Learn more about crypto with this collection
Understanding the basics of blockchain technology
The benefits and challenges of using blockchain
The future of blockchain technology
Putting Away The Page
Before the page is put away in the folder, it is sealed with a unique key that everyone in the network agrees upon so that no one can make changes. By sealing it with encryption, no one can make any changes to it. This sealing of the page is the crux of this method.
Blockchain can be viewed in the following way: Think of a single page as a Block of transactions. The folder is the Chain of pages (Blocks).
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When A Transaction Happens
In a transaction, one person tells everyone in the group that he wants to transfer money to another person. Everyone writes the transaction down, see that the person can indeed transfer the money and has enough balance.
With time, more people want to transfer money to others. Whenever anyon...
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How Blockchain works
The requirement of this method is that there must be enough people who would like not to depend on a third-party.
Only then this group can maintain the register of transactions on their own.
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An Empty Folder
You need a few individuals who want to give up on banks or any third party. By mutual agreement, they have details of each other's accounts without knowing the identity of the other parties.
Everybody holds an empty folder with themselves to start with. As they progress, all these individua...
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Blockchain: What problem it solves
In order to define Blockchain, it is better to explain what problem it solves.
In the current system, transfering funds involve a third party (a bank). All a bank does is register an entry. Neither you nor the recipient controls or owns the entry in the register.
Ther...
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Other curated ideas on this topic:
Blockchain
Although most people think of blockchain technology in relation to cryptocurrencies such as Bitcoin, blockchain offers security that is useful in many other ways. In the simplest of terms, blockchain can be described as data you can only add to, not take away fr...
What is the Lightning Network?
The Lightning Network is an off-chain, layered payment protocol that operates bidirectional payment channels which allows instantaneous transfer with instant reconciliation. It enables private, high volume and trustless transactions between any two parties.
The Lig...
What's in a Blockchain BLOCK?
Each blockchain block contains:
- Data: depends on the type of chain. Bitcoin stores the sender, receiver, and amount.
- Hash: a fingerprint that identifies the block. If the content changes the hash will not match and the interference will be dete...
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