The Cryptocurrency is a huge and little confusing topic to understand but if you understand blockchain it will be easy to understand Cryptocurrencies.
So lets put on your study glasses and start exploring,
INTRODUCTION TO BLOCKCHAIN:
The blockchain is the most talked topic yet.
it’s a technology that allows people a secure, fast and transparent peer to peer (P2P) transfer of digital goods like money and assets.
It’s very important topic to understand for now its one of the erroneous topic.
blockchain eliminating digital transactions completely. and finally, it changed money for industries business in daily life.
blockchain invented by Satoshi Nakamoto himself in 2008, is used for bitcoin also known is cryptocurrency for its public transaction ledger.
the invention of blockchain made it the first digital currency to solve the issue of double spending without the need for a trusted authority or central server.
bitcoin and its blockchain design have always been a source of inspiration for other applications of altcoins.
A blockchain is an ever-increasing list of records, called blocks, that are linked and protected using encryption.
Each block usually contains a cryptographic hash of the previous block, timestamp and transaction data.
according to the design, the blockchain itself has the ability to resist data changes to open distributed ledger that effectively records between the parties and record than in a verifiable permanent manner.
the blockchain is designed to be secure and distributed computing systems with high Byzantine fault tolerance. therefore, the realization of the decentralization through the blockchain consensus this makes blockchain potentially applicable to record events medical records and other records management activities such as identity management, transaction processing, electronic voting and smart contracts.
HERE I TAKE SOME MAIN ADVANTAGES OF BLOCKCHAIN TECHNOLOGY.
1: Discrimination: with the consent of the network, nothing can be saved in the blockchain invalidated transaction in the blockchain can be changed.
2: Intermediary removed: the P2P nature of b12x interfaces with the need of interaction and communication directory with users.
3: Automation: by removing the help of middlemen and distributed ledger and noon real time, any data inserted on blockchain is automatically transferred and stored.
4: Check and agree: in order to verify the deal, the central authority working as a cleaner have needed to reach a consensus among the miner.
5: Speed: the result of the process is faster than the center control.
6: Low cost: due to the removal of muddle men price is low.
7: Near to far from the loss of data: since each miner has a complete laser copy on its system, it is almost impossible to waste data which are stored.
8: transparency sustainable: because of only transaction address are displayed, public blockchain must provide complete transparency in the transaction on the network during their client’s security.
9: Clear up the double spending issue: blockchain address the long-standing issue of the network by ensuring how many people can’t send the same data different people can’t send the same data to different people twice, including double cost with P2P authentication and public ledger double spending is now over.
10: safety measure encrypted through cryptography: last but not least the sent data across the blockchain anyone can access except nodes, sender and the recipient.
Block chain is a financially challenged. over time this will change how our financial world work.
by Bryce masters.
SOME QUESTIONS :
Question: in which programing language blockchain was is written?
The first language in Blockchain written is C++ it is created by Bjarne Stroustrup as an extension of c language and it’s object-oriented this means is that C++ has same efficiency and flexibility t c language but once an object is created in C++ again other promising, which is a very fast way and save programming time.
Here is a video tutorial you can learn how to code new blockchain your self.
Question: where is the blockchain source code is hosted?
After knowing something about blockchain you would naturally think, where is the blockchain hosted, from where it’s controlled etc.
the blockchain is actually a file that holds, every bitcoin transaction. it is stored on any computers by bitcoin users around the world, also known as bitcoin nodes.
this is why bitcoin decentralized there is in a copy of the entire system on thousands of computers so no one can get it rewrite in order to create such an attack, you are using a bitcoin core wallet, you can also have a copy of the blockchain on blockchain on your computer.