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Blockchain is arguably the most futuristic technology which is growing very rapidly day-by-day. This technology developed alongside the creation of bitcoin, which is a decentralized currency. Although many people associate blockchain with bitcoin, both are of completely different characteristics.
Blockchain is a record-maintaining platform. It records all the transactions directed towards it. Whereas bitcoin is a cryptocurrency that has its value. Blockchain on the other hand is opensource and any developer can use it to build anything he wants to. Before diving into the topic of how blockchain maintains so many records. And how to write data on it. You have to understand the basic analogy of cryptography.
What is Cryptography?
The ‘Crypto’ from cryptography means ‘hidden secret’ in Greek. Whereas ‘Graphy’ means to study. Putting them together cryptography is a study of secure data transmission. It is very useful in cases 
when messages transmit without public knowledge. So, that people cannot read sensitive information. It works on certain pre-decided protocols that can decipher the messages.
when messages transmit without public knowledge. So, that people cannot read sensitive information. It works on certain pre-decided protocols that can decipher the messages.What is a Block-Chain?
It is important to understand Cryptography first before diving into the blockchain. In this technology, multiple blocks interlink with the help of cryptography. Where each block has its predecessor’s hash, data, and timestamp. Most companies use it as a ledger to maintain full-proof records. Because you cannot reverse the transaction once recorded on a Blockchain.
Hashing
It is the conversion of unified data into unique combinations. When you transact via blockchain and the verification of that transaction is complete. Then that data is treated using a hashing algorithm. Where the data converts into unique numbers and letters so that the system can add that detail to the block. Hashes are very peculiar in terms of blockchain because it only works one way. Although the combination of similar data will create the same hash every time. Reversal of hash is almost impossible. Because even a slight change in data will change the unique hash number.
How is data written to a blockchain?
Blockchain has a decentralized database. Due to which data never accommodates in a single place. Its distribution is to all the systems available in the network known as nodes. Were, each device or node stores 
blockchain data in the form of a copy. Let’s see an example to understand that:
blockchain data in the form of a copy. Let’s see an example to understand that:Taking 2 parties into consideration, one is Alex, & the other is Stella.
Let’s suppose Alex is sending a payment to Stella. For that, he will use his private key along with Stella’s blockchain address. When he transacts, there is an allocation made to a block. This block is then verified by multiple algorithms on the network.
Once the block validates, it is then added to the blockchain. After which Stella will receive her payment. Then data with details of this transaction will be present on that block forever.
Is storing data on a Blockchain costly?
The data which you can store on a blockchain is very limited. Most of the chains do not allow more than few kilobytes. Storing data across blockchain is also very expensive. Because you not only pay the base price of storing data, but there are also charges as per the size of data you store. The fees for Fast smart contracts are even higher.
BitPay is the largest and fastest-growing crypto payment service provider. And what better way to get into the cryptocurrency ecosystem than to partner with BitPay. In an announcement, the US-based 
hotel chain Kessler Collection Partners with BitPay. They did so with an intention to start accepting crypto as payment. With that Kessler Collection has become the first luxury hotel chain to do so in the US. Kessler Collection is following the footsteps of many big entities. And is working in hand with BitPay to create a crypto-friendly ecosystem.
Which Crypto Coins will Kessler Accept?
Kessler Collection currently owns 8 luxury and corporate hotels all across the US. And with the help of BitPay, the chain is looking to accept multiple crypto payments. Due to the growing demand for cryptocurrency. It has already started accepting Bitcoin, Ethereum, Dogecoin, and many stable crypto coins. Kessler already started accepting payments via crypto coins on immediate measures.
How Customers will Pay to Kessler Collection?
Richard Kessler CEO of Kessler Group was the one who initiated this deal with BitPay. To accommodate the need for a crypto-friendly ecosystem, Kessler Collection has already started accepting payments via BitPay.
Properties of Beaver Creek, Charlotte, Savannah, and Augustine are using traditional card payment channels. Also, their invoices will contain links to pay in the email. BitPay will power these links and customers can pay bills via multiple cryptocurrencies. They will accept coins like BTC, ETH, DOGE, BCH. Along with that, you can also pay via fiat currencies like USDT, BUSD, etc.
More details about Kessler Collection
Kessler Collections has multiple artistically created monuments under its arsenal. It is one of the top-class hotel chains in the US. With properties in many posh areas, it is always an exciting experience to visit Kessler. It has hotels in Colorado, Georgia, Carolina, Alabama, and also Florida. All the hotels possess breath-taking infrastructures designed with beautiful artifacts. Some of its hotels date back to 1888 with beautiful antique designs.
What did officials have to say?
Richard Kessler, the chairman, and CEO of Kessler Collection. Choose a concept that leads the innovation 
force of the hospitality industry is a must, he said. Above all, he stated that crypto is going to generate even more acceptance in the coming days. And with BitPay we can offer our customers better payment solutions. He also added that this will help them reach more customers.
Cryptocurrencies provide cheaper and better payment solutions said the CCO of Bitpay. In addition, Sonny Singh added that bitcoin is even cheaper than credit card payments. And defy all international currency barriers. He acknowledged the willingness of Kessler in accepting this innovative approach. This will create a more convenient payment solution for customers, said the CCO of BitPay.
The CFO of Kessler said this will help them create a streamlined payment solution. He also said customers will no longer have to visit local currency exchanges. Furthermore, Fravy added crypto is cheaper than average cards acknowledging Sonny Singh’s comments.
Recently the US government officials revealed something out of the ordinary. They said that the government will offer Bitcoin in its upcoming auction. Usually, the General office auctions 
material goods. Like cars, storage containers, etc. But, its decision to auction BTC at this point came as a surprise to many.
Most of the time the US-based GSA auctions equipment that is in federal surplus to the public. The current bitcoin auction will occur in a week under lot number 4KQSC121105001. This auction states that bitcoin has already become more mainstream.
How much bitcoin will the Government auction?
The quantity of bitcoin they are auctioning is 0.7501 BTC. Its estimated value should be around $38,700. Although, the government denies to answer, from where they confiscated such bitcoin. Clearly, they have no use of it.
Though unbelievable, this is not the first time the Government is auctioning bitcoin. In fact, this quantity is not even close to the amount of bitcoin the US officials offered in public action. This dates back to 2014 when the US Marshals Service auctioned around 30K bitcoin. They seized ransomed bitcoin from the Silk Road market. With all that happening, many large entities are buying their stake in bitcoin. And the cryptocurrency is all set to break through newer barriers.
What was the valuation of the 2014 Auction?
When the US auctioned around 30,000 bitcoin, its estimated value was around $19 Million in 2014. Later, Trim Draper, a venture capitalist bought them, but the price was never disclosed. It is estimated that bitcoin would be roughly worth around $1.5 Billion as bitcoin skyrocketed to $51,000.
When will this auction occur?
Auctions where items like scientific equipment, heavy machinery, vehicles arrive. Bitcoin is certainly receiving a lot more interest from the public. As per the GSA’s official auction website, the auction will be in 
Atlanta, Georgia. Here bidders will bid their price and the one to bid highest is the winner. The bidding will start from 5 PM on 15th Mar and last until 48 hours. The starting amount will be around $25,000 as per sources.
The full payment for 0.7501 BTC will occur via wire transfer on or before 19th March. Once the auctions are complete the winner will receive all the bitcoins. This is after the clearance of all dues.
What are the requirements for Entering the Auction?
Below are the documents you need to present before entering the auction successfully:
- Forfeited Property Sales Certification Form:
This form is mandatory for all the appliers. As it reveals the nature of business you do. It also proves that you do not work for the Department, and also not the previous owner of those bitcoins.
- Bitcoin End-Use Certificate:
This is a mandatory criterion for the auction. In the form, you need to enter your name, bitcoin wallet details, your personal identity number, and other personal information.
Your participation in the auction is subject to successfully completing both of these forms.
Meitu is a Chinese photo-editing app maker launched in 2008. In a recent report, Meitu reveals that it purchased a decent amount of stake in crypto coins. It purchased $22 Million worth of Ethereum.
Also, Bitcoin for $17.9 Million. Flowing major investors in cryptos like Tesla and Square. Meitu is also backing cryptocurrencies with its extensive cash reserve. Although most of these companies invested in BTC, Meitu stands out the most. Its major portion of the investment is into the Ethereum blockchain coin ether.
Why did Meitu Bought ETH & BTC?
This act proves that Meitu is a crypto supporter. The company also said cryptocurrencies provide diversification. There are Speculations that Meitu might look into entering the blockchain app business.
After the company revealed this on Sunday. The prices of ether have seen a positive change. Bitcoin runs on its blockchain. Whereas Ethereum runs on a different network altogether. It operates on an open-source blockchain technology that is developer-friendly. This means any developer can develop apps on the Ethereum blockchain. What’s more the company can also use ether as its payment driving force. As it works seamlessly on top of this blockchain. In a statement, Meitu compares blockchain to the disruption smartphones bought. They said it has the potential to bring a change in the technological and financial sector.
They also stated that cryptocurrencies have a large space for improvement monetarily. And the company can benefit from that in the long-run by diversification. By allocating a part of its cash treasury they can even counter devaluation.
About Meitu
There was a time in the early 2010s when Meitu was the pioneer in the beatification of photos. It created that 
dominance just by providing touch-ups to regular pictures in China. But all this came to a stand-still after smartphones took over the industry by storm. Now, most devices come with a built-in filter that creates similar effects. This makes it hard for companies like Meitu to survive in the market. The company which was HK$18 in 2017 is now standing at just HK$3 currently.
dominance just by providing touch-ups to regular pictures in China. But all this came to a stand-still after smartphones took over the industry by storm. Now, most devices come with a built-in filter that creates similar effects. This makes it hard for companies like Meitu to survive in the market. The company which was HK$18 in 2017 is now standing at just HK$3 currently.Meitu’s chairperson Mr. Cai Wensheng is also an amid supporter of this revolution. Even though coin offering and crypto exchanges are not allowed in China. He says, he purchased around 10K Bitcoins in 2018 alone.
More details about the purchase
Meitu aims to create an alternative growth plan. There are doing that by investing in the crypto world with a positive mindset. On 7th March it purchased close to 15K ether that is worth $22.1 Million. And around 380 Bitcoins worth $17.9 Million. All these transactions took place in the open market. Bit, this is not the end, the company is looking to invest more. With around $100 Million in cash reserves. Meitu aims to invest all that into cryptocurrencies. Considering that, this might be their first buy, out of the many coming in the future.