Frequently Asked Questions
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Bizaka is a Business Academy and Blockchain Consortium, which consists of experts from business, finance and technical sectors.
This is the time of technological transformation, i.e., Web-2 to Blockchain Technology. We, Bizaka predict a massive business conversion using the new technologies. As such, Bizaka prepares to capitalize the business sector by its own concept of ‘ Multiple Businesses under One Roof’.
Zaka is the own cryptocurrency of Bizaka institution. Zaka Coin is a cryptocurrency created especially for the transaction purposes of Bizaka’s own ‘decentralized startup projects’ as like Webbazar.
The major advantage of blockchain technology is nothing but 100% decentralization. Such decentralization needs a digital transaction tool and the same tool denies the role of any third parties. Yes, of course , the said digital tool is termed as cryptocurrency. Obviously, Bizaka's decentralized projects need a cryptocurrency and that resulted in Zaka Coin.
Webbazar is decentralized online marketplace. It is the pioneer startup project of Bizaka.
A blockchain is a distributed database or a distributed ledger that is shared among the nodes of a computer network. As a database, a blockchain stores information electronically in digital format. The innovation with a blockchain is that it guarantees the fidelity and security of a record of data and generates trust without having a trusted third party.
A database usually structures its data into tables, whereas a blockchain stores data in blocks that are then linked together via cryptography. In brief, No one owns the data, but everyone has the data
a. Immutable : The blockchain is a permanent and unalterable network. Any validated records are irreversible and cannot be changed. This means that any user on the network won’t be able to edit, change or delete it.
b. Distributed Ledger Technology : All network participants have a copy of the ledger for complete transparency. Each and every node in the blockchain network has the same copy of the ledger. A public ledger will provide complete information about all the participants on the network and transactions.
c. Decentralized : There is no central governing authority that will be responsible for all the decisions. Rather a group of nodes makes and maintains the network. There is no third-party involved hence no added risk in the system.
d. Secure : All the records in the blockchain are individually encrypted. Using encryption adds another layer of security to the entire process on the blockchain network. Since there is no central authority, it does not mean that one can simply add, update or delete data on the network.
e. Consensus : Consensus is a decision-making algorithm for the group of nodes active on the network to reach an agreement quickly and faster and for the smooth functioning of the system.
f. Unanimous : All the network participants agree to the validity of the records before they can be added to the network. When a node wants to add a block to the network then it must get majority voting otherwise the block cannot be added to the network.
g. Faster Settlement : Traditional banking systems are prone to many reasons for fallout like taking days to process a transaction after finalizing all settlements, which can be corrupted easily. On the other hand, blockchain offers a faster settlement compared to traditional banking systems.
h. Dis-intermediary : There is no third-party or an intermediary or a central authority involved hence no added risk in the system.
There is no central governing authority that will be responsible for all the decisions. Rather a group of nodes makes and maintains the network. There is no third-party involved hence no added risk in the system.
In a decentralized blockchain network, no one has to know or trust anyone else. Each member in the network has a copy of the exact same data in the form of a distributed ledger. If a member’s ledger is altered or corrupted in any way, it will be rejected by the majority of the members in the network.
Distributed Ledger Technology (DLT) is a protocol that enables the secure functioning of a decentralized digital database. Distributed networks eliminate the need for a central authority to keep a check against manipulation.
All network participants have a copy of the ledger for complete transparency. Each and every node in the blockchain network has the same copy of the ledger
A cryptocurrency is a digital currency, which is an alternative form of payment created using encryption algorithms. The use of encryption technologies means that cryptocurrencies function both as a currency and as a virtual accounting system. To use cryptocurrencies, you need a cryptocurrency wallet.
Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary's involvement or time loss.
In the context of blockchain, disintermediation refers to the power of removing intermediaries in the distribution network, which means transferring power from suppliers to consumers by establishing a direct relationship between the producers and end users via a blockchain platform. In this regard, the disintermediation role of blockchain technology is expected to lower costs, reduce inefficiencies and increase data security.
"Whereas most technologies tend to automate workers on the periphery doing menial tasks, blockchains automate away from the center. Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job. And let the taxi drivers work with the customer directly."— Vitalik Buterin, co-founder of Ethereum.
Well said by Mr, Buterin. The blockchain technology is to relieve the previous technologies saying that a middle man or central authority enjoys maximum profit of a business. On the other hand it is questioned about the retirement or leave for the founder or the central authority?’ Meanwhile, the blockchain technology relieves the founder at the same time when a decentralized 'startup' is launched but with the uninterruptible business profit. Obviously, he gets his business profit share instantly, which is credited to his DApp wallet according to the smart contract.
Decentralized finance (DeFi) is an emerging financial technology based on secure distributed ledgers similar to those used by cryptocurrencies. The system removes the control banks and institutions have on money, financial products, and financial services.
- It eliminates the fees that banks and other financial companies charge for using their services.
- You hold your money in a secure digital wallet instead of keeping it in a bank.
- Anyone with an internet connection can use it without needing approval.
- You can transfer funds in seconds and minutes.
- According to investopedia