Blockchain Blockchain Blockchain. The words that buzz around us quite frequent this few months.
Many people took 'Blockchain' project as a tool to gain a fortune, without any basic understanding the basic of blockchain. Most of them basically blindly invest, and of course get rekt in return.
So, What is Blockchain?
BLOCK + CHAIN
The word itself basically explains itself. To put it simple, they are-
'A chain of blocks that grows continuously overtime'.
What is block?
Block is basically a ledger, which act as a database and record keeper.
So, blockchain is
'A chain of database that grows continuously overtime.'
Distributed Ledger Technology
To ensure the data is safely backed up, the ledger is 'Distributed' around the network.
- First i have this copy of data.
- I need to make sure this data will not disappear.
- Let's distribute this piece of data around.
After the database is distributed around, we do not have to rely on one single place(e.g. Server) to store this data.
To put it in terms, we called it - 'Distributed Ledger Technology (DLT)'.
So is Blockchain = Distributed Ledger Technology?
Yes. But this is just a very fundamental concept of what blockchain is.
To put blockchain is a full equation,
Blockchain= Distributed Ledger Technology + Cryptography + Consensus + Game Theory.
Conclusion Part I
Blockchain is a 'Distributed ledger that records data and grow continuously overtime.
Will continue onto next criteria on next post!
Thanks! =)