This article is for all the newcomers to Blockchain Technology. I hope you find this article interesting.
🔰 * Bitcoin, the cryptocurrency, is the first blockchain application, and it has around 24 million accounts as of 2018. The person or team behind the bitcoin is known by the pseudonym Satoshi Nakamoto, but the entity’s real identity is cloaked in secrecy.
🔰 * The word blockchain comprises of 2 words, Block and Chain. Here Block refers to a block of transactional data while chain means a Linked List (a data structure in computer science)
🔰 * Blockchains can be mainly public (like the internet) or private (like an intranet)
Public Vs Private Blockchain
| Public | Private | |
|---|---|---|
| Access | Open Read/Write access to blockchain | Permissioned Read/Write access to blockchain |
| Speed | Slower | Faster |
| Security | POW / POS | Pre-approved participants |
| Identity | Anonymous / Pseudo anonymous | Known Identities |
| Asset | Native assets | Any asset |
| Cost | Expensive | Cheaper |
🔰 * Blockchain is still in its infancy, if we are to compare the blockchain to the internet, then Blockchain is where the internet was in the 90's
🔰 * Less than 1 % of the world’s population is using blockchain today as compared to 50 % people use the internet.
🔰 * A blockchain is most vulnerable to a breach when it first comes online.
🔰 * Once a transaction is recorded on the Blockchain and the Blockchain has updated, then that transaction cannot be altered.
🔰 * No one person or organization can turn off a Blockchain.
🔰 * A transaction is placed in a block by miners who are special nodes.
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Hello, Friends and reader if you have found this article helpful, don't forget to follow, upvote and comment down below if you have any suggestions, I would really appreciate that. Thank you.
Hi, I'd like to say it's kind of a good post but i have some suggestion.
Actually this is in someway an appreciation, I think using picture like the one that explain the block and chain concept is good, but then the other images are not (almost) self explaining as that one.
Then, I think some of the fact aren't that clear to understand and maybe put them in a kind of "related to the previous one" order will be good.
Hi, valt I really appreciate your suggestions and will try to update some of pictures to make them as self explanatory as possible.Thanks
Definitely, very well said 👏.