This will be a high-level overview to give you an intro to blockchain technology. With further threads, we will dive deeper and deeper, so don't be sad if something you really looked forward to isn't included as detailed as you would have wished for, yet!
What actually is a Blockchain?
Bitcoin is breaking record after record, but there must be more to the technology than just crypto, or not? Well, we can take a look at the underlying technology first to understand what it actually provides to us.
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This will be a high-level overview to give you an intro to blockchain technology. With further threads, we will dive deeper and deeper, so don't be sad if something you really looked forward to isn't included as detailed as you would have wished for, yet!
Before we dive into blockchain technology, we should take a look at how most of the internet works. We need this to understand the fundamental differences between a traditional model and the change blockchain technology brings.
If you try to transfer money from your bank ...
Blockchain technology itself is nothing completely new. It's a combination of existing technologies creating something new and exciting, tackling very specific problems while being broadly applicable.
The process of appending a new block to the chain is either called mining or forging, depending on the actual blockchain implementation.
As you already learned, mining or forging is the process of appending a new block to the chain.
Two of those are:
- Proof-Of-Work
- Proof-Of-Stake
Although this algorithm costs a lot of energy and resources, it is pretty safe, because attackers always have to compete ...
The general idea of a blockchain is to provide a publicly available, decentralized database. Everyone can participate and work with the network. Trust is established by the implementation itself because manipulation is very difficult, ...
No one can easily take control of a blockchain and change everything to their advantage. Small-scale manipulation can be spotted and negated by the network itself.
Users do no longer have to trust a central entity to manage something for them, ...
And there is much more to a blockchain than only cryptocurrencies. You can build a whole social network on a blockchain where no censorship is possible, for example. Each entry ever made is persistent. No chance to delete a statement, ...
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