In this paper, we analyze the OLXA advanced technology in the Ethereum Blockchain for online and offline combined services, OLXA Services are considered the next revolutionary for enhancing blockchain applications and technologies.
Introduction to the Concepts of Bitcoin and Cryptocurrencies
Bitcoin (BTC) was the first cryptocurrency that was developed in 2009 by Satoshi Nakamoto, and was the first digital currency with a constant change in its variable value according to the amount of supply and demand in the market, which started at 1 cent in 2009 and today, worth thousands of dollars.
Bitcoin and other Cryptocurrencies had some challenges in the online payment systems such as the Double spending, reverse payments, security, and anonymity. They succeeded in maintaining some aspects for users worldwide just like anonymity, fast transactions, low fees, and security.
The most important aspect of Bitcoin is its transactions being processed through Blockchain Technology, which converts any transaction to a shape of block being verified among users or nodes in the network as it is decentralized. This allows many developers to cite alternative applications of Blockchain using digital tokens or assets in order to represent other assets or coins with the enhancement of financial transactions.
OLXA Group intends to enhance the performance of transactions and applied application through the Ethereum smart contract, using enhanced ways in providing real applications and lifetime payments through the hashing algorithm for encryption/decryption to provide more secured transactions, lowering the transactions fees, and allowing users to fully depend on OLXA Coins to do their real business in a safe and secured manner.