The concept of ‘cryptocurrency‘ as a method of exchanging wealth without the need for a supervisor started with Bitcoin in 2008.
At its introduction, Bitcoin was simply a white paper with a new idea. But the idea caught on and grew from a fledgling idea into a truly global phenomenon, giving rise to a financial, social, and cultural revolution.
Blockchain technology is the basis for most cryptocurrencies.
A blockchain is a growing public database/registry that uses cryptography to secure blocks together in a growing chain of blocks in which the information stored is impossible to alter or delete.
The Otichain blockchain is an open source decentralized distributed-ledger capable of recording transactions between two parties in an efficient, verifiable, and permanent manner.
What gives blockchain technology its appeal can be refined into four main factors:
Transparency – Everyone has access to the distributed register with all transactions.
Trustless – A trust factor is distributed among the different nodes of the network through an economic game of incentives that require nodes to follow a set of protocols to authenticate new blocks of data on the blockchain.
Decentralized – The blockchain is not based on a single point of authority but rather on a network of nodes that must reach a consensus.
Immutable: once data is confirmed in the blockchain, that data must be authenticated by multiple nodes to confirm any future data.
Otichain supports Bitcoin’s UTXO model and Ethereum’s EVM. Resulting a blockchain that is secure, flexible, fast, and low cost.
It is constantly being tested and improved by promoting the solution to companies, government agencies, entrepreneurs, and private individuals.