SOCIAL MEDIA COIN - Wallet for LIKE Cryptocurrency

SOCIAL MEDIA COIN is built on blockchain technology. A blockchain functions as a secure, public ledger of all transactions on a peer-to-peer network that cannot be tampered with except through the use of an impractically large amount of computing power. A complete copy of the ledger is stored on each node in the network, allowing for such security. Specifically, SOCIAL MEDIA COIN is built on the Ethereum blockchain in order to achieve a completely decentralized system. The benefits of a decentralized system are numerous. Firstly, on a decentralized system, there is less likely to be a single point of failure on the network. In a centralized system, if the central node in the network fails, the whole network fails with it. However, in a decentralized system, the network’s data and computational power is distributed among many nodes, requiring a larger number of nodes to fail before the network is seriously impacted by the failures. Secondly, by distributing computing resources across a decentralized system, as the network grows, so too does the computational power of the network. Finally, in conjunction with blockchain technology, a decentralized network allows transactions to be independently verified by any node in the network, eliminating the need for trust in a central institution to verify transactions for everyone. As the benefits of a decentralized network become more apparent, it is clear that the future of the web (sometimes called Web 3.0) is a decentralized one.