Hi all,
In this series, I will cover all the basic terms in order to understand how blockchains technology works. Included are simple analogies as well as explanation of relationships between the terms. Feel free to ask me to add or expand on anything.
Click here for youtube playback:
Click the link at the end of the post for Dlive playback
EDIT it looks like Dlive is bugging out. click https://dlive.io/video/ddangerwu/2052fec0-21fe-11e8-be01-5bf7a6e5d482 for when the video is back up on Dlive
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It suits us especially minnows!
I am already using smartsteem as I have sold my upvote to them soon after getting some steempower I will also delegate some of it to them.
Great work my good man, making things simple is the way forward.
nice video, very informative. thanks for sharing
I'm sorry I was hacked! I have deleted the spam and working on clean up! Love and Kisses @marie
Nice explanation and link on how the blockchain is built on earlier blocks and how it cannot be tampered with, as previous blocks will change the hash of the next block.
How does current difficulty of mining come into account in the creation of a new valid block? I´ve noticed that you can find the solution to a block with much higher difficulty than the static difficulty you´ve configured your miner to use? This is great since it makes it possible for miners with lower hashrates to have a chance of submitting a valid block, but how is it possible?
What are your thoughts on ICO's in general? In my opinion half of them doesn't even need blockchain technology, but it is hype now, so they do it anyway.
Thank you for explaining in detail about hash.
Can you please explain what hashpower is.
I got it that in SHA256 algorithm hash starts with 0000 can you explain the hash of cryptonight, ethtrade, X11, scrypt and other algorithms.
I would also like to know why different coins use different algorithms and what are the pros and cons of each algorithm.
Bytheway how can one go back and change previous blocks will it not affect the whole blockchain (I mean destroy it)?
Different algos are based on different programs. Different algos have different proposes and each has its pros and cons. I believe anyone can invent an algo but to have it work and be well adopted is the challenge. Best example one can relate would be Charlie Lee invent scrypt algo which mines coins such as Litecoin.
Your last question is truly a cause for concern. The only way someone can rewrite the previous block is if they control the block before that. My point is if someone is mining, or hashing out all the blocks they essentially have full control to change any of the blocks. Here is were decentralization comes into play. Multiple people over the globe can be hashing the same blockchain. The hashing will break out who gets to right to approve each block and each block would be a different person as there will be multiple people hashing. The more hashing the faster someone gets to approving a block. A side bar you should look at 51% mining attack. When one entity has the marjority of hashing on the blockchain they can essentially corner the blockchain and create every block as their own because once they approved a block the next block can be again mined by them because they have the majority of the hashing. This is why it is so important for a coin to be adopted by all that the mining be well spread all across the globe. Thanks.
Even though I already knew this information I found your explanation to @va2099 very insightful, please keep up the good work with your curation...
Your photos are very interesting.
please vote my post @fikarfitim99
Thanks for nice information you have share on steam platform.love you steemit
Very well explain...I'm curious about self upvote by using too many bots I mean what will happen to the quality of the content compare by the upvote made by the other Steemit user on the other person content or articles..Sorry for my less knowledge about it ... still need a lot of thing to learn ... Thanks for the sharing
You got a 52.73% upvote from @upmewhale courtesy of @ddangerwu! Earn 90% daily earning payout by delegating SP to @upmewhale.
could, simplify in a video for beginners like me. How to start Blockchain, how to invest? or what should I do? honestly I still do not register in any bitcoin wallet or have any idea of anything, that overwhelms me
so nice post and your video was very important tutorial my friend I saw the video
59.96% @pushup from @ddangerwu
tnx friend share to it do you know me
Great best work
thanks dear for this good info i heard already about this site but don't join it your post has clear all its process now i am going to join smartsteem.
Yes a nice system....
I've been trying to understand upvote. Also struggling to understand why people seem stingy with their upvotes. Thanks,
This post has received a 30.55% upvote from
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well done, I will share your youtube video with my friends they always asking me and honestly I tired to explain every time so I just throw your video
Clear explanation of the basics of blockchain technology for those who are new to this tech.
Does your demo address the basic principles of the Proof of Work protocol for crypto assets like Bitcoin?
Greetings from Poland !
could simply it more...
this is actually the first real explanation of what block chain is that i have seen. before now i assumed it was all magic and wizards. thanks for the explanation of how the nodes change the info to fit with the previous block correctly.
First thanks for this very clear and simple explanation. I actually get it. One questions though on something that is not clear: You say at 2:07 in your video "then I need to try many variations of hashing, this process of trying all of these variations is called mining". I do not understand what you are varying to try a new variation. Are you changing the nonce, the text in the data box or something else when you mine? Thanks for your help.
The most confusing part for me is the data. Does the data matter, as long as you keep mining until the hash follows the set rules? Or is the hash just a way to code the data so that it can be on the block?
Good intro! Why not add the anders link in the post as well? It'd be nice to see previews or headlines to the topics that are coming in the series here too.
Your content is good but then you drop all that SmartSteem promotion stuff. It just makes me feel sad for the platform that success is driven in such a way. Sorry.
thank you for the wxplaination
great simple and sweet please continue
Thanks for the education was tired of pretending I knew what I was talking about.
Blockchain is revolutionary, what I know about it is, it's a technology that cant never edit, delete, or update by anyone. Its secure databased in other words
In the coming years, the technology behind Cryptocurrency (Cryptocurrency) like Bitcoin definitely and radically will change roles such as banks, accountants, notaries, and governments. How important functions of "reliable third parties" can be automated through Blockchain and what are the implications of this. From Bitcoin's sensation to the Blockchain revolution: a belief in the internet With the advent of cryptocurrency like Bitcoin, everyone around the world can trade with each other without the involvement of third parties such as banks, notaries, accountants, and government. Trade is a pillar of our economic fundamentals and society, and traditional trust parties play an important role in this regard. The technology behind Bitcoin makes all this possible - Blockchain - ensures that the essential functions of "reliable third parties", are fully automated via the internet.This way, these functions are as freely available, accessible and programmed as the internet is own.
You really did a nice job showing us what the blockchain is and how it works.
You explained that hash is a fingerprint of some digital data, it is always 64 characters long starting with 0000. While a block is a hash that allows certain rules or effect some criteria that we have mandated.
The process of trying all the variations is called mining
Very helpful, I didn't forget to subscribe .
thank you already post @ddangerwu,
I as a newcomer in steemit, I can only read your article,
and I have trouble understanding your video, because I come from aceh, I do not understand English,
and I'm sure your videos are very useful for me and for others,
My advice, if you share a video post, you can describe it below as an article or article,
Since there are still many other users out there who do not understand the video yet, simply understand the article, as more and more visitors are floating, to digest the knowledge you share with us,
and I'm very sure, your post is very useful for us beginners, to run this platform.
and forgive me @ddangewu, my writing is not uniform, because I just learned,
and your support that I really hope for.
More of a praise than a comment on the topic at hand. I am surprise your video link only has three views. The information on blockchains is so elementary that it can be understood by many. Great job. Your English is very good so I do not understand why not more people watch your videos.
I will definite follow and watch your channel "Piratical Coins". I believe I first learn of you when you explained what is mining and talked about ETH mining. Great work you are doing and earning a ton. Thanks!
Very simple and easy to follow I like the website too https://anders.com/blockchain/coinbase.html
A great post! You are one of the best Bloggers on Steemit! Let's change this Crypto Game together!
My first comment here on Steemit, great blog post and awesome video you created. I liked where you fast forwarded all the words in the video but still we understood all of them clearly. How long have you been working with Blockchain?
Read: https://steemit.com/goal/@rafaljakobsen/my-goal
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⚠️⚠️DISCLAMER⚠️⚠️
I am a hobby investor. I am not a financial advisor. Please do not take anything I say as tips or advice. I am only sharing what I am thinking, and what I am doing.
Always do your own diligence
NEVER invest any more then you are willing to lose.
This is the first video I’ve seen by you. You have a way of simplifying complex ideas. I’d heard the terms but never took the time to understand what they mean. I’ve even used this encryption in running a web server but still never stopped to gain an understanding of what I was doing. Thanks for the demonstration. I’ll be checking out part two.
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great post man .
Very well explained, thanks.
I'd like to know how to find a specific block with information I want to edit when having a chain containing millions of blocks.
Great explanation, thanks for sharing
Nice post.
Great post very useful 👍 thanks for this bud
Thanks for tutorial @ddangerwu
Iearned so mich. I'm going to check out more of your posts. I loke the waybypu explain things. Very helpful :)
Thanks
Joy
hi friend steemit follback y @ddangerwu and steemit @romyjaykar thanks for u friend :)