An Introduction to Blockchain and Cryptocurrency
The first step to understanding BCharity’s Cryptocurrency platform is to know how cryptocurrencies operate on Blockchains. Using a database is a method of storing data electronically that makes it very easy to access any specific content within it. A blockchain is a type of database that makes use of blocks that are chained together in chronological order. When new information comes in, a new block is opened to store it and once the block is full, it is chained onto the previous block.
While there are many uses for blockchain, the most popular use is as a ledger for transactions. The cryptocurrencies, Bitcoin and Ethereum among others, use decentralized blockchains to record their transactions. Being decentralized means that instead of the blockchain being housed in one server, it is housed in many computers or nodes across the globe. Every node has a complete record of the blockchain from start to present. This way transactions will never be reversed as an error in one node would be caught quickly by the other nodes which would cross-reference each other to find the error.
BCharity’s $GIVE Token
The GIVE token is BCharity’s own token. There will be 210,000 total minted and in circulation at all times. $GIVE token will be initially priced at $1 per token by BCharity. However, as more people use our services and more popularity is gained, the token will be more in demand. Thus, $GIVE will be able to sell for more value. An important aspect to note about this token is that it is not a stable coin, which means that unlike Bitcoin, for example, there is no real world asset such as USD to back its price. The price of $GIVE is, therefore, very volatile.
