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Digital Formula Review

by Emily Jacob (2019-02-04)


Blockchain technology is basically Digital Formula a decentralized system for recording trustworthy transactions with no middlemen. Using the power of cryptography, each transaction is irrefutably linked to each other and shared throughout a network of computers. Computers on the network automatically verify the terms of transactions, acting as instant accountants "verifying the books" without any fees. So automatic verification of transactions is the basic feature of blockchain technology. This is how cryptocurrencies like Bitcoin work too. There are a finite number of coins earned through solving computational puzzles or purchasing them from someone else. Someone with the solution to a puzzle can prove their ownership of a coin because their proof is recorded in the underlying blockchain network. Participants in the network cryptographically verify the identity and the integrity of each other's proofs to guarantee who owns which coins. The impact of the blockchain concept is clear. Using blockchain technology, businesses could save trillions and deliver services faster. Specifically, they could: Eliminate the costs of proving transactions are legitimate from 3rd party services, saving trillions per year. Enable faster service by instantly verifying the terms of transactions, removing middlemen services like banks, governments and marketplaces. The Bitcoin eCommerce" trick is basically where you accept "crypto" money in an eCommerce store (for real world goods). Whilst the payment you receive will be 100% "crypto", you're able to exchange the "cost" of goods sold (COGS) out via an exchange, and keep the profits as "crypto".

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