Thread by @FrancescoCiull4

I studied Blockchain at University.

Now I decided to learn it again. From Zero.

Here is a thread to summarizes what I have studied so far.

/thread

Summary:
· What is a Blockchain
· Blocks
· Resistance to modification
· Secure by design
· Structure
· Verification
· Robust workflow
· Value Exchange protocol
· Layers

· What is a Blockchain

It's a growing list of records (blocks)

The Blocks are linked together using cryptography.

It's described as an immutable data storage:
- trustless
- fully decentralized
- peer-to-peer
- immutable

It's spread over a network of participants (nodes)

· Blocks

They contain:
- a cryptographic hash of the previous one.
- a timestamp + transaction data.

The timestamp proves that the transaction data existed when the block was published in order to get into its hash.

The blocks form a chain (hence the name).

· Resistance to modification

The recorded data in a block cannot be altered without altering all subsequent blocks

They are ban be managed by a p2p network for use as a publicly distributed ledger

Nodes adhere to a protocol to communicate/validate new blocks.

· Secure by design

Although blockchain records are not unalterable as forks are possible, blockchains may be considered secure by design.

They exemplify a distributed computing system with high Byzantine fault tolerance.

en.wikipedia.org/wiki/Byzantine…

· Structure

A blockchain is a digital ledger:
- decentralized
- distributed
- often public

It consists of records (blocks)

it's used to record transactions across many computers

Any block cannot be altered retroactively, without the alteration of all subsequent blocks.

· Verification

The participants can verify/audit transactions independently and inexpensively.

A blockchain DB is managed autonomously using a p2p network and a distributed timestamping server.

They're authenticated by mass collaboration powered by collective self-interests

· Robust workflow

The uncertainty of the participants regarding data security is marginal.

The use of a blockchain removes the characteristic of infinite reproducibility from a digital asset, confirming that each unit of value was transferred once.

· Value Exchange protocol

A blockchain can maintain title rights

When properly set up to detail the exchange agreement, it provides a record that compels both offer and acceptance.

· Layers

A blockchain can be seen as several layers:
- infrastructure
- networking (node discovery, information propagation, verification)
- consensus (proof of work/stake)
- data (blocks, transactions)
- application (smart contracts/decentralized applications)

SRC: Wikipedia.

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