Blockchain Technology for Students
Introduction
Due to the growing role of social responsibility, security and privacy on the Internet, the blockchain is considered a really hot trend nowadays, since it aims to attenuate problems related to the aforementioned areas. I believe that with political and social awareness, blockchains will rapidly change the way we think about economies, governments, and record-keeping. Be aware that this technology has its serious drawbacks, which we will discuss later. I hope that you have questions about this technology because I have some answers.
Bitcoin is only the first application of blockchain technology that has captured the attention of government and industry.
Blockchain is technology that was invented by Nakamoto in 2008. It is a list of records (called nodes) connected together. It was created with the main purpose to serve as the public transaction ledger of Bitcoin.
 |
| Source: https://blockchain.wtf/what-the-faq/what-is-blockchain/ |
What is Bitcoin
Bitcoin is an unregulated, digital currency. From the
analysis of Bitcoin: A Peer-to-Peer
Electronic Cash System, by
Satoshi Nakamoto, one can see that the main goal is to create a decentralized
electronic cash, without the need of intermediaries, while preventing the double-spending problem. How?
The security protocol called proof-of-work removes the need for a trusted third party to
validate transactions.
What is the difference between blockchain and bitcoin?
Bitcoin uses the blockchain technology as its transaction ledger
 |
| Source: https://blockchain.wtf/what-the-faq/what-is-blockcha |
Why is bitcoin so famous? The invention of the blockchain for bitcoin made it the first cryptocurrency that solved the double-spending problem without the need for a central authority. Everyone can see all the transactions that occurred. If you go to Block Explorer, you can check all the transactions that took place.
More: https://hackernoon.com/blockchain-for-students-101-the-basics-part-1-f39b8201a7d5
No comments:
Post a Comment