Blockchain is a distributed database or ledger that is shared among the nodes of a computer network. As a database, a blockchain stores information electronically in digital format. Blockchains are best known in cryptocurrency systems such as Bitcoin or ether to maintainin a secure and decentralized record of transactions.
Protocols are crucial components of Blockchain technologies that enable information to be shared securely, reliably across cryptocurrency networks automatically. Protocols are basic sets of rules that allow data to be shared between computers. In cryptocurrencies, they establish the structure of the blockchain - the distributed database that allows the digital money to be securely exchanged on the internet.
It is a self executing contract with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements exist across a distributed, decentralized blockchain network. The code controls the execution and transactions that are trackable and irreversible.
Protocol tokens represent a claim to capital or store that value of asset. Protocol token like ether are connected to a platform like Ethereum. Ethereum is a blockchain platform to run decentralized applications(DApps). Dapps are powered by smart contract software that automated the logic of a business agreement.
A fully decentralized solution offers customers a simple and user friendly way to make payments in any cryptocurrency that swaps through the least expensive decentralized exchange(DEX) automatically. For ex, the core DePay Payments widget is simple and free to integrate into DApps and websites with few lines of code. An automated two click payment interface eliminates the need to send buyers offsite to a DEX to get required cryptocurrency.