What you need to know about the blockchain before investing from 2019

Crypto Invest 2019

As the buzz surrounding crypto-leaders is settling in, a new wave of great interest has surfaced to take advantage of the technology sustaining it; and that is the blockchain.

With a similar influence to desktop computers or the World Wide Web, the blockchain has managed to transform the way in which people and companies carry out their activities. However, instead of replacing the current hardware/software base, the blockchain relies on transaction methods -and details- that exist between users with different practical interests — purchase, sale, exchange, use. If you are new in the crypto-enthusiast community, here at Skelpy, we have made a brief insight on the fundamental knowledge you need for venturing into the blockchain world and soon to take advantage of our platform.

1. The concept

Referred to as “public ledger technology,” the blockchain is an information protocol organized by chapters (blocks) that are added sequentially in time. This nature of this continuity is “shared,” where different nodes or participants have a replica. No participant controls the blockchain, but the extensions of data are made by consensus.

A blockchain stores the entire history of itself, returning to its first block, known as the genesis block. The identity of each new block is composed, in part, by the identity of the previous block. Given that each block is linked to the previous one, it’s practically impossible to change its content or character.

2. The economy in its purest take

The blockchain is, technically speaking, a unique technology. Applying computer networks, cryptography, and software it is possible to create a fully distributed virtual currency, without the need for a regular figure (bank/state) issuing and controlling it.

But this liquid currency shares the same economic philosophy behind other assets: supply and demand. In short, although it is not a tangible currency, it has a robust financial structure similar to gold, which is what gives it value.

3. Purchasing power

Centralized logic to which a considerable amount of the population is accustomed, states that the only way to obtain money is by dedicating specific skills and time to occupation and being rewarded in currency form. Therefore, its use will depend on the issuing entity and the level of acceptance (official currency or not).

For financial cryptography, the figure of the issuer is replaced by “miners” — distributed computers that ensure transactions are being properly performed-. And although compensation formulas are added to this formula, users can acquire digital currencies through exchange systems — which is the most popular method.

4. Storage and management

Cryptocurrencies are entirely virtual. To access them, it was initially necessary to use software that allowed to see the account balance, make and receive transfers. For years these wallets/portfolios have been improved to become much more practical and accessible to users, brought by the appearance of Web and App modes.

In Skelpy, we took the concept of Wallet and separated it from any vague notion, until it became a decentralized, democratic and reliable tool thanks to a DPoS (Delegated Proof of Stake). Here, each purse forms a digital identity that guarantees transparency and trust among users to carry out their operations.

5. Revaluation and Benefits

There is no general rule on the minimum amount of coins you must start to buy or exchange since it depends a lot on your individual circumstances, objectives, and of course, financial status. Whether you’re buying cryptocurrencies to acquire products or services that only accept this currency or you want to make strategic investments; once you have purchased your first cryptocurrencies, you can use those assets and start expanding your portfolio and buy or invest in other types of capital.

Thanks to Skelpy, you will count on a range of the most popular cryptocurrencies nowadays as well as with native coins, on a platform that, thanks to the fluctuation of supply and demand, can increase the value of your certified stored capital.

6. Support and previsions

As exposed by experts, while cryptocurrencies have managed to rise as the potential catalyst to reimagine financial culture throughout the world, blockchain technology can bring significant benefits on different levels of society — which seems to respond to market trends.

A survey made by Deloitte, earlier this year found that 84% of respondents now see blockchain systems as more secure than systems created with conventional technologies.

If you wish to obtain more information about our platform and the rest of the benefits, you can enter: https://www.skelpy.co