πWhy was this technology even introduced?
- To remove power from central authority
- To prevent frauds
- To have more transparency
- To have immutable records
- To remove power from central authority
- To prevent frauds
- To have more transparency
- To have immutable records
π When and how did it all start?
This technology was introduced back in 2008 by an anonymous person(or group) called as "Satoshi Nakamoto"
This technology was introduced back in 2008 by an anonymous person(or group) called as "Satoshi Nakamoto"
π What is Blockchain?
Blockchain is a chained link of blocks wherein each block contains data and those blocks are linked together via cryptography and in a chronological order
Blockchain is a chained link of blocks wherein each block contains data and those blocks are linked together via cryptography and in a chronological order
π Why is it called a Decentralised technology?
Since the complete list of data stored in the blockchain is not in control of any central authority but is like a distributed public ledger which anyone and everyone can have a copy of.
Since the complete list of data stored in the blockchain is not in control of any central authority but is like a distributed public ledger which anyone and everyone can have a copy of.
π What all major information is stored in a block?
- Data e.g. transaction information in case of Bitcoin
- Hash of the current block : Cryptographically aggregated transaction information of the block
- Hash of previous block
- Data e.g. transaction information in case of Bitcoin
- Hash of the current block : Cryptographically aggregated transaction information of the block
- Hash of previous block
π How is it secure?
Since every block contains the hash of the previous block, in order to make change in any one of the blocks the hacker will have to make changes to every other previous block as well, which is next to impossible & that's how it is secured
Since every block contains the hash of the previous block, in order to make change in any one of the blocks the hacker will have to make changes to every other previous block as well, which is next to impossible & that's how it is secured
π How does a transaction goes through?
- Transaction is sent to the network
- All the nodes gets notified who then start solving a complex mathematical puzzle
- Whoever solves it first let the rest of the nodes know who then start validating it
- Transaction is sent to the network
- All the nodes gets notified who then start solving a complex mathematical puzzle
- Whoever solves it first let the rest of the nodes know who then start validating it
- If at least 50% nodes validate it to be true, the transaction is added to blockchain & the node who solved it is rewarded with crypto
- The nodes who participate in solving the puzzle are called "Miners"
- Also, once the information is added it can never be removed or edited
- The nodes who participate in solving the puzzle are called "Miners"
- Also, once the information is added it can never be removed or edited
π What will the next thread be on?
It'll be specifically on one of the consensus algorithms called Proof of Workβ¨
It'll be specifically on one of the consensus algorithms called Proof of Workβ¨
Thank You for reading!
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If you liked this thread, follow me @GargEtisha and retweet this tweet so that it can reach to maximum people. Thank youβ£οΈ
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