(32 ULTIMATE ANSWERS) WHAT IS BLOCKCHAIN TECHNOLOGY?
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| What is Blockchain technology? |
DON’T WANT TO KNOW 32 STEPS ULTIMATE ANSWERS ABOUT BLOCKCHAIN TECHNOLOGY?
1. Don’t
want to know 32 steps ultimate answers about blockchain technology?
1.1.1. Revolution
of blockchain technology.
2. What is
blockchain?
3. Evolution
of cryptocurrency.
3.1.1. Current
transaction.
3.1.2. Can
steal your money.
4. How
blockchain works?
5. More
advanced basics of blockchain technology.
5.1.1. What
does blockchain technology really mean?
6. How each
block is stored 3 records?
6.1. Hash system.
6.2. Transaction data.
6.3. Hash block.
7. What is
the size of the blockchain?
7.1.1. what
is genesis block?
7.1.2. Who is a validator or miner?
7.1.3. Mining
devices list.
7.1.4. GPU.
7.1.5. Asic.
7.1.6. Cpu.
8. What is the verification of a transaction?
9. A drawback of blockchain.
9.1.1. Cardano.
9.1.2. Ripple.
9.1.3. Tron.
9.1.4. Eos.
9.1.5. Stellar.
10. Blockchain network security &
integrity.
11. How is secure blockchain
technology? Is it really very secure?
11.1.1. Don’t want to know what is
the future of blockchain technology?
11.1.2. What is scalability?
11.1.3. What is decentralize?
Hey
Guys, welcome to this article to know regarding BLOCKCHAIN TECHNOLOGY
DETAILS as you are searching in Google and you
have landed our site thanks for coming I hope you will get all
the relevant information in this site related to BLOCKCHAIN
TECHNOLOGY of cryptocurrency.
REVOLUTION OF BLOCKCHAIN TECHNOLOGY
Blockchain Technology is
one of the latest technology is being used in cryptocurrency. As we know a lot of things have been changed in the 21st century.
Today we are all depending upon technology why because by implementing the latest
technology our task is done smoothly and easily. A very smart way the things
are used in the technology line with a unique protocol to complete work. So each
and every field the technology has entered to fulfill our requirement. As like
we have seen a revolution of cryptocurrency in the previous article how the paper
currency has turned into virtual currency so if you don’t know a review of cryptocurrency you can read that first then you can easily understand
regarding one of the heart features of cryptocurrency that is BLOCKCHAIN one
of the most important.
Blockchain Technology is uniquely designed to solve centralized issues. So let’s
see the details about BLOCKCHAIN technology in depth with 32
easy step easy and simple way.
WHAT IS BLOCKCHAIN?
This video by - Lucas Mostazo
Blockchain the name has come with bitcoin as we know earlier who has first introduced in the year 2009 by Santoshi Nakamoto, the boss of a cryptocurrency you can say. This system was designed in such a way to solve centralized financial problems moreover setting up a protocol that can do more than that.
For
this biggest protocol reason Santoshi Nakamoto was introduced
digital cryptocurrency bitcoin on the basis of this technology.
The main ambition behind developing bitcoin was the that in future everyone
member of cryptocurrency could transfer virtual asset easily from one account
to another account without having a third party.
EVOLUTION OF CRYPTOCURRENCY
Another important reason behind to dragged into the market was the security of network and
replace the current centralized system.
As
we know the boss of cryptocurrency Santoshi Nakamoto the creator or you can say the developer of BITCOIN who written a protocol on which the virtual
currency has been created.
Current transaction
Currently
we are all making payment transaction by using centralized financial way for
example, Banks. Here in the bank system, they maintain all registered users
ledger separately, or you can say in general they maintain each user
records manually in hardcopy which is very private.
Can steal your money
In
some time can happen stealers can steal all the money easily by knowing the account
number, user name, or from some other way because they maintain like a hardcopy
each and every information of a user. so if the stealer can get some information
about the user through that data can steal easily. We can’t believe bank members
also why because they are all human beings no one has control over them.
If
in case bank managers maintain their user's record in a server as
a soft copy, in this situation also hackers can hack easily via internet and
they can steal or transfer all the money from one account to another account
smartly.
So
that we are at risk so what's your thinking am I right or wrong think on it!!
Ok
come on the subject earlier means a log year ago transaction was done with gold and copper coin through. As time has passed all the
transaction turned in to paper currency like Rupees, Dollar
, Euro or like plastic currency like Debit Card, Credit Card..etc
By
seeing all these harmful and unsolved issues regarding in financial system Mr. Satoshi
Nakamoto developed a protocol on which no one will take any control.
So
finally, after a lot of effort, he created a protocol on which the first virtual
currency or digital currency was built and that is we called BLOCKCHAIN
Technology
So I hope you gathered
all the detailed information regarding bitcoin, blockchain, protocol, creator of
bitcoin,..etc so if you wish to increase your knowledge then be with us lets
Moov to another interesting part of cryptocurrency Feature or part that is-
HOW BLOCKCHAIN WORKS?
As
blockchain was launched in the market for solving all the issues about financial
banking system but later on by implementing this protocol it has been identified
that to solve many issues and major problems.
This
technology has created for complete decentralized system.no one has to control over
this system works on its protocol base only without anyone.
Let’s
assume if you are using this Blockchain Network the question arrives that who
will goanna verify all those things which are related to verify for a transaction?
Because as we know it’s totally designed for decentralize base.
Someone
should take authority in the bank system likewise in Blockchain technology who
will take charge to control all the system? who will verify the transaction? Don’t
worry let's come and see in an easy way step by step.
Without
validator or miner the transaction on the network is not done.I hope you
understood easily in one sentence.
Yes
definitely, we will learn about this later in-depth, ok, first we will come to
know some more Advance basics of Blockchain Technology.
MORE ADVANCED BASICS OF BLOCKCHAIN TECHNOLOGY
What does Blockchain Technology really mean?
An easy way you can
say BLOCK is like a BIG CONTAINER ok.
And the second thing is that assume NUMBER OF BLOCKS IN SERIES OF CHAIN is a chain. I
hope you can understand.
Each
and every transaction behind the network will be a part of ONE BLOCK.
Hence, Assume
each Block will be like a big container & each transaction is like a Small
boxes which are fit into the big container.
HOW EACH BLOCK IS STORED 3 RECORDS?
- HASH SYSTEM
- TRANSACTION DATA
- HASH BLOCK
HASH-It is a unique code to identify the BLOCK.
TRANSECTION DATA-All the information shows regarding the transaction
from start to complete. (Information about sender,recipient,address,id no)
HASH BLOCK-LAST INFORMATION OF BLOCK.
WHAT IS THE SIZE OF BLOCKCHAIN?
It depends upon on block
size, let’s see an example of BITCOIN it has a 1MB in size and its CASH has
8MB.
Hence, BITCOIN cash has
more capacity to hold information in each BLOCK. Each and every block contains a unique data-id of the last block.
This is how actually
works on networks where every block is connected with the last block are called
BLOCKCHAIN.
Now
the intelligent question is arrives that what about the first address of first
block?
The answer is it’s
called as a Genesis block why because of it
has no address to connect with its last block there is no behind block so that
It is called a Genesis block.
WHO IS VALIDATOR or MINER?
Validator means a person
one who uses their personal computer to try to resolve mathematical issues
which is associated with each and every BLOCK.
The miner task is that
to solve mathematical issues which is generated in the network either it may be
issues regarding a transaction.
WHAT IS CRYPTOGRAPHY CODE?
CRYPTOGRAPHY CODE-It is
one of the best ways to hide secret data is called CRYPTOGRAPHY CODE. It is a very unique code that means unreadable code.
Here some of the
devices are there used for mining those are –
- GPU
- ASIC
- CPU
By using this type of
devices a person tries to solve queries automatically one who able to do will be
eligible to mine block, he will take all the unverified transaction into the
same block & on the same network another miner has successfully mined and
verified transaction. If the transaction is more than 51% the block will be
approved.
It will consider that
the blockchain is successfully mined & it will be added to the blockchain
as a public data ledger.
WHAT IS VERIFICATION OF TRANSACTION?
It means to verify
whether the transaction initiated account legit or not or you can say it checks
whether the fund is sent or not to its destination.
As we know in the bank
system each user’s registry is maintained by a bank manager likewise in
blockchain has its own public registry which is visible to the public or to
everyone can see its registry.
Each users transaction
from the beginning, date to till date or you can say full transaction
data of users is stored in blockchain clusters.
Hence, each and every
BLOCK is verified by a miner and it will be added to the ledger
transparently. Anonymouse can see the transaction of the user.
Definitely, Why because
except for your WALLET ADDRESS, you don’t know your
identity.
The is always in
alphanumeric code so this unique code is understood by only the owner of that
address once the transaction is done by himself.
The unique address code
looks like- 5fgfgbg46gggh734ku573d974ffe
Once the person is
successfully mined he will get the transaction fees of a block as well as block
reward.
The average time
duration of BITCOIN is 10 minutes to clear block whereas
Other time duration is very low for example-Litecoin, Bitcoin Cash.
BITCOIN is 1st Decentralized
system for cryptocurrency also we can say it is a MOTHER OF
BLOCKCHAIN.
DRAWBACK OF BLOCKCHAIN
Due to the blockchain of
bitcoin size is very low and the minimum transaction is done per second.
For that reason more
then 2000+ other cryptocurrency came into the market & out of
the few cryptocurrency emerging and speed of transaction is very
fast, millions of transaction is done in per second.
Some of the projects are
given below.
- CARDANO
- RIPPLE
- TRON
- EOS
- STELLAR
All the blockchain
networks are done multiple ties up with government as well as with financial
institute.
I hope you got all the information that is very useful for you regarding blockchain.if you wish to
read more then go ahead.
Now we will learn
Blockchain network security & Integrity.
BLOCKCHAIN NETWORK SECURITY & INTEGRITY
How is secure Blockchain
Technology? Is it really very secure? Let’s see.
I think you understood
how Blockchain Technology works and how it is workings as a decentralized
system. It doesn’t depend on other central servers.E.g- Google server,
WhatsApp server etc...
If someone wants to
access the central server so he can able to access all over the data on a network. He
gets full permission to access any data on the network.
Whereas in the case of
Blockchain Technology there is No central Server.
It will have a miner or
you can say Node. For validation, each block is connected to its last block that
becomes a blockchain.
On a blockchain network, we can easily install mining software to start verifying that processing data
or transaction. Because millions of nodes are on a blockchain
Network & we should need at least 50-51% of the total block to get approved.
If an anonymous person in another way to tell in technology field a HACKER one who steal data on the network he/she tries to steal data block then he/she will need to get 50% node to access account which is impossible 99.99%.
99.99% why because of humans by mystics they can steal data or a single BLOCK, not
a whole BLOCKCHAIN Network.
If we talk about IBM(International
Business Machine ) - They built their blockchain on stellar (XLM)
for high security on a network.
IBM itself explains briefly blockchain
network security because they always using blockchain technology. This platform
is very useful for them to make full security.
Minning would be done in
some different styles or paths are given below-
- (POW)-Proof of Work.
- (POS)-Proof of Stack.
- (DPOS)-Delegated Proof of Stack.
DON’T WANT TO KNOW WHAT IS THE FUTURE OF BLOCKCHAIN TECHNOLOGY?
Now a day the technology
is becoming very powerful to give more security for us in all the fields even
from a single small shop with scalability as well as performing to become a decentralized
way. I know what’s going in your mind you have some question like - What is
Scalability? What is Decentralize? Am I right? Don’t worry I will explain in
detail.
Your first question is
what is Scalability?
The answer is
-Scalability means ability, how much the ability of the network can handle
transactions per second. The speed of calculation in second.
What is Decentralize?
And you're second
questions answer is about what is Decentralize-It means well secure network for
members of users on which there is no control over it for other third parties.
some other info you can get here.
some other info you can get here.
Final words on What is Blockchain technology
As we have read a lot of information
regarding What is Blockchain technology? I hope you
have got all about blockchain technology in full depth as well as how
blockchain technology works and how to implementing it nowadays.
FINAL WORDS ON BLOCKCHAIN TECHNOLOGY-
we have covered these topics What is blockchain? Evolution of cryptocurrency, Current transaction, Can steal your money, More advanced basics of blockchain technology, What does blockchain technology really mean? Hash system, Transection data, Hash block, What is the size of blockchain? what is genesis block? Who is validator or miner?, Mining devices list, Gpu, Asic, Cpu, What is a verification of transaction?
A drawback of a blockchain, Cardano, Ripple, Tron, Eos, Stellar, Blockchain network security & integrity, How is secure blockchain technology? Is it really very secure?, Don’t want to know what is the future of blockchain technology?, What is scalability?, What is decentralize? Well how everyone wants to become a master but nobody wants to do hard work, so we will meet on another interesting topic. Have a nice day be happy always take care. DONT FORGET TO SHARE THIS ARTICLE WITH YOUR FRIENDS.THANKS, A LOT.
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