What is Blockchain?
Hello, we are the EDRA team, the team that has created a real cryptocurrency that will be used in the real economy. We plan to introduce the EDRA ecosystem and EDRA’s coin. But before we do that, there is the need to talk about blockchain. What exactly is blockchain that makes people so excited about this technology, and why do they call it the centerpiece of the fourth industrial revolution?
Defining Blockchain
Blockchain is a public, distributed ledger that allows people who participate in the network to share the details of the transactions. Bitcoin, created by Satoshi Nakamoto, was the first application of blockchain technology, as you guys already know. Blockchain is a solution to the problem of trust, for it provides a solution without needing a third party or an intermediary. It is called “blockchain” because blocks are connected in the form of a chain. We call the very first block the genesis block, and data is decentralized and stored in the genesis blocks and the blocks that follow.
What is a Block?
Do you remember Legos that we used to play with when we were young? Legos come in various shapes and sizes, and Lego blocks are connected to one another to create different structures. Blocks on a blockchain are very similar to Lego blocks. They are different in that blocks on a blockchain store transaction data. The sizes of the blocks are different, but they record transactions that occur in a certain period of time. On these blocks are transaction data, time stamps, and the hash value of the previous block. New blocks are added to the blockchain after miners verify the blocks.
What is the Genesis Block?
I mentioned the genesis block earlier on. In the West, the word “genesis” usually means “beginning” or “first.” Thus, the genesis block refers to the first block. The blockchain starts with this genesis block, and the other blocks that follow are chained to this block. If we look at Bitcoin, the genesis block was created by Satoshi Nakamoto on January 2, 2009. Bitcoin’s blockchain has since continued from this genesis block.
What is a Block Header?
The block header is the place that holds the block’s most important data. It is safe to say that the block header is where the block’s identity is preserved. Data in the block header is comprised of three parts: the hash value of the previous block, the difficulty (the amount of work put into mining)/time stamp (the time to create a block)/the nonce (the number of calculations that starts at 0 and ends when the hash value is found), and the Merkle tree root.
The Merkle Tree
I told you that data is stored on a block. Simply put, the Merkle tree is a structure that is used to store data in the most efficient way possible. It compresses data size to fit as many transaction records as it can. We call this the Merkle tree.
Block Reward
The miner who is the first to verify a block is given a block reward. Tokens are the usual form of reward. With regards to Bitcoin, 12.5 Bitcoin are rewarded per block. The rewards are reduced, and we usually call this halving. When halving occurs, then the reward per block is reduced in half. Such rewards are an incentive for miners to mine.
Can Blockchain be Hacked?
Currently, it is impossible to hack blockchain. If someone wants to change information that is on a block, he must change the information on every block that is connected to the block. Because new blocks are formed before this data-altering can happen, it is impossible to hack. However, when quantum computers with higher calculation speeds appear, the story may be different. Still, blockchain engineers are developing quantum-resistant technology in preparation of an era of quantum computers.
Conclusion
We have covered a bit about blockchain. Understanding blockchain is important before investing in an ICO or buying a cryptocurrency. Blockchain is the foundation of cryptocurrencies, and without understanding it, you cannot understand cryptocurrency ecosystems. I hope this post has helped you to have a better grasp of blockchain technology. Thank you!
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What is the Genesis Block?
I mentioned the genesis block earlier on. In the West, the word “genesis” usually means “beginning” or “first.” Thus, the genesis block refers to the first block. The blockchain starts with this genesis block, and the other blocks that follow are chained to this block. If we look at Bitcoin, the genesis block was created by Satoshi Nakamoto on January 2, 2009. Bitcoin’s blockchain has since continued from this genesis block.
What is a Block Header?
The block header is the place that holds the block’s most important data. It is safe to say that the block header is where the block’s identity is preserved. Data in the block header is comprised of three parts: the hash value of the previous block, the difficulty (the amount of work put into mining)/time stamp (the time to create a block)/the nonce (the number of calculations that starts at 0 and ends when the hash value is found), and the Merkle tree root.
The Merkle Tree
I told you that data is stored on a block. Simply put, the Merkle tree is a structure that is used to store data in the most efficient way possible. It compresses data size to fit as many transaction records as it can. We call this the Merkle tree.
Block Reward
The miner who is the first to verify a block is given a block reward. Tokens are the usual form of reward. With regards to Bitcoin, 12.5 Bitcoin are rewarded per block. The rewards are reduced, and we usually call this halving. When halving occurs, then the reward per block is reduced in half. Such rewards are an incentive for miners to mine.
Can Blockchain be Hacked?
Currently, it is impossible to hack blockchain. If someone wants to change information that is on a block, he must change the information on every block that is connected to the block. Because new blocks are formed before this data-altering can happen, it is impossible to hack. However, when quantum computers with higher calculation speeds appear, the story may be different. Still, blockchain engineers are developing quantum-resistant technology in preparation of an era of quantum computers.
Conclusion
We have covered a bit about blockchain. Understanding blockchain is important before investing in an ICO or buying a cryptocurrency. Blockchain is the foundation of cryptocurrencies, and without understanding it, you cannot understand cryptocurrency ecosystems. I hope this post has helped you to have a better grasp of blockchain technology. Thank you!
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Telegram community(English): https://t.me/edra_official
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Blockchain Technologies (blockchaintechnologies.com) Blockchain Technologies is a huge static content website that covers practically every single question you might have about blockchain. Additionally, the site also has a news section where stories from the largest cryptocurrency news blogs are gathered. I added this site to this list of the 27 best cryptocurrency blogs for three main reasons. The first is that the content is absolutely amazing. It is very obvious that the writer spent A LOT of time researching about cryptocurrencies. Secondly, the UI of the website is astonishing. The colors are very well picked, the site charges in the blink of an eye and it is completely responsive. And finally, although the Blockchain Technologies blog has a couple Ads, it is very clear that the main objective of the site is to inform, and not to just make money with visitors.
답글삭제Blockchain Technologies (blockchaintechnologies.com) Blockchain Technologies is a huge static content website that covers practically every single question you might have about blockchain. Additionally, the site also has a news section where stories from the largest cryptocurrency news blogs are gathered. I added this site to this list of the 27 best cryptocurrency blogs for three main reasons. The first is that the content is absolutely amazing. It is very obvious that the writer spent A LOT of time researching about cryptocurrencies. Secondly, the UI of the website is astonishing. The colors are very well picked, the site charges in the blink of an eye and it is completely responsive. And finally, although the Blockchain Technologies blog has a couple Ads, it is very clear that the main objective of the site is to inform, and not to just make money with visitors.
답글삭제Blockchain Technologies (blockchaintechnologies.com) Blockchain Technologies is a huge static content website that covers practically every single question you might have about blockchain. Additionally, the site also has a news section where stories from the largest cryptocurrency news blogs are gathered. I added this site to this list of the 27 best cryptocurrency blogs for three main reasons. The first is that the content is absolutely amazing. It is very obvious that the writer spent A LOT of time researching about cryptocurrencies. Secondly, the UI of the website is astonishing. The colors are very well picked, the site charges in the blink of an eye and it is completely responsive. And finally, although the Blockchain Technologies blog has a couple Ads, it is very clear that the main objective of the site is to inform, and not to just make money with visitors.
답글삭제Blockchain Technologies (blockchaintechnologies.com) Blockchain Technologies is a huge static content website that covers practically every single question you might have about blockchain. Additionally, the site also has a news section where stories from the largest cryptocurrency news blogs are gathered. I added this site to this list of the 27 best cryptocurrency blogs for three main reasons. The first is that the content is absolutely amazing. It is very obvious that the writer spent A LOT of time researching about cryptocurrencies. Secondly, the UI of the website is astonishing. The colors are very well picked, the site charges in the blink of an eye and it is completely responsive. And finally, although the Blockchain Technologies blog has a couple Ads, it is very clear that the main objective of the site is to inform, and not to just make money with visitors.
답글삭제Blockchain Technologies (blockchaintechnologies.com) Blockchain Technologies is a huge static content website that covers practically every single question you might have about blockchain. Additionally, the site also has a news section where stories from the largest cryptocurrency news blogs are gathered. I added this site to this list of the 27 best cryptocurrency blogs for three main reasons. The first is that the content is absolutely amazing. It is very obvious that the writer spent A LOT of time researching about cryptocurrencies. Secondly, the UI of the website is astonishing. The colors are very well picked, the site charges in the blink of an eye and it is completely responsive. And finally, although the Blockchain Technologies blog has a couple Ads, it is very clear that the main objective of the site is to inform, and not to just make money with visitors.
답글삭제Blockchain Technologies (blockchaintechnologies.com)
답글삭제Blockchain Technologies is a huge static content website that covers practically every single question you might have about blockchain. Additionally, the site also has a news section where stories from the largest cryptocurrency news blogs are gathered.
I added this site to this list of the 27 best cryptocurrency blogs for three main reasons. The first is that the content is absolutely amazing. It is very obvious that the writer spent A LOT of time researching about cryptocurrencies. Secondly, the UI of the website is astonishing. The colors are very well picked, the site charges in the blink of an eye and it is completely responsive. And finally, although the Blockchain Technologies blog has a couple Ads, it is very clear that the main objective of the site is to inform, and not to just make money with visitors.