Concept Of DriipChain (1)
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Concept Of Blockchain
Blockchain is known to be a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.
A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.
If you have been following banking, investing, or cryptocurrency over the last ten years, you may have heard the term “blockchain,” the record-keeping technology behind the Big Brother of Cryptocurrencies “Bitcoin network” This can never be denied.
KEY TAKEAWAY
- Blockchain is a specific type of database.
- It differs from a typical database in the way it stores information; blockchains store data in blocks that are then chained together.
- As new data comes in it is entered into a fresh block. Once the block is filled with data it is chained onto the previous block, which makes the data chained together in chronological order.
- Different types of information can be stored on a blockchain but the most common use so far has been as a ledger for transactions.
- In DriipChain’s case, blockchain is used in a decentralized way so that no single person or group has control — rather, all users collectively retain control.
- Decentralized blockchains are immutable, which means that the data entered is irreversible. For DriipChain, this means that transactions are permanently recorded and viewable to anyone.
Blockchain seems complicated and it definitely can be, but its core concept is really quite simple. A blockchain is a type of database. To be able to understand blockchain, it helps to first understand what a database actually is.
A database is a collection of information that is stored electronically on a computer system. Information, or data, in databases is typically structured in table format to allow for easier searching and filtering for specific information. What is the difference between someone using a spreadsheet to store information rather than a database?
Spreadsheets are designed for one person, or a small group of people, to store and access limited amounts of information. In contrast, a database is designed to house significantly larger amounts of information that can be accessed, filtered, and manipulated quickly and easily by any number of users at once.
Large databases achieve this by housing data on servers that are made of powerful computers. These servers can sometimes be built using hundreds or thousands of computers in order to have the computational power and storage capacity necessary for many users to access the database simultaneously. While a spreadsheet or database may be accessible to any number of people, it is often owned by a business and managed by an appointed individual that has complete control over how it works and the data within it.
So how does a blockchain differ from a database?
Storage Structure
One key difference between a typical database and a blockchain is the way the data is structured. A blockchain collects information together in groups, also known as blocks, that hold sets of information. Blocks have certain storage capacities and, when filled, are chained onto the previously filled block, forming a chain of data known as the “blockchain.” All new information that follows that freshly added block is compiled into a newly formed block that will then also be added to the chain once filled.
A database structures its data into tables whereas a blockchain, like its name implies, structures its data into chunks (blocks) that are chained together. This makes it so that all blockchains are databases but not all databases are blockchains. This system also inherently makes an irreversible timeline of data when implemented in a decentralized nature. When a block is filled it is set in stone and becomes a part of this timeline. Each block in the chain is given an exact timestamp when it is added to the chain.
What Is DriipChain?
DriipChain is a blockchain-based decentralized platform that aims to build a free, global virtual Nation of Driipa with distributed storage technology, and allows easy and cost-effective sharing of digital content.
By, DriipChain attempts to bridge the gap between each person around the world including content creators and content consumers by eliminating the middleman. The result is an overall cost reduction for the Every User which offers a win-win situation for all.
To draw an analogy with a real-world application, consider Netflix, which operates a digital entertainment service offering on-demand content. A single organization controls the services in a centralized manner. One may need to subscribe and pay Netflix to watch a particular on-demand movie that may have been produced by a group of budding enthusiasts who are hosting it on the Netflix platform. From the fee charged to the subscriber, Netflix takes a cut for hosting the movie on its platform and pays the remainder to producers. Often, the lion’s share is taken by the middleman.
DriipChain replicates this business model on a hybrid blockchain network and acts as a distributed, decentralized storage facility that makes it more efficient and cost-effective. It aims to eliminate the middleman, like Netflix in the above example, by allowing anyone and everyone to host digital entertainment content on its blockchain-based network. The global audience can directly pay the content creators to access the content.
In the process, DriipChain’s open, decentralized platform and distributed storage technology also attempts to address a significant issue — the challenge of a very few, and powerful, corporations controlling the Internet and its content — making it a level playing field.
Transaction Process
- A new Transaction is entered
- The Transaction is then transferred across over to a network of peer-to-peer computers scattered around the world.
- This Network of computers then solves equations to confirm the validity of the transaction.
- The Transaction is complete.
- The blocks are then chained together creating a long history of all transactions that are permanent.
- Once confirmed to be legitimate transactions, they are clustered into blocks.
Attributes of DriipChain
while blockchains are mostly used to store cryptocurrency transaction history, other things like legal contracts or product inventories can be stored.
Problems with the Centralized Internet
The Internet is constantly under surveillance, and user data is regularly tracked and collated by corporations, application developers, and governments. A blockchain-based alternative can address this problem by replacing Internet giants with a decentralized, peer-to-peer network of providers.
In such an alternative, members of the community would own and operate the infrastructure used for storage and computing. This would take away control from government or corporate bodies, and ensure net neutrality.
This form of the Internet is also hoped to ensure data security. On existing Internet platforms, user data and applications are typically hosted on central servers, allowing companies to create detailed profiles of their users. This data has been used to manipulate populations and election results, for example, during Facebook’s Cambridge Analytica scandal.
Decentralization
For the purpose of understanding driipchain, Like a database, DriipChain needs a collection of computers to store its blockchain. For Bitcoin, this blockchain is just a specific type of database that stores every Bitcoin transaction ever made. In Bitcoin’s case, and unlike most databases, these computers are not all under one roof, and each computer or group of computers is operated by a unique individual or group of individuals.
In DriipChain’s case these computers are not all under one roof, nor each computer or group of computers is operated by a unique individual or group of individuals. It is operated by all active users of the network
Giving power back to the people…
In a blockchain, each node has a full record of the data that has been stored on the blockchain since its inception. For DriipChain, the data is the entire history of all DriipCoin transactions. If one node has an error in its data it can use the thousands of other nodes as a reference point to correct itself. This way, no one node within the network can alter information held within it. Because of this, the history of transactions in each block that make up Driipcoin’s blockchain is irreversible.
Double-Spending Proof System
As said above, For DriipChain, the data is the entire history of all DriipCoin transactions. If one node has an error in its data it can use the thousands of other nodes as a reference point to correct itself. How is that concept carried out.
Whenever a transaction is inputted into the DriipChain, the data auto replicate itself.
We have 3 running consensus on DriipChain ( PoC — Proof-of-Communism), ( PoS — Proof-of-Stake), (PoRep — Proof-of-Replication).
Proof of Re-plication works first by copying and duplicating each data and spreads it across to every active nodes on DriipChain Network, and of course everyone is the node. Error is 1Million and 1% impossible.
Transparency
Because of the decentralized nature of Driipchain, all transactions can be transparently viewed by either having a personal node or by using Driipchain explorers “DriipScan” that allow anyone to see transactions occurring live. Each node has its own copy of the chain that gets updated as fresh blocks are confirmed and added. This means that if you wanted to, you could track DriipCoin wherever it goes.
For example, exchanges have been hacked in the past where those who held Bitcoin on the exchange lost everything. While the hacker may be entirely anonymous, the Bitcoins that they extracted are easily traceable. If the Bitcoins that were stolen in some of these hacks were to be moved or spent somewhere, it would be known.
Is Blockchain Secure?
Blockchain technology accounts for the issues of security and trust in several ways. First, new blocks are always stored linearly and chronologically. That is, they are always added to the “end” of the blockchain. If you take a look at Bitcoin’s blockchain, you’ll see that each block has a position on the chain, called a “height.” As of November 2020, the block’s height had reached 656,197 blocks so far.
After a block has been added to the end of the blockchain, it is very difficult to go back and alter the contents of the block unless the majority reached a consensus to do so. That’s because each block contains its own hash, along with the hash of the block before it, as well as the previously mentioned time stamp. Hash codes are created by a math function that turns digital information into a string of numbers and letters. If that information is edited in any way, the hash code changes as well.
Here’s why that’s important to security. Let’s say a hacker wants to alter the blockchain and steal Driipcoin from everyone else. If they were to alter their own single copy, it would no longer align with everyone else’s copy. When everyone else cross-references their copies against each other, they would see this one copy stand out and that hacker’s version of the chain would be cast away as illegitimate.
Succeeding with such a hack would require that the hacker simultaneously control and alter 51% of the copies of the blockchain so that their new copy becomes the majority copy and thus, the agreed-upon chain. Such an attack would also require an immense amount of money and resources as they would need to redo all of the blocks because they would now have different timestamps and hash codes. Which is absolutely impossible based on estimation, new blocks are generated every 2.8seconds + every user on the network is a node. So to change everything within such a little time and get it successful is absolutely impossible.
Even with Bitcoin, Due to the size of Bitcoin’s network and how fast it is growing, the cost to pull off such a feat would probably be insurmountable. Not only would this be extremely expensive, but it would also likely be fruitless. Doing such a thing would not go unnoticed, as network members would see such drastic alterations to the blockchain. The network members would then fork off to a new version of the chain that has not been affected.
This would cause the attacked version of Bitcoin to plummet in value, making the attack ultimately pointless as the bad actor has control of a worthless asset. The same would occur if the bad actor were to attack the new fork of Bitcoin. It is built this way so that taking part in the network is far more economically incentivized than attacking it.
How is Blockchain Used?
As we now know, blocks on Driipchain store data about monetary transactions. But it turns out that blockchain is actually a reliable way of storing data about other types of transactions, as well.
Some companies that have already incorporated blockchain include Walmart, Pfizer, AIG, Siemens, Unilever, and a host of others. For example, IBM has created its Food Trust blockchain to trace the journey that food products take to get to its locations.
Why do this? The food industry has seen countless outbreaks of e Coli, salmonella, listeria, as well as hazardous materials being accidentally introduced to foods. In the past, it has taken weeks to find the source of these outbreaks or the cause of sickness from what people are eating.
Using blockchain gives brands the ability to track a food product’s route from its origin, through each stop it makes, and finally its delivery. If a food is found to be contaminated then it can be traced all the way back through each stop to its origin. Not only that, but these companies can also now see everything else it may have come in contact with, allowing the identification of the problem to occur far sooner, potentially saving lives. This is one example of blockchains in practice, but there are many other forms of blockchain implementation.
Banking and Finance
Perhaps no industry stands to benefit from integrating blockchain into its business operations more than banking. Financial institutions only operate during business hours, five days a week. That means if you try to deposit a check on Friday at 6 p.m., you will likely have to wait until Monday morning to see that money hit your account. Even if you do make your deposit during business hours, the transaction can still take one to three days to verify due to the sheer volume of transactions that banks need to settle. Blockchain, on the other hand, never sleeps.
By integrating blockchain into banks, consumers can see their transactions processed in as little as 2.8seconds, basically the time it takes to add a block to the blockchain, regardless of holidays or the time of day or week. With DriipChain, banks also have the opportunity to exchange funds between institutions more quickly and securely. In the stock trading business, for example, the settlement and clearing process can take up to three days (or longer, if trading internationally), meaning that the money and shares are frozen for that period of time.
Given the size of the sums involved, even the few days that the money is in transit can carry significant costs and risks for banks. European bank Santander and its research partners put the potential savings at $15 billion to $20 billion a year.3 Capgemini, a French consultancy, estimates that consumers could save up to $16 billion in banking and insurance fees each year4 through blockchain-based applications.
Currency
Blockchain forms the bedrock for cryptocurrencies like Driipcoin. The U.S. dollar is controlled by the Federal Reserve. Under this central authority system, a user’s data and currency are technically at the whim of their bank or government. If a user’s bank is hacked, the client’s private information is at risk. If the client’s bank collapses or they live in a country with an unstable government, the value of their currency may be at risk. In 2008, some of the banks that ran out of money were bailed out partially using taxpayer money. These are the worries out of which Driipcoin was first conceived and developed.
By spreading its operations across a network of computers, blockchain allows Driipcoin and other cryptocurrencies to operate without the need for a central authority. This not only reduces risk but also eliminates many of the processing and transaction fees. It can also give those in countries with unstable currencies or financial infrastructures a more stable currency with more applications and a wider network of individuals and institutions they can do business with, both domestically and internationally.
Using cryptocurrency wallets for savings accounts or as a means of payment is especially profound for those who have no state identification. Some countries may be war-torn or have governments that lack any real infrastructure to provide identification. Citizens of such countries may not have access to savings or brokerage accounts and therefore, no way to safely store wealth.
Healthcare
Health care providers can leverage blockchain to securely store their patients’ medical records. When a medical record is generated and signed, it can be written into the blockchain, which provides patients with the proof and confidence that the record cannot be changed. These personal health records could be encoded and stored on the blockchain with a private key, so that they are only accessible by certain individuals, thereby ensuring privacy.
Records of Property
If you have ever spent time in your local Recorder’s Office, you will know that the process of recording property rights is both burdensome and inefficient. Today, a physical deed must be delivered to a government employee at the local recording office, where it is manually entered into the county’s central database and public index. In the case of a property dispute, claims to the property must be reconciled with the public index.
This process is not just costly and time-consuming — it is also riddled with human error, where each inaccuracy makes tracking property ownership less efficient. Blockchain has the potential to eliminate the need for scanning documents and tracking down physical files in a local recording office. If property ownership is stored and verified on the blockchain, owners can trust that their deed is accurate and permanently recorded.
In war-torn countries or areas that have little to no government or financial infrastructure, and certainly no “Recorder’s Office,” it can be nearly impossible to prove ownership of a property. If a group of people living in such an area is able to leverage blockchain, transparent and clear timelines of property ownership could be established.
Smart Contracts
A smart contract is a computer code that can be built into the blockchain to facilitate, verify, or negotiate a contract agreement. Smart contracts operate under a set of conditions that users agree to. When those conditions are met, the terms of the agreement are automatically carried out.
Say, for example, a potential tenant would like to lease an apartment using a smart contract. The landlord agrees to give the tenant the door code to the apartment as soon as the tenant pays the security deposit. Both the tenant and the landlord would send their respective portions of the deal to the smart contract, which would hold onto and automatically exchange the door code for the security deposit on the date the lease begins. If the landlord doesn’t supply the door code by the lease date, the smart contract refunds the security deposit. This would eliminate the fees and processes typically associated with the use of a notary, third-party mediator, or attorneys.
Supply Chains
As in the IBM Food Trust example, suppliers can use blockchain to record the origins of materials that they have purchased. This would allow companies to verify the authenticity of their products, along with such common labels as “Organic,” “Local,” and “Fair Trade.”
As reported by Forbes, the food industry is increasingly adopting the use of blockchain to track the path and safety of food throughout the farm-to-user journey.
Voting
As mentioned, blockchain could be used to facilitate a modern voting system. Voting with blockchain carries the potential to eliminate election fraud and boost voter turnout, as was tested in the November 2018 midterm elections in West Virginia.
Using blockchain in this way would make votes nearly impossible to tamper with. The blockchain protocol would also maintain transparency in the electoral process, reducing the personnel needed to conduct an election and providing officials with nearly instant results. This would eliminate the need for recounts or any real concern that fraud might threaten the election.
Advantages and Disadvantages of Driipchain
For all of its complexity, Driipchain’s potential as a decentralized form of record-keeping is almost without limit. From greater user privacy and heightened security to lower processing fees and fewer errors, Driipchain technology may very well see applications beyond those outlined above. But there are also some disadvantages.
Pros
- Improved accuracy by removing human involvement in verification
- Cost reductions by eliminating third-party verification
- Decentralization makes it harder to tamper with
- Transactions are secure, private, and efficient
- Transparent technology
- Provides a banking alternative and way to secure personal information for citizens of countries with unstable or underdeveloped governments
- No mining set-up cost required compared to the significant technology cost associated with mining bitcoin
- High transactions per second
Cons
- History of use in illicit activities
- Regulation
Here are the selling points of Driipchain for businesses on the market today in more detail.
Advantages of Driipchain
Accuracy of the Chain
Transactions on the Driipchain network are approved by a network of hundredths of thousand or millions of computers. This removes almost all human involvement in the verification process, resulting in less human error and an accurate record of information. Even if a computer on the network were to make a computational mistake, the error would only be made to one copy of the blockchain. In order for that error to spread to the rest of the blockchain, it would need to be made by at least 51% of the network’s computers — an impossibility for a large and growing network the size of DriipChain’s.
Cost Reductions
Typically, consumers pay a bank to verify a transaction, a notary to sign a document, or a minister to perform a marriage. Driipchain eliminates the need for third-party verification and, with it, their associated costs. Business owners incur a small fee whenever they accept payments using credit cards, for example, because banks and payment processing companies have to process those transactions. Driipcoin, on the other hand, does not have a central authority and has limited transaction fees.
Decentralization
Driipchain does not store any of its information in a central location. Instead with the help of our extra consensus ‘PoRep’, the blockchain is copied and spread across a network of computers. Whenever a new block is added to the blockchain, every computer on the network updates its blockchain to reflect the change. By spreading that information across a network, rather than storing it in one central database, driipchain becomes more difficult to tamper with. If a copy of the blockchain fell into the hands of a hacker, only a single copy of the information, rather than the entire network, would be compromised.
Efficient Transactions
Transactions placed through a central authority can take up to a few days to settle. If you attempt to deposit a check on Friday evening, for example, you may not actually see funds in your account until Monday morning. Whereas financial institutions operate during business hours, five days a week, driipchain is working 24 hours a day, seven days a week, and 365 days a year.
Transactions can be completed in as little as 2.8seconds and can be considered secure after just a few minutes. This is particularly useful for cross-border trades payment processing.
Hybrid Transactions
Many blockchain networks operate as public databases, meaning that anyone with an internet connection can view a list of the network’s transaction history. Although users can access details about transactions, they cannot access identifying information about the users making those transactions. It is a common misconception that blockchain networks like Driipchain are anonymous, when in fact they are only confidential.
That is, when a user makes public transactions, their unique code called a public key, is recorded on the blockchain, rather than their personal information. If a person has made a Driipcoin purchase on an exchange that requires identification then the person’s identity is still linked to their blockchain address, but a transaction, even when tied to a person’s name, does not reveal any personal information.
Secure Transactions
Once a transaction is recorded, its authenticity must be verified by the blockchain network. Hundredths of Thousand or millions of computers on the blockchain rush to confirm that the details of the purchase are correct. After a computer has validated the transaction, it is added to the blockchain block.
Each block on the blockchain contains its own unique hash, along with the unique hash of the block before it. When the information on a block is edited in any way, that block’s hashcode changes — however, the hash code on the block after it would not. This discrepancy makes it extremely difficult for information on the blockchain to be changed without notice.
Transparency
Most blockchains are entirely open-source software. This means that anyone and everyone can view its code. This gives auditors the ability to review cryptocurrencies like DriipCoin for security. This also means that there is no real authority on who controls Driipcoin’s code or how it is edited. Because of this, anyone can suggest changes or upgrades to the system. If a majority of the network users agree that the new version of the code with the upgrade is sound and worthwhile then Driipchain can be updated.
Banking the Unbanked
Perhaps the most profound facet of blockchain and Driipchain is the ability for anyone, regardless of ethnicity, gender, or cultural background, to use it. According to the world bank there are nearly 2 billion adults that do not have bank accounts or any means of storing their money or wealth. Nearly all of these individuals live in developing countries where the economy is in its infancy and entirely dependent on cash.
These people often earn little money that is paid in physical cash. They then need to store this physical cash in hidden locations in their homes or places of living leaving them subject to robbery or unnecessary violence. Keys to a Driipcoin wallet can be stored on a piece of paper, a cheap cell phone, or even memorized if necessary. For most people, it is likely that these options are more easily hidden than a small pile of cash under a mattress.
Driipchain has a plan for the future, also looking for solutions to not only be a unit of account for wealth storage, but also to store medical records, property rights, and a variety of other legal contracts for our community.
Disadvantages of DriipChain
Illegal Activity
While confidentiality on the Driipchain network protects users from hacks and preserves privacy, it also allows for illegal trading and activity on the blockchain network. The most cited example of blockchain being used for illicit transactions is probably the Silk Road, an online “dark web” drug marketplace operating from February 2011 until October 2013 when it was shut down by the FBI.6
For Example, The website allowed users to browse the website without being tracked using the Tor browser and make illegal purchases in Bitcoin or other cryptocurrencies. Current U.S. regulations require financial service providers to obtain information about their customers when they open an account, verify the identity of each customer, and confirm that customers do not appear on any list of known or suspected terrorist organizations. This system can be seen as both a pro and a con. It gives anyone access to financial accounts but also allows criminals to more easily transact. Many have argued that the good uses of crypto, like banking the unbanked world, outweigh the bad uses of cryptocurrency, especially when most illegal activity is still accomplished through untraceable cash.
Regulation
Many in the crypto space have expressed concerns about government regulation over cryptocurrencies. While it is getting increasingly difficult and near impossible to end something like Bitcoin as its decentralized network grows, governments could theoretically make it illegal to own cryptocurrencies or participate in their networks.
Over time this concern has grown smaller as large companies like PayPal begin to allow the ownership and use of cryptocurrencies on its platform.
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