Genesis 0x02: Basics of Blockchain
π Howdy
I hope you all are doing well and fine! Welcome to the awesome world of Blockchain Security. I am back with the second edition of our Genesis Series i.e. Genesis 0x02
π€ What is a Blockchain?
Blockchains are trending, we hear about them almost everyday. Whenever we search about them on the internet we are blown away with buzz words like decentralized, distributed, time-stamped, etc. but do we really understand them? I am pretty sure that by the end of this article you will have a pretty decent understanding of Blockchains and how do they work.
π Explain like I'm five
A blockchain is like a digital ledger used to hold transactions, transactions that transfer or hold instruments of value (that represent real money). Anyone can add a new transaction to a blockchain, however, the previous transactions cannot be tampered with without everyone noticing.
β© Fast track learning
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Blockchain is a peer-to-peer, distributed computer network, which makes use of cryptography to securely host applications, store data, and transfer instruments of value.
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Anyone can add new transactions to the blockchain, but the previous transactions cannot be tampered with without everyone noticing.
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Decentralized blockchains are immutable, which means that the data entered is irreversible.
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Bitcoin is based on a global, peer-to-peer value transfer and transaction protocol (i.e., the blockchain).
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Bitcoin works on consensus protocol (majority wins).
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Bitcoin transactions can take as little as 15 minutes and as much as over an hour depending on network congestion.
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The larger the Bitcoin network grows the more secure it gets.
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Proof of work is more costly than Proof of stake.
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