is not on these two blockchains operate similarly and we will explain further when appropriate.
• One Bitcoin is currently worth roughly $31K USD (as of 5/10/22). Only 21 million exist. About 2 million are still available to be mined.
• Millions of transactions take place on blockchains every day, and many of them have nothing to do with finance, but instead utilize the reliability of its ledger. Often those transactions cost just a few cents in USD.

Other articles include: Blockchain for Attorneys, Crypto Wallets for Attorneys, NFT for Attorneys, Crypto Mining for Attorneys, Metaverse for Attorneys.