Thank you for this post. I read it through and also your previous one on the subjects of Hash, blocks and the blockchain and SHA 256 and although I am complete novice at tech, I understood it. Also I watched your video about the lightning network and I understand that as well, but this post and the lightning network video did leave me with a few questions I would like to present here:
My understanding is that for a block to be accepted, there needs to be a consensus rather than total agreement by the network. Is this accurate? If this is the case, is it possible for a group to place enough computers on the network where they can manipulate everything. I am not using this idea about Bitcoin but a lot of the smaller cryptos that seem to be manipulated have me wondering exactly how they are doing it.
You wrote about data (simple text) being in the blocks and also ledgers (numbers). How complicated can you get in terms of the type of data numbers and formulas can you put in there. I am just wondering because for example a network like Steemit. It appears to me like there must be very complicated data being put into a block (I refer to the videos, pictures and such). Is it actually going on to the Blockchain or just moving along side it and some other tagging data going in the block? Hopefully this question makes sense.
Regarding the lightning Network:
I understand that lightning network speeds up the Bitcoin Blockchain because it takes transactions and all of their details off the main blockchain and allows for that “business” to happen on these side chains. From what I understand, once the transactions are settled they then are placed on the Blockchain. My questions is: How come when those transactions are placed on the Bitcoin Blockchain they do not slow down the Blockchain at that point? Does all of the information go onto the main chain or only a summary of what occurred?
Is the information that is not on the Blockchain the same type of cryptographic information as that on the main Blockchain? If not, I have two questions. 2A. Is it as secure? And 2B. Is there a chance that the lightning network can at some point have the same speed challenges as the main Blockchain? Or is the continuous building of new lightning network nodes specifically done to prevent this from happening?
I really appreciate your work here teacher. I lam finally getting the basis for this technology. I am resteeming and suggesting to friends here they follow you and do like I have which is to go back and review your info. Thanks for your time and teaching.
Lightning:
If you were in the room with me I would kiss you (on the cheek and I have a girlfriend already, just saying). Thanks for the responses I get it. Boy do I get it. When is the next post/class please and direct me to other posts of yours you think I need to read. thanks again teacher.