Good day steemians. It's been so good being on this platform. Thanks to @liasteem for investing this initiative so that we can partake in this wonderful assignment which is organised by STEEM FOR BETTER LIFE. As resgards to the lectures given to us by @liasteem, I'll like to give the solutions to my assignment below.

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1. WHAT DO YOU KNOW ABOUT BLOCKCHAIN

A ledger or a data input which records all possible transactions that are carried out is done by blockchain. Therefore, blockchain is a database which stores all digital data relating to transactions of cryptocurrencies and this records can be accessed by individuals at any time.

Cryptography are codes which are used in powering blockchains. It is usually very secured and it is linked up to other computers by peer to peer network of connections.
Transparency is one feature of a blockchain because it is a means of authenticity and also shows the validity of a transaction. Different types of information can be gotten on a block chain, they are:

I. Date of transaction

II. Time of transaction

III. Sender

IV. Receiver

V. Place of transaction

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COMPONENTS OF A BLOCKCHAIN

Three (3) different components make up the blockchain. They are:

1. Blocks

Blocks are the storage form of information on a blockchain. These blocks are linked by peer to peer network so that it can be kept up to date. Different information can be gotten from the blocks of a blockchain and they include

• Nonce (which is a 32-bit number)

• Version number of the software

• Transaction records

2. Node

Every nodes are usually interconnected with the use of peer to peer network. They are very responsible for keep up to date with the latest transactions carried out on a blockchain.

It checks the authenticity of a transaction and account so as to tell if they are valid or not. Every Information resulting to blockchain are found in the node. This is an important component of a blockchain.

3. Miner

Anyone who carries out any transaction with the use of a blockchain is known as a miner. Creation of blocks are usually carried out for miners. New blocks are usually created often so as to be updated with recent transactions and every block has its own hash.

2. DESCRIBE ONE TYPE OF BLOCKCHAIN

There are different types of blockchain and they are four (4) in number. These types are:

• Private Blockchain

• Public Blockchain

• Hybrid Blockchain

• Blockchain Consortium

Since we're meant to describe only one type of blockchain as required by @liasteem in the assignment. I like to talk about the public blockchain.

PUBLIC BLOCKCHAIN

This type of blockchain has no restriction because anyone can access it at any time and it is not owned by anybody or organisation. The transparency of this blockchain is very high because it shows the records of transactions to any individual that wishes to take a look at it.
It is used by many people because it doesn't have any limit and also it doesn't require any third party before transactions can be done.

3. Explain the advantages and disadvantages of the type of blockchain you chose

ADVANTAGES OF PUBLIC BLOCKCHAIN

1. Decentralisation

It isn't owned by any private individual and also, the records can be accessed by anyone at anytime.

2. No Restrictions

There is no limit to anyone who decides to use this type of blockchain because it is not owned by anybody.

3. Transparency

The records being kept by this blockchain are very transparent because it is made public sontjsy anyone can go through them at anytime.

DISADVANTAGES OF PUBLIC BLOCKCHAIN

1. Its security can be hacked.

2. It is most times inefficient.

3. Sometimes, the issue of network problem arises.

4. Visit BLOCKCHAIN DEMO and what did you learn from that page? (Screenshots required)

Different things can be learnt on this website. Some of the things I learnt while I visited this website were:

• I discovered that there were several blocks in

• I discovered that every block had its own nonce

• There are also difference data for different blocks

• There are also different hash for different blocks

• Every block has a mine section

5. explain the advantages and disadvantages of using a blockchain technology

ADVANTAGES

• Every blockchain has a well and structured security.
• It records all transactions of cryptocurrencies and shows their validity.
• It shows the authenticity of one's account.
• It saves one time and also reduce the expense of too much cost.
• It is very transparent and always update with Information relating to transactions.

DISADVANTAGES

• Sometimes a blockchain cannot be reliable due to problems of inefficiency.
• Network problems may arise and this can cause transaction setbacks.
• Every data which are imputed cannot be edited this is due to its immutability.
• Sometimes, the security of a blockchain can be breached because it is not absolutely secured.

CONCLUSIONS

Blockchain is very good to use and doesn't require much of anyone to learn or to use. The importance of a blockchain is to show validity of transactions and also for records.

I want to thank @liasteem for giving me this opportunity to partake in this week 3 minicrypto assignment. It's of a great privilege to me. Thanks once again @liasteem
Special thanks to @liasteem