What is a blockchain?
You’re willing to read this article because you’re curious about the emergence of cryptocurrencies and want to know how blockchain functions with the underlying technologies behind them.
But understanding the blockchain is not easy, at least for me. I began to practice by myself after browsing a lot of videos and studying a lot of lessons, such as a trek.
1. What is a blockchain?
The blockchain is a distributed ledger that is public. Any transaction occurring on the blockchain network will be recorded by the agreed algorithm on the blockchain and will meet the following conditions:
Based on Distributed Database Storage
The database is the block chain data carrier, and the block chain is the transaction logic carrier of the transaction.
Blocks are serialized in time by the blockchain, and each confirmation block is the only criterion for the entire network data consensus.
Blockchain is only valid for additions, not for other activities.
Asymmetric encryption-based public and private key verification
The Bookkeeping Node requires the problem of the Byzantine Generals to be solvable/avoidable
Consensus progress is progressively stable, that is, in the face of a certain amount of conflicting data from various nodes, it will not collapse.
The consensus process can solve the problem of double-spending
Let the node in the bookkeeping (aka miner) = N,
When N, which is a public chain, is disclosed and freely available (with a)
If a certain organization or group (such as R3 CEV) only uses N semi-public internally and can only (authorize) inquiries from the outside, then this is a consortium chain.
If N = 1, then this is a private chain (here is some controversy here. If you look within a group at this chain, depending on whether you are in the group or not, the chain may be “public” again. Does not affect its ownership, similar to traditional databases)
2. Historical background, situation today and prospects
The blockchain was born out of the BTC of Satoshi Nakamoto. Various digital BTC-like currencies have appeared since 2009, all based on public blockchains.
There are a lot of flowers in the current digital currency situation, and some common ones are listed: bitcoin and Litecoin. There are different derivative applications, such as BitShares, colored coins, Ripple, Ethereum, etc., in addition to currency applications.
Some areas that may be used for blockchain may be:
Smart Contract Agreement
Trading in securities
Electronic commerce
From the Internet of Things
Social communications
Storage File
Evidence of existence
Authentication With
Crowdfunding for equity
Blockchain development can be analogous to the development of the Internet. Someday, on the Internet, something called finance-internet is going to be formed, and that thing is based on blockchain. Bitcoin is its precursor. From the private chain/consortium chain, traditional finance begins. The bitcoin series (Local Area Network), starting from the public chain (WAN), all converge on the same concept-a digital asset-based smart financial world.
The blockchain’s evolution may be:
Blockchain 1.0-Digital currency ecology and notarial ecology
Blockchain 2.0-Ecology of contracts on digital assets and intelligent contracts
Blockchain 3.0-an autonomous social ecology based on the two above => DAO/DAC (autonomous blockchain organization/autonomous blockchain company) => blockchain (blockchain + artificial intelligence) society.
Some of the more popular platforms, in alphabetical order are:
1. BigChainDB
2. Chain Core
3. Corda
4. Credits
5. Domus Tower Blockchain
6. Elements Blockchain Platform
7. Eris:db
8. Ethereum
9. HydraChain
10 Hyperledger Fabric
11 Hyperledger Iroha
12 Hyperledger Sawtooth Lake
13 Multichain
14 Openchain
15 Quorum
16 Stellar
17 Symbiont Assembly
Thanks for reading this, I am still learning on this and will update further very soon.
Thanks
pankaj K.
