Crypto Academy Contest / S1W3 – Reviewing Blockchain through the concepts. by @maazmoid123
Good day everyone. Welcome to week 3 of the Crypto Academy Contest. It has been a tremendous and incredible, and Alhumdulillah, I have participated in all the contests and am hoping to win one or two contests from the previous week.
This engagement contest was a great initiative, as because of that, we have seen how active the people on this platform have become, and the engagement of users has also increased a lot, which is helping the steem blockchain as well.
The theme of this week's crypto academy contest is that we have to REVIEW BLOCKCHAIN THROUGH THE CONCEPTS". So in this post, I will be discussing my favorite concept:
Question
Many people think that the Blockchain and Distributed ledger are the same things, but they are different. Blockchain has been made using different technologies, and distributed ledger is also one of them, or if I say that is the most important one, I might not be wrong.
A distributed ledger is a type of database that is encoded and distributed, which serves as the ledger that records the transactions made in the system or network. And it is the same technology used by the Bitcoin.
To understand it easily, think you work in a small shop and sell some groceries there. One morning a person came and bought some groceries from your shop and paid you money. And you have a ledger where you record all of that. So you also have recorded the transactions which are made.
Distributed Ledger Technology has played a significant part in building the Blockchain. This technology has helped make decentralized apps on Blockchain, such as the "Dapps" and DLT is now becoming the underlying layer of the future of the internet.."
All the transactions, peer-to-peer networks, contracts, linking the blocks, and the cryptography methods are used in the distributed ledger. Every record saved in the distributed ledger has a unique cryptographic signature which makes it more secure and auditable.
A distributed ledger can be spread out to the whole world, and it can be reorganized and held by different parties in different places. A famous example of a distributed ledger is Google Docs, as when we share it with people, it gets distributed among the people and not transferred fully.Don't you think that Blockchain might not be this famous, secure, and have a safe and transparent transaction system without this technology.
If we try to simplify it, we can say that the data of transactions is distributed to all the nodes in the network. The ledger records it permanently made a block, and those multiple blocks make a whole blockchain, and as one block is connected to the other block, which is through a chain and that chain is called Nodes.
Question
The distributed ledger technology is the most important part of the Blockchain, Why do I think so? Let's see:
Security: As the Blockchain works on the Distributed ledger technology, the transactions are entered in the database after a cryptographic signature or after signing the contract, which is called Hash.
Synchronized: We know that the distributed ledger can be held and reorganized by different people and different places, so all the participants can use the identical copy, and any editing will bethened to the participant. So to make the blockchain technology accurate, DLT has a technology to be Synchronized.
No Third Party: There is no third-party involvement in the database, as someone can not alter the data until it is distributed to someone, so it also makes it highly transparent as well.
Highly transparent: This technology is also highly transparent as the information in the database can easily be viewed by one. Ethereum and Ripple are famous examples of blockchain technology that have used the Distributed ledger technology (DLT).
Question
There are alternatives for distributed ledger technology such as Hashgraph, Iota Tangle and R3 Corda. And they all work on the alternative data structure, which is used for maintaining the ledger. But honestly, I don't think that the existence of the Blockchain would have been possible without this concept or technology.
Even the Bitcoin was made using the Distributed Ledger Technology (DLT) in Blockchain. So that takes us to the conclusion that no distributed ledger means no bitcoin.
But of course, there are many intelligent people on the planet, maybe someone else would have made something else or maybe something good, or it might get replaced soon. But till now, I think distributed ledger the important for the Blockchain technology.
Question
Distributed ledger technology has played a really important role in the Blockchain journey. But still, there is nothing in this world that is 100% perfect. So the things I think need s improvement is firstly the transaction speed, as I guess there should be some mechanism which should be used to minimize the noises and increase the speed of the transactions. There is also a threat of a 51% Attack, which is the most enduring concern for the users of the Distributed ledger. So there should be some mechanism to save themselves from this attack.
And with this, the sun has come to dusk, and a little intro about the distributed ledger is ended. I hope it was helpful, and you guys learned a lot from it.
Regards,
@maazmoid123
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Very nice article. You've provided the appropriate information. Good luck
Thanks
No conocía el término de Libro mayor distribuido para referirse a las bases de datos.
Buena información amigo, ya tengo claros algunos otros preceptos.
Saludos.
Indeed, the Distributed Ledger plays a vital in blockchain, as it ensures synchronization and security.
Thanks buddy, for the publication.
Thank you.
Don't mention 😊
Distributed ledger technology (DLT) is a very important part of the blockchain. There are several reasons why this is a very important part of the blockchain. Its security is very good and it gives a lot of transparency to the user. You have chosen a topic that is very nice and have shared excellent discussions with us about it.
Thanks.