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1/What is a #Blockchain?
For most people, Blockchain can be difficult to understand.
But leaving complex terms behind, it is a very simple technology.
This is a thread on 'The Basics of Blockchain.'
For most people, Blockchain can be difficult to understand.
But leaving complex terms behind, it is a very simple technology.
This is a thread on 'The Basics of Blockchain.'
2/Blockchain is a tech that stores transactional data, permanently.
That, simply, is its main use case.
Once on the blockchain, itâs next to impossible for someone to alter or delete this data.
That, simply, is its main use case.
Once on the blockchain, itâs next to impossible for someone to alter or delete this data.
3/Letâs say, you just sent some Bitcoin to the kid who helped mow your lawn.
This transaction has been permanently recorded on the Bitcoin blockchain and thereâs no way you can alter or delete it.
This transaction has been permanently recorded on the Bitcoin blockchain and thereâs no way you can alter or delete it.
4/This is because a blockchain is not controlled by a single person or institution.
It is distributed among the computers that participate in the network.
It is distributed among the computers that participate in the network.
5/To alter the recorded data, youâll need to get into at least 51% of all participating computers.
Only by changing data on 51% of the nodes, can you convince the whole network to believe that your âaltered dataâ is in fact authentic.
Believe me, its easier said than done
Only by changing data on 51% of the nodes, can you convince the whole network to believe that your âaltered dataâ is in fact authentic.
Believe me, its easier said than done
6/Think of a blockchain as a group of people, working together towards a common goal as a team but without a leader.
Traditionally, groups require a leader to establish âtrustâ among the participants.
But thanks to the design of this tech, there is no trust required.
Traditionally, groups require a leader to establish âtrustâ among the participants.
But thanks to the design of this tech, there is no trust required.
7/Today, thousands of blockchains exist and Bitcoin is only one of them.
The use cases of this tech are unlimited.
Although all blockchains record different types of transactions, they fundamentally work in the same way.
The use cases of this tech are unlimited.
Although all blockchains record different types of transactions, they fundamentally work in the same way.
