Blockchain is something that is also known as DLT ( Distributed Ledger Technology ) that allows its user to transfer data and create blocks seamlessly it makes history and records a certain digital asset that can be altered or tampered with, blockchain is completely transparent as well as this history that it creates in stored on it for eternity and can be viewed by anyone.
A great analogy for blockchain would be comparing it to any file that can be shared via Google Drive and viewed by the people that it is being shared within a decentralized manner all the changes to that file are being recorded in real-time and no one has to wait for these changes to be seen in the file as they have the real-time view of that particular file.
The blockchain uses cryptographic hashing that enables this digital asset to be transferred from one place to another as well as record everything and create data that’s written forever.
It is extremely revolutionary as it creates transparency, and security, and reduces fraud in a way that can make it scale rapidly and efficiently.
When the first block is established on the chain it creates a cryptographic hash, this cryptographic is forever stuck to this nonce unless its mined
Each and every single hash is verified before a transfer takes place and any mistake in this process can cause the re-mining of this block.
Mining enables users to use complicated software that makes them verify and solve cryptographic puzzles to verify if the transfer is real and there’s no issue in the transfer.
Miners get rewarded for mining these blocks depending on the hash rate of their computers and GPUs.
To date, there have been over 6700 cryptocurrencies that are created in the world one of the biggest being Bitcoin $BTC and the second biggest being Ethereum $ETH.
Ethereum allows its users to create programs that interact on top of its blockchain and thus giving birth to Smart Contracts.
Ethereum is a revolution in itself and has been deemed the biggest innovation on the blockchain because of its accessibility, speed and security.
This technology has enabled users of the blockchain to create digital assets also known as NFTs Non Fungible Tokens that interact majorly on the Ethereum blockchain and are usually used to store creative Art that is unique, defines ownership and prevents fraud in the counterfeit Art market.
With many practical applications and the next big thing in the world of technology, blockchain has created Web3 which is the successor to the traditional Web2 which consists of websites and the internet.
Mass adoption of the blockchain is getting more prevalent by the day and the world is changing the way the Internet and Money work.
A great analogy for blockchain would be comparing it to any file that can be shared via Google Drive and viewed by the people that it is being shared within a decentralized manner all the changes to that file are being recorded in real-time and no one has to wait for these changes to be seen in the file as they have the real-time view of that particular file.
The blockchain uses cryptographic hashing that enables this digital asset to be transferred from one place to another as well as record everything and create data that’s written forever.
It is extremely revolutionary as it creates transparency, and security, and reduces fraud in a way that can make it scale rapidly and efficiently.
Working of the Blockchain
Blockchain consists of three essential components that are blocks, nodes and miners.What is a block?
A block is essentially a set of data which further consists of a nonce and hash. A nonce is a 32-bit number that creates the block header hash and a hash is a 256-bit number attached to this nonce.When the first block is established on the chain it creates a cryptographic hash, this cryptographic is forever stuck to this nonce unless its mined
Mining
Mining is essentially the processing of these cryptographic blocks and verifying the data that enables cryptocurrency transfers to happen.Each and every single hash is verified before a transfer takes place and any mistake in this process can cause the re-mining of this block.
Mining enables users to use complicated software that makes them verify and solve cryptographic puzzles to verify if the transfer is real and there’s no issue in the transfer.
Miners get rewarded for mining these blocks depending on the hash rate of their computers and GPUs.
To date, there have been over 6700 cryptocurrencies that are created in the world one of the biggest being Bitcoin $BTC and the second biggest being Ethereum $ETH.
Ethereum allows its users to create programs that interact on top of its blockchain and thus giving birth to Smart Contracts.
Ethereum is a revolution in itself and has been deemed the biggest innovation on the blockchain because of its accessibility, speed and security.
This technology has enabled users of the blockchain to create digital assets also known as NFTs Non Fungible Tokens that interact majorly on the Ethereum blockchain and are usually used to store creative Art that is unique, defines ownership and prevents fraud in the counterfeit Art market.
With many practical applications and the next big thing in the world of technology, blockchain has created Web3 which is the successor to the traditional Web2 which consists of websites and the internet.
Mass adoption of the blockchain is getting more prevalent by the day and the world is changing the way the Internet and Money work.
