Get Trading Recommendations and Read Analysis on Hacked.com for just $39 per month.
This is a sponsored story. CCN does not endorse, nor is responsible for any material included below and urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content
A Malaysian luxury car dealer held a sales event at Bukit Jalil, Kuala Lumpur Malaysia on the 6th of October 2017. The car dealer was accepting 100% MSD as means of payment, and successfully sold 8 luxury cars: 1 BMW 5 Series, 2 Mercedes CLS 350, 2 Toyota Vellfire MPV, 1 Audi Q7, 1 Porsche 911 and 1 Mini Cooper S were sold using MSD, which was priced at USD$0.10 per coin during the event.
MSD is a blockchain-based cryptocurrency which is a good investment for those interested in cryptocurrencies. Cryptocurrencies are becoming popular because of transactions done via blockchain cannot be traced, and circumvents the need for tax payment. You can easily buy the coins using your debit card and use it across the blockchain network. MSD is backed by many e-commerce businesses, making it a safe and stable investment. It is currently used by 15 million traders worldwide, and is available for trading on tidex.com.
How the transaction is done
In this case, the buyer will initiate a transaction in the blockchain in order to transfer the money to the car to be able to purchase the luxurious car. A transaction notification is then sent to a network of devices. This network then immediately tries to figure out the authenticity of the MSD by solving complex algorithms. Anyone in the network can take part in the validation process and he/she is referred to as a network “node”. The transaction is then approved once the network of devices have agreed that the initiator actually has the MSD. The transaction is then executed and the digital ledger is then set up to date across the entire blockchain. The network then puts a timestamp on the transaction and cleasr it immediately because the activity happens instantly within the blockchain
When the transaction is complete, the transaction is then linked with a prior transaction and they are then stored in a blockchain. All the blocks published are lined to a previous block causing the effect of the chain. In order to alter any transaction in any block you would have to change all the blocks prior which is impossible hence hacking, in this case, is not virtually possible.
The blockchain technology has published technical protocols that enable transfer of digital assets. The blockchain technology is decentralized across thousands and thousands of participating nodes who are anonymous and help to protect the data. It is definitely impossible to be able to attack all the nodes all at once. When one of the nodes is attacked, it can be noted by the other nodes and the transaction associated with it is immediately invalidated. Trust is created between the parties due to the decentralized distributed ledger that can be viewed by anyone in the network. There are no middlemen between the parties.
Authenticity within the blockchain is established through the permanent and unalterable record in the digital ledgers. Security of the digital assets is assured through the encrypted transactions that are sealed into blocks which cannot be interfered with. Transparency of the transactions is through the public and open decentralized blockchain that anyone in the network can view.
A blockchain can either be public or private. A public blockchain does not have barriers to join or transact in a network. Any interested party can be part of the network and can also transact in it. A private blockchain has requirements that one needs in order to join and or to transact in the network. It can be made up of a company or a group of companies. Well established banks and large companies are pursuing the idea of a private blockchain due to its potential of being highly efficient and being able to reduce costs. There are numerous private and public blockchains acting either independently or simultaneous to each other.
One would assume that since a centralized corporation is located in one place it is safer to transact there compared to a network that is decentralized. This is not so since a centralized system is actually more vulnerable to be hacked into since the hacker only needs to access one system to get a hold of any information they might need. So many cases of hacking have been reported by the centralized companies such as Target, Chase, VISA and many others.