You most probably have heard about Crypto currency and how that it's an avenue for wealth creation and all the sorts . If you want to know more about the basic concepts of Blockchain technology and Digital Assets then this article is just for you.
What is a Blockchain ?
Blockchain consists of two words ; BLOCK and CHAIN , the BLOCK consists of nodes or pockets of trade information that are linked together in a CHAIN , this technology doesn't allow for trade data to be controlled or regulated by a central entity but every one in the network is involved in the running of the Network in a process known as a consensus protocol.
A blockchain uses a decentralized ledger to record every Trade data and every node has a copy of this ledger and it is constantly updated as transactions are carried out . Blockchains are the backbone of cryptocurrencies as it allows for these digital Assets to be exchanged or traded efficiently .
WHAT IF I WANT TO CHEAT THE SYSTEM BY GETTING A FEW NODES TO FALSIFY TRADE DATA?
Blockchains are designed to be able to withstand Byzantine node ; that is members that are not honest .
Since the nodes of a network are scattered across the world in their thousands and millions , it will be difficult to get enough nodes to succeed . Decisions on a Blockchain requires consensus and different blockchains have different consensus mechanisms .
WHAT ARE DIGITAL ASSETS ?
Digital Assets are virtual coins or tokens that hold some value and this value is determined by some factors like demand, supply , and some real life events like a pandemic , coin adoption , even some tweet from someone very influential .
The first cyotocurrency is BITCOIN , It was developed in 2009 by a mystery man Satoshi Nakamoto and since then more and more Blockchains , tokens and coins have been created and indeed these assets has revolutionalised transaction in a way .
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