Technology

The FomoETH token and NFTagram application are predicated upon the rapidly emerging blockchain technology, which is quickly becoming the centrifugal force for global tech market growth. But how does Blockchain work?

How Blockchain works

Blockchain technology is essentially a distributed database of contracts or a ledger of transactions that have been implemented among all contributing entities.

Every transaction in the ledger is verified by consensus of a majority of the participants that the system is comprised of, and once entered, this data is immune to tampering, alterations, and even deletion.

Therefore, it contains an irrefutable and verifiable record of every transaction ever processed. The technology has the potential to revolutionize the digital and financial world by enabling ​a distributed agreement​, all without compromising the privacy of the digital assets and people participating.