DEFI BEGINNER 2.0
✅Blockchain Tech
Blockchain is a shared, immutable ledger that facilitates the process of recording tx and tracking assets in a business network. An asset can be tangible (a house,car,cash, land) or intangible (i.p patents, copyrights, branding).
✅Blockchain Tech
Blockchain is a shared, immutable ledger that facilitates the process of recording tx and tracking assets in a business network. An asset can be tangible (a house,car,cash, land) or intangible (i.p patents, copyrights, branding).
Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.
✅Importance
Business runs on information. The faster it’s received and the more accurate it is, the better. Blockchain is ideal for delivering that information because it provides immediate, shared and completely transparent information.
Business runs on information. The faster it’s received and the more accurate it is, the better. Blockchain is ideal for delivering that information because it provides immediate, shared and completely transparent information.
stored on an immutable ledger that can be accessed only by permissioned network members.
Distributed ledger technology(DLT)
All network participants have access to the distributed ledger and its immutable record of transactions. With this shared ledger,tx are recorded only once.
Distributed ledger technology(DLT)
All network participants have access to the distributed ledger and its immutable record of transactions. With this shared ledger,tx are recorded only once.
eliminating the duplication of effort that’s typical of traditional business networks.
Immutable records
No participant can change or tamper with a transaction after it’s been recorded to the shared ledger.
Immutable records
No participant can change or tamper with a transaction after it’s been recorded to the shared ledger.
If a transaction record includes an error, a new transaction must be added to reverse the error, and both transactions are then visible.
To speed up transactions, a set of rules — called a smart contract — is stored on the blockchain and executed automatically. A smart contract can define conditions for corporate bond transfers, include terms for travel insurance to be paid and much more.
✅Types of blockchains
📌Public blockchain
A public blockchain is one that anyone can join and participate in, such as Bitcoin. Drawbacks might include substantial computational power required, little or no privacy for transactions, and weak security.
📌Public blockchain
A public blockchain is one that anyone can join and participate in, such as Bitcoin. Drawbacks might include substantial computational power required, little or no privacy for transactions, and weak security.
Private blockchain
A private blockchain network, similar to a public blockchain network, is a decentralized peer-to-peer network. However, one organization governs the network, controlling who is allowed to participate, execute a consensus protocol and maintain the shared ledger
A private blockchain network, similar to a public blockchain network, is a decentralized peer-to-peer network. However, one organization governs the network, controlling who is allowed to participate, execute a consensus protocol and maintain the shared ledger
Depending on the use case, this can significantly boost trust and confidence between participants. A private blockchain can be run behind a corporate firewall and even be hosted on premises.
✅Permissioned blockchain
Businesses who set up a private blockchain will generally set up a permissioned blockchain network. It is important to note that public blockchain networks can also be permissioned.
Businesses who set up a private blockchain will generally set up a permissioned blockchain network. It is important to note that public blockchain networks can also be permissioned.
This places restrictions on who is allowed to participate in the network and in what transactions. Participants need to obtain an invitation or permission to join.
✅Consortium blockchains
Multiple organizations can share the responsibilities of maintaining a blockchain. These pre-selected organizations determine who may submit transactions or access the data.
Multiple organizations can share the responsibilities of maintaining a blockchain. These pre-selected organizations determine who may submit transactions or access the data.
A consortium blockchain is ideal for business when all participants need to be permissioned and have a shared responsibility for the blockchain.
Now let's take a look at
🗒️Bitcoin Vs Ethereum blockchain
Bitcoin signaled the emergence of a radically new form of digital money that operates outside the control of any government or corporation.
🗒️Bitcoin Vs Ethereum blockchain
Bitcoin signaled the emergence of a radically new form of digital money that operates outside the control of any government or corporation.
Continuation
Wallets
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