Blockchain, Cryptocurrency and ICO Explained with Examples
Hello Everyone, this is Chris Kim from the HILARIUM FOUNDATION.
I haven’t discussed much about the exact ecosystem of our Hilarium ICO yet~~
It’s because our ICO is still at an early stage; for now, I can just share the general direction our team is heading to, and some progresses that we’ve made.
I haven’t discussed much about the exact ecosystem of our Hilarium ICO yet~~
It’s because our ICO is still at an early stage; for now, I can just share the general direction our team is heading to, and some progresses that we’ve made.
Soon, however, you will be able to receive more detailed updates on our Hilarium ICO.
For today’s post, I’m going to talk about Blockchain, Cryptocurrency and ICO in general, using my own analogies.
As I mentioned before, although they seem complicated, learning these items is essential because they will bring great changes to our life.
Blockchain uses a safe method of displaying data into blocks and distributing its copies to multiple places.
To consider why it’s secure, here’s an analogy.
For today’s post, I’m going to talk about Blockchain, Cryptocurrency and ICO in general, using my own analogies.
As I mentioned before, although they seem complicated, learning these items is essential because they will bring great changes to our life.
Blockchain uses a safe method of displaying data into blocks and distributing its copies to multiple places.
To consider why it’s secure, here’s an analogy.
In the Goryeo and Joseon Dynasty, true records and important books were stored in multiple places in order to prevent them from any damage or loss.
Before the Japanese invasion of Korea in 1592, out of 3 records kept in different areas, only one of them ended up being saved.
The record could still be kept because multiple copies were stored in different areas.
The same principle applies to the Blockchain method— it prevents any damage or loss of information by distributing it into multiple places.
In addition, the records on a blockchain are secured through cryptography— privately owned by each network participant.
The same principle applies to the Blockchain method— it prevents any damage or loss of information by distributing it into multiple places.
In addition, the records on a blockchain are secured through cryptography— privately owned by each network participant.
As the blocks are connected to one another, any illegal alterations will be immediately known by the peer network.
For example, when making important contracts, we make sure the information and order of the contract won’t get confused by either folding the first page of the contract or putting a registered seal on a specific location of the contract.
For example, when making important contracts, we make sure the information and order of the contract won’t get confused by either folding the first page of the contract or putting a registered seal on a specific location of the contract.
The digital version of this would be blockchain.
Blockchains are decentralized and distributed across peer networks that are constantly updated and kept in sync.
Blockchains are decentralized and distributed across peer networks that are constantly updated and kept in sync.
Because the information is distributed in multiple locations, it cannot be altered from a single computer.
It would require at least half of majority of computers to access certain blockchain and alter them.
Therefore, once the information in put in, it is very difficult to change it. Blockchains’ such features help to secure your data.
The bigger your network is, the more resistant your blockchain will be.
Furthermore, the wider and safer your network gets, the higher the costs become.
Therefore, once the information in put in, it is very difficult to change it. Blockchains’ such features help to secure your data.
The bigger your network is, the more resistant your blockchain will be.
Furthermore, the wider and safer your network gets, the higher the costs become.
Large amount of money is required for taking care of the massive amount of computing power.
Few years ago, there was a news about how the online delivery company ‘Coupang’ built a national physical distribution network in order to fasten the delivery to the customers.
Few years ago, there was a news about how the online delivery company ‘Coupang’ built a national physical distribution network in order to fasten the delivery to the customers.
To build such network, distribution centers, delivery cars and more employees were needed on a national scale.
So, Coupang decided to invest about one billion dollars that they have received from the investor Softbank to such construction.
Blockchain is the digital version of the distribution network.
It delivers and manages valuable financial data like currency.
Significant amount of money needs to be invested for the construction of such network;
Blockchain is the digital version of the distribution network.
It delivers and manages valuable financial data like currency.
Significant amount of money needs to be invested for the construction of such network;
it needs to be the safest and most trustworthy network.
Think of how much money and resources are currently put into the global financial system and institutions right now.
How much value would such information network have, as it continues to expand by thousands and millions of computers?
How much value would such information network have, as it continues to expand by thousands and millions of computers?
Yet, how much money would be required to build such network by oneself?
If you were a programmer wishing to build such large scale information network, how would you gather such large amount of money needed for its construction?
Seek money from venture capital? Write a proposal to the government?
Previously, small startups were only left with such options as the above; nonetheless, those options still left them with many restrictions.
It was then, with perfect timing, a great alternative solution came out… ICO.
If you were a programmer wishing to build such large scale information network, how would you gather such large amount of money needed for its construction?
Seek money from venture capital? Write a proposal to the government?
Previously, small startups were only left with such options as the above; nonetheless, those options still left them with many restrictions.
It was then, with perfect timing, a great alternative solution came out… ICO.
