Can Somebody Please Explain To Me, As If You Are Speaking To A Bright 10 Year Old- WHAT BLOCKCHAIN IS
I love steemit and so happy I signed up in January 2017- grateful that I have experienced nice growth through support from my fellow Steemians.
Here's the thing- I'm not a guy that can write code BUT if I felt as if I really understood the whole blockchain foundation I'm confident I could create ideas that could operate with blockchain as it's foundation. I'm an ideas guy not a technical guy- but kudos to technical guys and gals too- it takes all kinds- collaboration works!
Example- why couldn't we set up a blockchain that competes with Craigslist for instance? I have no idea how that would be accomplished technically speaking BUT I see peeps like blockchain and I see peeps like CL so how can we create a win/win hybrid that cuts out the corporate whore robber barons?
I'd greatly appreciate some feedback on this.
I called my dad the other night to suggest he research and consider investing in cryptocurrency- he's a pretty diversified guy and I suggest he throw one or two hundo at it a month and see what happens. When he started asking me more questions as to where the true value in crypto currency lies I could only resort to the faith and confidence argument that is what sustains fiat currencies. I'd love to have the knowledge to answer that question my father posed in a much more convincing and decisive manner.
Your help would be much appreciated.
I think the guys who commented earlier have explained it very well. I also recommend that whenever you have doubts, use steemitchat. And one must be careful when investing in cryptocurrencies given its volatility. You can win a lot or you can lose a lot. I hope that helps. Big hug!
Yes, the best source for these types of breakdowns I find is "ComputerPhile" they break down computer technology to a level even I can understand...
For investing in Crypto currencies there are many options, If your Dad invests in the stock market similar to that, very volatile so you only put in what you can afford to lose. Then on the other hand with Crypto there are so many projects to invest in, it just takes time to research, reach out to people doing the projects get questions answered.
Other ways of him getting involved in crypto is inviting him on to Steemit to get a feel for what Steemit does, that's a great introduction to Crypto as it's a working platform, where alot of other projects are still getting started.
As it takes time to get things tested and working, making thinks decentralized and open source.
These might be helpful youtube videos -
LTB podcasts are a good way to learn stuff like this. Bitcoin.com and for more technical detail bitcoin.it
I try to explain it in layman's terms as I have only basic understanding of the matter too. In bitcoin there is a new block mined every 10 minutes or so. All transactions are stored in that older block, it gets a checksum or something and cannot be changed anymore. That gets linked to the next block, which makes it a chain. Every new transaction gets added to that chain. So every machine that runs bitcoin core for example has all transactions stored that have ever been made. So that's the thing that makes it impossible to hack into, a hacker would have to go into every machine, not just a central point like for example the database of a bank. There will be a finite amount of bitcoin, and no politician can come and just say I'll create some more coins thereby devalue all others, which is happening all the time with toilet paper money.
With steem there's the difference that it's quasi centralized so far, not every user hosts the whole chain, as far as i understand it.
With graigslist idk how a blockchain would compete with them. If it's just small advertisement or sale offers it wouldn't be necessary to store that for all eternity, gets useless after the sale. Again, very basic understanding or maybe even just assumptions.
Awesome- thanks
A "blockchain" is a distribute ledger that holds data of past transactions. Some of them hold other data as well like the steem blockchain. They are mined by "miners" working together to solve encryption puzzles and reveal the "answer" to the question for each block. Different chains work different ways, but that should give you some basic concept.
Thank you- grateful
No problem
I wish I could except to say blackchain is like an enduring Windows Struct - it can't be removed - if it is done right