Tokenaire: Blockchain Public & Private Keys
You want to learn about crypto currency and block chain technology, then you’ve come to the right place.
Welcome back Tokenaires, if this is your fist time here, please subscribe to the Tokenaire YouTube Channel so you can receive updated videos on crypto currency and blockchain technology.
I talked about how the data layout of the blockchain and provides security and data integrity.
If you haven’t seen that video, subscribe to the channel, go watch the two videos before this one, and then finish reading this so you’ll be caught up with the rest of us Tokenaires.
For the rest of you Tokenaires, we’re going to go into more detail about the security and application of blockchain technology public and private keys. After that, I’m going to jump right in and introduce you to smart contracts.
Now let’s get these tokens!
On the blockchain, there are public and private key addresses that store data. The data can be the code for music, video, or software applications that can run on the network.
Tokenaire(PrivateKey)
All that is stored on the public address which is controlled by the holder of the private key. He who holds the private key sets the design and the function of the blockchain application.
The private key serves as password on a network that has no central agency to reissue access and control to the public address attached to that private key. If a Tokenaire loses a key and didn’t back it up, access and control to that account, though a devastating thought after hearing countless tales of people having millions of bitcoins lost on hard drives they through away before the price began to surge, is lost forever.
The other end of that sword is that if the owner can’t get back control without the key, neither can anyone else. It’s the safest bank in the world and the bank belongs to us all. Even better, we can create as many bank accounts and applications as we desire and setting up an account takes minutes. You don’t need ID, Social Security Number, Proof of Residence, Citizenship, or any other regulation that is normally placed on people by banks and governments. Its is the apex of a free market.
The functionality of blockchain technology rivals that of its very own security and data integrity. Not only is it the best record of past transactions, it can be programmed to execute task given future conditions. The applications are endless, a self-contained, autonomous program running on a decentralized network.
TokenAire Smart Contracts
Imagine an artificially intelligent blockchain application that makes its own applications to run free throughout the network to aid in a purpose specified by its original keyholder. It could interact with people and even other blockchain applications on the network.
In old society, a contract is based on the trust of the people who signed it. No guarantee outside of a court can ensure both sides will fulfill the terms. Imagine a band where all the members want to make sure they get their fair share for their contributions to the production o their music. The record label might try to hold payment if loopholes in the contract allow for such cases when the record is deemed not ready for release. Yet the artists did work and were not paid. With the smart contract, the label can be taken out of the equations.
TokenAire(MusicCoin)
TokenAire(Pay4Play)
A smart contract on blockchain technology can be programmed to automatically to distribute music downloads, upon payment, divide payment according to terms set, and send share of royalties to each member of the production. It makes since to reason why some industries fear this technology but this just means they will need to rise to the occasion and find out how they can add to and benefit from this kind of technology.
Trust is never an issue with smart contracts because they will always do what they were programmed to do; they keep to the code!
So just like a person would hire an attorney to review and advise on a contract, a Tokenaire may want to get an attorney and a software developer to help you sort through the content or you can just subscribe to this channel and learn how to do it like a true Tokenaire.
Alright tokenaires, subscribe to this channel and share this video on steemit, facebook, twitter, and other platforms you use, peace.
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Posted from my blog with SteemPress : https://tokenaire.io/blog/blockchain/tokenaire-blockchain-public-private-keys/