A simple guide to understanding Blockchain
A Thread🧵
A Thread🧵
Blockchain Explained :
- Imagine you want to transfer some money to your friend.
- Your bank will process the whole transaction and therefore save the info you have entered.
- Imagine you want to transfer some money to your friend.
- Your bank will process the whole transaction and therefore save the info you have entered.
There is now one problem with this system.
Problem :
Confidential info can potentially be leaked.
Solution :
This is where the Blockchain comes in.
Problem :
Confidential info can potentially be leaked.
Solution :
This is where the Blockchain comes in.
Think of Blockchain as a MS Excel spreadsheet.
This file is shared among different networks and computers, where everyone has a copy of it.
MS Excel works with rows and columns, whereas Blockchain works with Blocks.
Let me explain what are these Blocks?
This file is shared among different networks and computers, where everyone has a copy of it.
MS Excel works with rows and columns, whereas Blockchain works with Blocks.
Let me explain what are these Blocks?
A Block
- Has some encrypted data in the form of hashes and is linked to other blocks in chronological order.
- The hash of each block is generated to include info from the current and past blocks.
- The order of blocks cannot be changed. It's called a chain effect.
- Has some encrypted data in the form of hashes and is linked to other blocks in chronological order.
- The hash of each block is generated to include info from the current and past blocks.
- The order of blocks cannot be changed. It's called a chain effect.
All transactions are verified using the consensus mechanism.
This is how blockchains stay autonomous and decentralized.
This is how blockchains stay autonomous and decentralized.
That's the end of the thread, thanks for reading it up till here!
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@mrblockchaindev for more tips and for free resources
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