Cryptocurrency and blockchain are taking the technology and financial world by storm. Many believe that we are on cusp of an economic revolution. Despite interest and desire to enter world of cryptocurrency, many individuals find it either a. too complicated, or b. too risky.
Newly has set out to launch a rewards and incentive platform where consumers can earn points on purchases that are redeemable for cryptocurrency. Utilizing an “ease-of-use” model and free digital wallet, newly will create a scenario that allows users to easily enter the world of cryptocurrency transactions. Allowing point to crypto exchanges on the newly platform also mitigates the “risk” for the user.
what is blockchain technology?
A blockchain is a continuously growing list of records, called blocks, which are linked and secured across several computers that are linked in a peer-to-peer network using cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp, and transaction data. By design, a blockchain is resistant to modification of the data.
Decentralization or decentralisation is the process of redistributing or dispersing functions, powers, people or things away from a central location or authority. This term is used when discussing cryptocurrencies most often in relation to government.
Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
A distributed ledger, as it relates to blockchain, is a peer-to-peer network collectively adhering to a set of rules to validate new blocks. Once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks, which requires consensus of the network majority.