How to Trade
Master the Game of Digital Asset Trading!
Explore Effective Strategies for Trading on SHAKBase
In the realm of trading, trust, security, and efficiency are crucial. That’s where blockchain technology steps in as the transformative solution.
STEP 01
The basics for a new user
When using SHAKBase on a mobile device, you can make payments effortlessly with a quick two-step scan-and-pay process. There’s no need for signing up, swiping a card, entering a PIN, or signing anything. Simply display the QR code from your SHAKBase wallet app, allowing the other party to scan your mobile, or utilize NFC technology to touch the two devices together for seamless transactions.
STEP 02
Balances - block chain
The blockchain serves as a shared public ledger that underpins the entire Bitcoin network. It contains all confirmed transactions, enabling Shakcoin wallets to determine their spendable balance and verify new transactions to ensure they are legitimately owned by the spender. Cryptography enforces the integrity and chronological order of the blockchain, safeguarding its accuracy and reliability.
STEP 03
Transactions - private keys
A transaction is a transfer of value between SHAKCoin wallets that gets included in the blockchain. SHAKCoin wallets store a secret piece of information known as a private key or seed, which is utilized to sign transactions, providing mathematical proof that they originate from the wallet owner. This signature also ensures that the transaction cannot be altered by anyone after it has been initiated. All transactions are broadcast to the network and typically start to be confirmed within 10-20 minutes through a process known as mining.
STEP 04
Processing - Mining & Contracts
Mining is a distributed consensus mechanism used to confirm pending transactions by incorporating them into the blockchain. It establishes a chronological order within the blockchain, preserves the neutrality of the network, and enables different computers to agree on the system’s current state. To achieve confirmation, transactions must be bundled into a block that adheres to stringent cryptographic rules verified by the network. These rules prevent the alteration of previous blocks, as modifying them would invalidate all subsequent blocks.
Additionally, mining operates like a competitive lottery, ensuring that no individual can easily add consecutive blocks to the blockchain. This design ensures that no group or individual can dominate the inclusion of transactions in the blockchain or replace parts of it, preventing attempts to roll back their own expenditures.
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