If you are aware about how cryptocurrency works then you are aware that it is digital money that doesn’t need a physical touch. One such cryptocurrency that has taken the internet by storm is chainiste. In this digital copy, webtechhelp is going to uncover some of the intricate details of this cryptocurrency so that you know what is the hype all about?
Understanding Chainiste
Chainste is now being used by most people, As this digital money is being used by businessmen, common people and corporations. This is because they have a secured payment method that can be used to do online transactions and make physical purchases too.
History of chainiste
Though this cryptocurrency came in the same year as Ethereum, it took some time to blow up. Since Ethereum was used by everyone, this cryptocurrency did get the limelight. It started surfacing when a popular online businessman stated the ease of use.
This was the same time when Ethereum faced a major bag log. Some of the Russian hacks bypassed the security code of Ethereum and stole more than 50 million dollars. The news broke on the internet and people started selling Ethereum. This created the way for chainiste.
Key features of chainiste
We are going to break key features of this cryptocurrency into three main points so that you can understand the digital currency in full detail.
Security
After the failure of Ethereum, the developers of this currency secured a two-way encryption method with passkeys and timestamps making it extremely difficult to hack. So if you are concerned with security, you don’t need to be.
Decentralization
The decentralization method works great with this cryptocurrency. This means whenever you want to do an online transaction with the help of chainiste , you will get a particular code which you have to say to the member that you are sending money to. If the code gets rejected, then the transaction gets rejected too.
Consensus Mechanisms
Think like this as standard hygiene protocol for a 5 star restaurant. This goes the same for blockchain networks too. All blockchain networks follow a standard cord and protocols that need to be accepted by all members for the transaction to happen.
Future of Chainiste
Picture this as a payment gateway where payments are processed. For instance you have all used Venmo right? That is a payment gateway where money can be sent and received. This means venmo is the payment gateway that validates your payments.
How chainiste is changing the medical history?
When this cryptocurrency came into existence everything changed. With the help of this crypto currency they were able to issue a health token and payment token. This token had the medical history of all the patients and their behaviors. So the doctor used to take the token number and instantly could find the medical history of the patient. In addition, with the help of a payment token, you were to pay your medical bills. So that’s how everything changed with this crypto.
Misconception of chainiste
The most rumored misconception today is that this crypto will suffer the same fate as Ethereum which came out great but had a fall due to its security issues. This is a very rare possibility with this cryptocurrency because it has new and advanced systems that would make it very hard to break.
Real-world industry using Chainiste
Besides the healthcare industry mentioned above, this cryptocurrency is being used in financial services, energy trading, and digital identities. Stock exchanges use this to maintain their stocks, the government uses it to maintain their identity and the energy trading companies use this to automate settlements.
Comparison to other cryptocurrencies
Every crypto is nice, but not all are secure. Yes! They follow standard protocols, but there is a security issue that can be hackable. This new cryptocurrency doesn’t allow that to happen, as the security is filled with new-age technology.
Environmental impact
The mining of cryptocurrency uses large amounts of electricity from fossil fuels. Yes, this concerns fact, but chainiste doesn’t use the formation of fossil fuels it uses eco-friendly methods. So sustainability is always maintained.
Frequently Asked Questions
A new age cryptocurrency that has taken the internet and the market by storm
It’s different based on the security feature used.
Yes since the security is tight its completely safe
It uses its own payment getaway.
It can be the biggest cryptocurrency ever , after ethereum since it is easy to use and the security is fantastic.
