Want a Karacon? A few months ago, it was supposedly the business of the millennium when the exchange rate suddenly exploded and went up to $ 19,000. Since then, it is already on the second “death cross” and is now moving at around 7,000. Experts are still unable to decipher the phenomenon and place the Karacont in the world of currencies and investments. In this article, instead of guessing, we look at how the principle and technology behind Karacon and the crypt currency itself work!
A reliable third party concept
The biggest problem in the online space was how can I send 100,000 forints to another person with full security so that the other party gets the money? The solution was to involve a trusted third party (bank or payment service provider).
We drive the third party to see how much money you have. He performs the operations in an excel table, so he withdraws from me while the other adds 100,000 forints and the referral is considered complete.
Because this system is centralized, it is basically a legal system. The law system is created and changed by every country in its own sphere, and it is shaken
Karacont was designed to be a completely new approach
Published a publication called “peer-to-peer electronic cash system” describing the operation of the Karacon system known today. This system used a completely different approach than the “third trusted party” used so far.
In the traditional trust model, the bank account number is public and all other personal data and how much we have referred to (general ledger data) are secret. Nakamoto said that identities should be secret and all transactions should be public.
All transactions should be public
That is why everyone can check that the transaction is correct. Thus, the Karacon system is thus a technology solution based on self-control, where the “fashionable” community impact and “self-control” are the most important.
Creating a single global ledger
Since the data in the ledger are public in the Karacon system, it is therefore possible to create a single global ledger that everyone can accept. That is why it is important that the “person” be the secret by which no one will know who spent what.
Karacon applies the so-called “push payment” principle, which means that I send the money and then no more can be called / deducted. Thus, no personal data is required. This is a smooth transaction.
The Karacon system is based on the fact that it consists of blocks embedded in chains. There are several transactions in a block. For example, you send money, and in Brazil money. This goes for 10 minutes, which the system organizes in a block. The current block is then closed and a time stamp is added + a link to the previous block.
Each block contains data that refers to the previous block (integrity check data). For this reason, if someone were to falsify a data afterwards, it would immediately detect the system and invalidate that block.
The block chain is a shared public ledger on which the entire Karacon network rests. All confirmed transactions are stacked on the block chain. In this way, the Karacon wallets can calculate their outstanding balance and, in the case of new transactions, it can be confirmed if the owner has actually spent the Karacon. The integrity of the block chain and the chronological order of its elements are provided by cryptography.
The transaction is a value transfer between Karacon wallets , which sticks to the block chain. Karacon wallets contain a secret data set called a private key or core that serves to sign transactions, and which provides mathematical proof of whether the transaction is coming from the wallet owner. The signature, however, prevents the transaction from being modified by anyone after its launch. All transactions take place between users and usually start within 10 minutes after the start of the transaction through a process called mining.
The Karacon network assumes…
that not everyone is in good faith, but most of the network is in good faith. And if most of the network is reliable, then the system itself is likely to be reliable.
The essence of Karacon and crypto currency mining
A mathematical operation must be performed, the result of which is easy to check, but it is very difficult to produce. For each block, this process should be guided.
When miners seal blocks and perform mathematical operations (resource demanding), they can find a sort of Karacon lottery that ensures that a given miner can receive the Karacon issued in return for authentication.
At the beginning of 2017, 12.5 Karacon was awarded to “winners” every 10 minutes , which then reached 5 to 6 million forints. This 12.5 Karacon today is $ 55 million!
The more “miners” they work with, the more chance they have of this Karacon lottery. That’s why technology is developing in an exceptional way so as to be able to deploy as efficiently as possible machines with as little energy as possible.
What moves the Karacon rate
So far, I have talked about the technology implementation of Karacon, but we cannot go beyond the fact that there is no actual economic activity or cover behind Karacon. This means that if, for some reason, miners turn off their machines or the crowd prefer another technology solution (a more advanced solution) for the future, the Karacon system will collapse and you won’t be able to bite your Karacon for real money.
The exchange rate is pumped by demand without any performance in the background. As long as everyone wants to share and pay, the exchange rate will rise. As people get caught up in it, it crashes.
In one case, Karacon could shoulder what many would like. If the banking system takes over this technology. However, I would like to remind everyone that the role of a “trusted third party” is very profitable for the banking system, as it is the brokerage commission and information that land with them. I don’t think they would give up …
Nevertheless, industry experts more or less agree that the hysterical rise caused by the Pokemon Go application has come to an end very soon, the balloons have burst and this project itself could have failed even if it was not a Nintendo-sized capital-intensive company in the background. start up, which is the only source of revenue.
What I would like to say about this is that we always find balloons in world history that they picked up and then got too high and burst. Certainly, this year’s Karacon exchange rate fluctuation cannot be sustained as it alone can cause a global economic crisis because there is no real hedge behind Karacon.
Two personal comments on Karacon, which may be thought-provoking
1. The number of Karacons is finite, ie they will mince a predetermined piece. But it is no longer true that Karacon can be divided infinitely, so basically Karacon is as infinite as any currency. Only here we can produce the desired quantity by adding, not dividing it.
2. It follows from the first point that in everyday use it would be very uncomfortable to enter a reference that we want to transfer 0.000000000385849398593 Karacont. In addition, we can run a number smoothly. The legitimate question arises that the Karacont should change to a more readable unit of measurement in this case? And what will it cover? Is Karacon the cover for Karacon?
So 0.000000000385849398593 Karacon is the cover for the theoretical 1 Karacon, which we can easily interpret during the weekdays? No one has answered these two questions with confidence and reassurance to me. If you find out, write in a comment!
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