Technology Behind LandOrc
LandOrc’s technology stack is currently built on the Ethereum blockchain and the platform mechanism is powered by the following three distinctive tokens as we introduced in our previous part:
1. Land NFT Tokens (“LandNFT”)
2. LandOrc Tokens (“LORC”) [pssst…check out their pioneer sales @https://landorc.io/ ending on 29th August 2021, without vesting, and get additional 10%]
3. Land Governance Tokens (“LGOV”)
In addition to the above, do note that you came across terms like Blockchain, Ethereum Blockchain, smart contracts and digital assets. Even before diving into LandOrc’s technology, one has to understand or grasp the basics of these terms. But have no fear as we are not going to explain them with those technological jargons. Go on reading and you might find it interesting.
For many, Blockchain is Bitcoin and Bitcoin is Blockchain i.e., Blockchain is cryptocurrency. It’s funny that people want to but crypto but do not understand the basics. This has led to a lot of losses for many crypto investors.
So, what exactly is Blockchain Technology (BT)? Well, it’s just a software that can be used for many applications and one of them is being cryptocurrency. In layman’s term Blockchain is an ever-growing, secure, shared record keeping system in which each user of the data holds a copy of the records, which can only be updated if all parties involved in a transaction agree to update. To simplify further, it’s like a ledger where your crypto or financial transactions are kept or recorded and it’s secure. For a bank transaction you can check your records online. It’s very similar.
Just imagine a story book. You have the pages, title, page numbers and the contents or entries. You go page by page to read a story. Just like the pages in the book you have blocks in Blockchain. Each block will have the financial transaction (cryptocurrency) in it just like content on every page. It’s time stamped too. Exactly like banking records. These ledgers or blocks are arranged one after the other just like a chain, hence the name blockchain. These financial transactions are verified by thousands of computers or computing machines that we call as miners. Assuming you tear off a few pages in the story book, you won’t be able to read the complete story. The book becomes redundant. Similarly, if a hacker wants to change an information in the block transaction than that particular chain becomes redundant or probably that miner will be rejected by other miners.
Imagine these blocks are like blocks to build a house. For example, a 3-story house. Each floor has got 6 blocks arranged one after the other. In total 18 blocks. If a person wants to remove and replace block no.9 than he will have to start removing from block no.18 and downwards until he reaches block no.9. Replace it and rebuild from no.10 onwards until no.18 again. This is going to cost him a lot of energy and waste of time and money. Consider the person here as the hacker and the blocks are in blockchain. In public Blockchains (like Bitcoin and Ethereum), more complex algorithms are required to avoid malicious activities. Since each block is built on top of the previous Block, the immutability has been achieved. Here immutability means, very difficult to fake/alter a block & very easy to detect the tampering. We did mention in the beginning that LandOrc’s technology stack is currently built on the Ethereum blockchain.
So, we have internet and BT works on top of it. The blockchain is the decentralized transparent ledger with the transaction records — the database that is shared by all network nodes, updated by miners, monitored by everyone, and owned and controlled by no one. It is like a giant interactive spreadsheet that everyone has access to and updates and confirms that the digital transactions transferring funds are unique. Above BT is the protocol (like rules that tells what to do. Network has to follow this rule to successfully transmit data) — more like the software system that transfers the money over the blockchain ledger. Then, the top layer is the currency itself, Bitcoin, which is denoted as BTC or Ethereum denoted as ETH when traded in transactions or exchanges. We call it the technology stack. Keep it at the back of your mind as we might refer back to this again in the future.
Layer 3 — Currency (crypto)
Layer 2 — Protocol
Layer 1 — Blockchain Technology
We have used the simplest style to explain about BT. Can you imagine reading it with technological jargons? One of the reasons many do not want to delve into getting the knowledge. Hope this simplified version helps. Tomorrow we will get into Ethereum Blockchain. So, stay tuned.