Blockchain for Dummies...๐ŸŽ“๐ŸŽ“

in steemit โ€ขย  7 years agoย  (edited)

People use the term "blockchain technology" to mean different things, and this can be confusing. Sometimes they talk about Bitcoin Blockchain, sometimes it's the Ethereum Blockchain, sometimes it's other virtual currencies or digital coins, sometimes it's smart contracts. Mostly, they talk about distributed ledgers, a list of transactions.

In fact, a blockchain is a register of facts (transaction), replicated on several computers connected to each other by a peer-to-peer network. Network computers are called nodes. The communication between the nodes is encrypted and guarantees the identity of the sender and the recipient. When a node wants to add a new fact to the register, it proposes it to the network which forms a consensus to determine where (and especially when) this fact should be entered in the register. This consensus is called a block, the blocks are ordered in a single string, which is replicated throughout the network. Each block points to the previous block.

The node that assembles the facts (transactions) into "blocks", by adding a header that contains the block size, the number of transactions it contains, the date and time, a checksum (" Hash ") which will serve as the unique identifier of the block, and the identifier of the previous block, is called the miner.

ย To deepen the subject, look at this excellent introduction video on Bitcoin, where also explain what the blockchain. ย ย 

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don't forget Upvote comment resteem....

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ย  ยท ย 6 years agoย 

Thank you, PeaceGeneration. I am almost beginning to understand, a little bit about the blockchain.

ย  ยท ย 7 years agoย 

Thank you for this info, its super helpful esp if your a noob like myself. I'm trying to figure out whats the best wallet to use, also is anyone converting this into bitcoin then transfer that into a cash currency? is that possible ? I'm sure it is lol noob questions . thank you for you help and time steemians , cheers

ย  ยท ย 7 years agoย 
ย  ยท ย 7 years agoย 

Great post

ย  ยท ย 7 years agoย 

Yeah. I'm two months into this system of things and just figuring it out still. Helpful though

ย  ยท ย 7 years agoย 

I know, i'm happy that it helpful, you're welcome...

ย  ยท ย 7 years agoย 

And also block chain and other bitpay methods so high fees. that is more stressing. :) thanks for good information.

ย  ยท ย 7 years agoย 

Very useful information

ย  ยท ย 7 years agoย 

Thanks because I'm new to all of this, it's very confusing to me.

ย  ยท ย 7 years agoย 

Thank you and good luck

ย  ยท ย 7 years agoย 

Welcome to Steemit, @peacegeneration!

Hope you enjoy being here!

This message was written by my introduceyourself bot.

ย  ยท ย 7 years agoย 

Thanks for the info.
I found you in comment for resteeming. :)

ย  ยท ย 7 years agoย 

thank you for reading..

ย  ยท ย 7 years agoย 

Upvotes you and following please do same in return :)

ย  ยท ย 7 years agoย (edited)

done...

ย  ยท ย 7 years agoย 

thank you

ย  ยท ย 7 years agoย 

Tray to upvot the most recent of my post < 7 days (week), thank you...

ย  ยท ย 7 years agoย 

Great