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An introduction
In this publication, we will discuss the ecosystem of a typical Blockchain Development Services in Saudi Arabia. The ecosystem indicates different interactions between the stakeholders within the system and the outside world. The different stakeholders we will explore are:
- Users
- Investors
- Miners
- Developers
The more blockchain block attractive to each stakeholder, the more likely it is to grow healthy. So, without further ado, let us introduce you colorful characters that make up the ecosystem blockchain including Artificial Intelligence Solutions in Saudi Arabia.
Users
It’s you! That’s right, users are ordinary people who use a series of blocks or cryptocurrency to achieve a goal other than buying a cryptocurrency for sale at a later time (ie say less to invest). For users to exist, the currency of the cryptocurrency must have some benefit (something your coins spend on). Here are the three most popular blockchains.
- Bitcoin
- Ethereum
- Ripple
Investors
Most stakeholders in almost all collective ecosystems are still investors. As a result, deceptive currency markets continue to be very speculative, and the price movement of +/- 30% or more in one day is not uncommon. Part of the reason that blockchain markets are too volatile is that it is very difficult to assess the real value of encryption or decentralized application. Technology is still small, and the shortage of users due to limited use makes it difficult to predict how technology will be used when mass adoption occurs.
The barrier to entry remains high enough as most people are reluctant to enter the market
Miners
In order to operate blockchain and maintain its integrity, it needs a wide network of independent nodes around the world to maintain it permanently. In private blockchains, a central organization has all nodes in the network. On the other hand, in public blockchains, anyone can configure their computer to act as a node. The owners of these computers are called minors.
Since blockchain safety is directly related to the number of independent nodes on the network, there must also be an incentive to extract. Different blockchains use different mining systems
Developers
As we discussed in the last post, the blockchain has the ability to become much more than just a cryptocurrency. There are currently two types of developers in the world of blockchain:
- Blockchain Developers
- dApp developers
Blockchain developer in Saudi Arabia builds a new blockchain with different levels of functionality. Application developers build decentralized applications that can run on text strings, giving users a reason to use blockchain (any utility).
Understanding this will allow you to make better decisions and make full use of this emerging technology. Did you like this blog post? Have we forgotten the stakeholders? What do you think of the various stakeholders and their impact on the entire ecosystem? Do you think we will see that the government is adding an encrypted currency to its reserves?