Block Chain Technology
The Gravity Coin block chain is capable of handling higher transaction volume than its counterpart - Gravity Coin. Due to more frequent block generation, the network supports more transactions without a need to modify the software in the future. As a result, gravity merchants get faster confirmation times, while still having ability to wait for more confirmations.
What is block chain?
Currently, most people use a trusted middleman such as a bank to make a transaction. But block chain allows consumers and suppliers to connect directly, removing the need for a third party.
Using cryptography to keep exchanges secure, block chain provides a decentralized database, or “digital ledger”, of transactions that everyone on the network can see. This network is essentially a chain of computers that must all approve an exchange before it can be verified and recorded.
How does it work in practice?
In the case of Gravity Coin, block chain stores the details of every transaction of the digital currency, and the technology stops the same Gravity Coin being spent more than once.
Why is it so revolutionary?
The technology can work for almost every type of transaction involving value, including money, goods and property. Its potential uses are almost limitless: from collecting taxes to enabling migrants to send money back to family in countries where banking is difficult. Block chain could also help to reduce fraud because every transaction would be recorded and distributed on a public ledger for anyone to see.