Blockchain Technology has evolved greatly since the introduction of Bitcoin by Satoshi Nakamoto in 2009. In just a few years, what was once merely known as the technology behind Bitcoin has quickly gained recognition for its applications far beyond cryptocurrencies. The technology’s ability to create more transparency and fairness while also saving businesses time and money is impacting the efficiency of a variety of sectors.
According to ReportLinker, the global blockchain market is expected to increase by 80% between 2018 and 2023, from $1.2 billion to $23.3 billion. By 2025, blockchain will be considered mainstream and integral to the capital market and ecosystem, according to research by Accenture. Various giant corporations including Microsoft, Walmart, IBM, and Mastercard are taking notice of these business benefits and have embraced this transformative technology themselves. Several more organizations and innovation enthusiasts are striving to follow suit as they begin to rethink their strategies for the digital age. Indeed, everyone has heard the claim that blockchain will change the world.
With the majority of the available blockchain-related information on the internet directed towards educating developers and technology experts, the experts are well aware of the power of blockchain. However, those without a tech background may not fully understand the hype and the vast assortment of applications blockchain holds for society.
It’s important for everyone to get up to speed, especially for those planning on venturing into blockchain strategy and investment because this game-changing technology is clearly here to stay. In this article, we will be guiding you through the basics of blockchain technology followed by a Cloud 2.0 review to help you make an educated investment.
What is Blockchain?
In short, blockchain is a series of linked data blocks that maintain a continuously-growing list of transactions across every network distributed over tens of thousands of computers. These data blocks are time-stamped, meaning all stored information can be easily tracked and traced at any time.
The decentralized nature of blockchain is one of the differentiating factors which makes it a leading technology and constitutes the system’s enhanced security. The biggest problem with a centralized system is that it is vulnerable to corruption and/or manipulation by the middleman, or data gatekeeper. The distributed nature of blockchain spreads information across different networks via nodes, to manipulate the ledger one would have to gain the approval of every other user on the network. This makes it almost impossible to hack, changing the way centralized banking is done and also significantly enhancing the security of the records.
In comparison to conventional means, blockchain not only increases security and transparency through its decentralized nature but also offers increased efficiency and speed. The technology is capable of facilitating faster transactions and transfer of assets such as by allowing peer-to-peer cross-border transfers with digital currencies.
While it may require a hefty investment, once implemented, the technology will definitely prove itself cost-effective with its wide-reaching benefits. Deploying a blockchain system in your business can massively decrease overhead expenditures by significantly reducing transaction costs and eliminating the need for middlemen such as lawyers and bankers. These cost benefits can then be directed to customers or other business-boosting initiatives.
How Can Blockchain Impact Our Daily Lives?
Blockchain solutions are not only limited to the exchange of cryptocurrencies. From manufacturing to healthcare to supply chain and beyond, the technology has much to offer to businesses across various industries. In fact, blockchain has already started to disrupt the way we do things.
● Cybersecurity
Being an open space, the World Wide Web is prone to hacking, navigating the online world safely has become a prime concern for all users. Companies of all sizes are increasingly focused on protecting networks, computers, programs and data from attacks, damage, and unauthorized access. Though the number of hackers is on the rise, the ways to combat them are also improving very fast, one such way is with the nearly impenetrable blockchain technology.
Blockchain technology provides one of the best ways to store and manage data or any digital interaction thanks to its transparent and secure environment which is highly resistant to outages. Its decentralized and anti-tampering nature prevents potential fraud and decreases the chances of stolen data, thereby making a strong contribution to improving and simplifying cybersecurity. The implementation of rigorous encryption and data distribution protocols on a network calls for total assurance of data security.
● Healthcare
The tasks of accessing, managing, and extracting a large amount of data generated from the healthcare industry every day do not come easy, which is why interoperability is a huge problem in the industry. While the present technology has helped in handling vast data, blockchain technology can bring the quality of the healthcare industry to the next level. But how?
Ledger technology allows healthcare providers and customers to manage trial data and handle medical records without losing personal privacy and regulatory compliance. This offers a means to interoperate since all users of a network can connect to the same network and work on shared information. For example, an old patient’s records can be directly extracted with a universal record repository in the blockchain network. Given the current technology, the healthcare provider would need to undergo a tedious and error-prone process to complete the task.
● Digital Voting
As more people come to realize the importance of a transparent voting mechanism in shaping a truly democratic society, the application of blockchain as service to implement distributed electronic voting systems is gaining more attention. With the help of the technology, voters can effectively participate in an open voting record by submitting their votes anonymously. Since no fakes can be created and tampering is nearly impossible, the votes can be counted with absolute certainty. Blockchain encourages true democracy, where people have total control over the course of policy themselves. In reality, this idea has already been utilized by the Liberal Alliance in the 2014 Denmark elections.
● Smart Contracts
In layman terms, smart contracts are legally binding digitized contractual agreements that are enacted upon meeting predetermined conditions. As mentioned above, one of the best things about blockchain is that there’s no need for intermediaries due to its decentralized nature. Smart contracts backed by blockchain shape a secure, efficient, and user-friendly experience in the creation and completion of contracts while getting rid of human intervention. This self-executing contract is applicable in various sectors such as the entertainment industry whereby issues with royalties and ownerships can be dealt with internationally.
Blockchain technology is growing fast and promises to be the next major tidal wave of innovation. Cloud 2.0 is at the forefront of blockchain innovation and its practical, real-world application. We hope to move the technology forward through the development of Cloud 2.0 so that, ultimately, it can contribute to the way we live and work. The fact that Cloud 2.0 is experiencing incredible growth despite being in the stage of infancy has led many to believe that Cloud 2.0 is a scam. Some have even believed rumors accusing Cloud token as a Ponzi scheme and Cloud token wallet frauds.
To push back claims of Cloud 2.0 scams and assure you of Cloud 2.0’s legitimacy, let us help you better understand our platform.
What is Cloud 2.0?
Securing digital assets since 2013, Cloud 2.0 is the world’s first social wealth wallet to be built on the latest blockchain 4.0 technology. This enables the multi-currency wallet to facilitate cross-chain encryption exchanges and payments between some of the most popular currencies in the market: BTC, CTO, DOGE, ETH, LTC, TUSD, USDT, and XRP. The list continues to grow as we work to gradually increase our range of currencies available for asset exchanges.
With Cloud 2.0, you can trade or implement digital assets quicker and easier without having to make complicated pending orders through various exchange platforms. We have specifically sourced a team of highly-skilled blockchain developers to bring to you a product capable of establishing the utmost convenience when it comes to asset management.
Thanks to a strong technological backbone, we have successfully established a secure, reliable, and efficient platform. At the heart of our technology are these three components:
1. Cross-chain Protocol Plugin
The cross-chain implementation allows the smooth transmission of value and information between different blockchain networks, making it possible for everyone to enjoy the full benefits of ledger technology. Two main representations of the cross-chain implementation are asset swap and asset transfer, both an important part of the blockchain world. This emerging technology not only lays the foundation for blockchain mass adoption and use but also enables dApp creators to utilize the Cloud 2.0 smart contract protocol to build other highly-scalable systems.
2. Cross-chain Consensus Mechanism
With the blockchain network hosting millions of people in one single space, how is it possible that they never interfere with one another? The reason behind this is the consensus mechanism underpinning the architecture of the blockchain network. Consensus algorithms are what make all the blockchain consensus sequences different from one another. This guarantees that an out-of-chain asset is entirely aligned with the wallet on the chain.
3. Multi-chain Chain Wallet
The increasing number of public-chains has led to an increase in people holding several digital assets of the public-chain at the same time. As a decentralized wallet that supports several blockchain assets, we work to enhance user convenience by ridding the need to install and use multiple corresponding single-chain wallets. You can easily manage CTO through our platform that supports off-chain assets such as BTC and ETH.
These features combined offer more than innovative transactions and settlement. It is empowering individuals and organizations to change the world by achieving blockchain interoperability. These are the very features that set us apart from all other crypto wallets in the market.
At Cloud 2.0, we value the safety of your assets. Hence, we have conducted numerous compression tests and equipped the platform with powerful anti-theft technology to ensure the highest security levels. Driven by the mission to do what is best for our community, we strive to deliver a continuous wealth-building environment for the community. Through a feature known as arbitrage trading, you can increase your earning potential simply by holding your digital assets within Cloud 2.0.
What Is Arbitrage Trading?
By constantly searching for arbitrage opportunities, we enable you to exploit even the smallest of fluctuations in the market. This is made possible through Jarvis AI bot, whereby we set up the whole technology for you to integrate with selected exchanges and provide ongoing technical support.
Using historical data, the platform runs to estimate the returns the trade could generate, making it easier to profit. This means you can exploit the price differentials between the exchanges when executing trades. Feel free to encash the rewards or even reinvest the amount anytime through the wallet. With no membership fees and contracts, Cloud 2.0 is the perfect solution to keep funds liquid and growing.
It doesn’t matter if you’re an active user or just a passive observer anticipating the power of the digital infrastructure, be sure to keep an eye out for the impactful changes Cloud 2.0 is bringing to the industry. We hope that this insightful read has cleared your doubts regarding the false accusations of Cloud token wallet scam and Cloud token wallet Ponzi scheme.
