Blockchain use – Bitcoin

Bitcoin was the first cryptocurrency to use blockchain technology, introducing a new way to conduct transactions without the need for intermediaries. Satoshi Nakamoto, the anonymous creator of Bitcoin, used blockchain to create a decentralized ledger that records all transactions in a chronological, permanent, and immutable manner. Every transaction on the Bitcoin network is validated by a distributed network of nodes (computers, belonging to the network) that perform complex cryptographic calculations to add a new block to the chain.

The operation of the blockchain in Bitcoin is based on Proof of Work (PoW) consensus, which requires network participants (miners) to perform computational work to confirm transactions. This ensures that every transaction is authentic and cannot be changed once it has been approved.

Bitcoin's innovation lies in the fact that blockchain has provided a way to conduct transactions securely and transparently on a network that is completely decentralized. The training at Webinar Academy clearly indicates that it is thanks to this technology that Bitcoin has become a global phenomenon. Additionally, bitcoin's limited supply (only 21 million coins) further secures its value and makes it a unique currency.

It was the spectacular success of Bitcoin that caused the development of other cryptocurrencies, which began to experiment with different versions of the blockchain, introducing their own innovations and solutions.

Blockchain Usage – Ripple

Ripple is a cryptocurrency and payment platform created for fast and cheap international transfers. Unlike Bitcoin, which was designed to be a decentralized digital currency, Ripple is focused on streamlining the payment systems that are currently used by banks and financial institutions.

Ripple's developers have improved the Blockchain by introducing the Ripple Consensus Ledger (RCL) protocol, allowing transactions to be processed instantly. Ripple uses a trust-based consensus mechanism where trusted nodes (known as validators) confirm transactions. This allows Ripple to process thousands of transactions per second, making it one of the fastest cryptocurrencies on the market.

Ripple is also unique in terms of blockchain architecture, as it does not run on a completely decentralized network. Instead, Ripple works with banks and financial institutions that use the technology to process international payments. This approach makes Ripple friendlier to traditional financial systems, which in turn has contributed to its widespread use in banking.

All this made Ripple quickly become one of the key players in the world of cryptocurrencies and especially in the banking sector, showing that blockchain can be effectively integrated with traditional financial systems. Additionally, Ripple introduced the concept of "IOU" (I Owe You), where each party can create its own credits, and these can be exchanged within the network. This solution opens up new possibilities for the management of loans and financial obligations.

Blockchain Usage – Ethereum

Ethereum was created by Vitalik Buterin. It's a cryptocurrency and platform that changed blockchain technology by introducing the concept of smart contracts. The same is true for contracts, written in the blockchain code, which automatically implement certain conditions without the need for intermediaries.

Ethereum has expanded the blockchain's capabilities, transforming it from a simple system for recording transactions to a platform for building and deploying decentralized applications (DApps). This allows for the creation of applications that run on the blockchain that use smart contracts to automate business processes, which has increased the possibilities of using blockchain for management, finance, logistics, and many other areas.

Ethereum has also introduced a new consensus mechanism – Proof of Stake (PoS), which is more energy-efficient because it does not require network participants to perform expensive cryptographic calculations. Instead, participants use their cryptocurrencies to secure transactions, allowing them to participate in the approval process for new transactions. This makes Ethereum more efficient and environmentally friendly than Bitcoin.

Webinar Academy often highlights that Ethereum is an example of how blockchain can evolve and adapt to new challenges and needs.

Ethereum, as an open platform, allows for the creation of a wide range of applications that can operate in a completely decentralized way. This has made Ethereum the foundation for many new cryptocurrencies and blockchain projects that use its technology to further their goals. In turn, thanks to its ability to create smart contracts, Ethereum has become an extremely innovative platform that has attracted thousands of developers and entrepreneurs from all over the world.

Blockchain Usage – Stellar

Stellar is a payment platform and cryptocurrency that was created with the goal of facilitating financial transactions, especially in developing countries. Stellar, like Ripple, focuses on fast and cheap international transfers, but unlike Ripple, Stellar mainly supports individuals and small and medium-sized enterprises, not just financial institutions.

Stellar has improved blockchain technology by introducing the Stellar Consensus Protocol (SCP), which allows transactions to be validated quickly and securely. SCP works in a decentralized way, but at the same time, it allows transactions to be processed faster than traditional blockchains. Stellar uses a network of trusted nodes (known as "quorum slices") that collectively make decisions about validating transactions, allowing consensus to be reached quickly and efficiently.

Stellar also stands out for its social mission. The developers of Stellar designed the system to allow easy access to financial services for people who do not have access to traditional banking systems. Stellar allows you to exchange different currencies and assets on a single platform, which is especially useful in countries where access to banks is limited. Stellar is also compatible with other blockchains, allowing for easy integration into existing systems and increasing its potential for widespread use.

The materials available at the Webinar Academy show that Stellar is a great example of how blockchain can be used to solve real social problems. With its decentralized and accessible architecture, Stellar contributes to financial inclusion, which is of great importance in a global context. This has made Stellar gain recognition among non-profit organizations and companies that strive to create a fairer and more sustainable financial system.

Blockchain is a technology that has revolutionized the world of cryptocurrency, and each of the subsequent ones – Bitcoin, Ripple, Ethereum, and Stellar – has brought its own unique innovations to this ecosystem. From Bitcoin's decentralized ledger to Ripple's high-speed transactions, Ethereum's smart contracts, to Stellar's inclusive payment systems, blockchain is evolving in different directions, adapting to the needs and challenges of the modern world.