Blockchain for Dummies...🎓🎓

[peacegeneration]

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.

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

   

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Comments

[cve3]

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

[tbs]

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

[peacegeneration]

take a look to this post https://steemit.com/steem/@riensen/how-to-convert-steem-to-usd-eur

[jelazile]

Great post

[andrewgenaille]

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

[peacegeneration]

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

[davaabayardd]

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

[brotherman]

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

[peacegeneration]

Thank you and good luck

[dobro88888888]

Very useful information

[moisesmcardona]

Welcome to Steemit, @peacegeneration!

Hope you enjoy being here!

This message was written by my introduceyourself bot.

[susieisms]

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

[peacegeneration]

thank you for reading..

[goganik25]

Upvotes you and following please do same in return :)

[peacegeneration]

done...

[quinnjohnston]

thank you

[peacegeneration]

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

[mostafa1983]

Great