You are viewing a single comment's thread from:

RE: A DETAILED RE-INTRODUCTION TO CRYPTO CURRENCY.

in LeoFinance3 years ago

I could understand your post only because I already knew what cryptocurrencies were and are, but I'm sad to tell you that if I was brand new to cryptocurrency, your post would have confused the crud out of me. It's all written in "geek speak" as in only the people who already know what you're talking about can understand what you're saying. For instance, you defined blockchain like this:

A blockchain; as the name implies, is a decentralized public ledger that records all transactions
that exists across a network.

With this definition, you're implying I should already know what the word blockchain is as you tell me it is implied. You tell me it is a "public ledger" and that it records transactions "across a network."

You hadn't even described what a "block" was to introduce the idea of "chaining" the blocks together. Only then could it be inferred/implied that a blockchain is a linking of blocks of information together. To make it easier for a layman to read, I would have suggested something like this:

Think of a block like a page in a checkbook ledger. Every time you write a check to a business, you write down who will receive the funds from your checking account, how much to take from your account to give to them, the date and time you're giving it, and your authorization to give (like signing the check). Now imagine you've written so many checks that your checkbook ledger (where you keep track of all the checks you've written as well as how many deposits you've put into your account) is now full. You need a new page. That whole page would be a block. When you fill out a 2nd and 3rd page in your checkbook ledger, you've now made a chain in perfect chronological order (in order of when each transaction took place). This full ledger of page after page after page is attached at the spine in the real world. The spine is what holds all the pages together. In the crypto world, that spine is called a blockchain. It is the conjoining of one ledger to the next in its proper order. Therefore, you have a chain of blocks, or a blockchain.

Anyone who has ever used a checkbook completely understands now. I can tell you're a smart guy, but in order for people to understand cryptocurrencies and blockchain, you have to compare them to things people already know and understand.

Sort:  

Please kindly scroll down to the glossary section. i took out time to define all terms there in details, so as to not confuse anyone.