5 Common Misconceptions About Blockchain And Cryptocurrency

In our previous articles about Blockchain, we have explored and learned a lot about the whole Blockchain infrastructure, cryptocurrencies, how to integrate Blockchain APIs into Delphi applications, non-fungible tokens, and more.

Is Blockchain’s only application cryptocurrency?

Blockchain and cryptocurrency are outstanding together. But they also work brilliantly on their own. Every industry can use the underlying distributed ledgers to build reliable systems.


Is everything public in Blockchain?

Bitcoin is a public ledger that tracks how much was sent from one address to the next. On a public Blockchain, transactions are visible. However, identity is decoupled from the trades. Here you can learn about the expectations and reality of Blockchain.

Are Blockchains inefficient?

To some point, it is valid depending on the structure of the Blockchain. For instance, Permissioned Blockchain is more cost-effective and energy-efficient. But Blockchains leverage a proof-of-work mechanism, usually permissionless networks mining cryptocurrency.

Does Blockchain have very limited areas of application?

Blockchain has many applications beyond cryptocurrency or token. For instance, Ethereum is a decentralized blockchain platform with more functionalities than you think. Ethereum offers a highly adaptable platform to construct decentralized applications using the native Solidity scripting language and Ethereum VM. It gives a rich ecosystem of developer tooling and extends in several ways.

Furthermore, Ethereum is the primary home for decentralized applications like financial applications – DeFi and NFTs. 

Is Blockchain the universal problem solver?

Some consider Blockchain technology the best solution for most problems in our systems. But it is only applicable for its specific domain. It can give:

  • Transparency
  • Security & Decentralization
  • Immutability
  • Improved efficiency

And these are the things why it attracts many people.

When you come closer to this technology, you start to comprehend the accurate perception of Blockchain and its features along with its drawbacks.

Over the last decade, Blockchain technology has gained a high level of triumph. If you are willing to be in this world, you should understand the essential concepts of Blockchain and other projects around it. Be sure to check out our articles to learn more about Blockchain. The more you know, the more you understand what is happening.

Blockchains and cryptocurrencies can be very computationally demanding. Why not try the raw native processing power of Delphi and download a free trial today?

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