STEEMKIDS CRPTOACADEMY WEEK 1/@IRONLADY MENTORED BY BENTON3

Hi guys and my fellow kids lovers,I love the new development and we learning crpto it's really nice and it's going to be educational.

WHAT IS BLOCK CHAIN TECHNOLOGY
Block chain technology is a system of recording information in a way that makes it difficult or impossible to change,hack,or cheat the system.
A block chain is essentially a digital ledger of transactions that is duplicated and Distributed across the entire network of computer systems on the block chain.Each block in the chain contains a number of transactions,and every time a new transaction occurs on the block chain,a record of the transaction is added to every participants ledger.The decentralized database manage by multiple participants is know as Distributed ledger technology (DLT).
Block chain is a type of DLT in which transactions are recorded with an immutable cryptographic signature called a Harsh. This means if one block in one chain was changed, it would be immediately apparent it had been tampered with.if hackers wanted to corrupt a block chain system, they would have to change every block in the chain,across all of the distributed versions of the chain.
Blockchains such as Bitcoin and Ethereum are constantly and continually growing as blocks are being added to the chain,which significantly adds to the security of the ledger.

WHAT MAKES UP A BLOCK CHAIN
A block chain collects Information in groups also known as blocks,that hold sets of information.Blocks have certain storage capacities and, when filled,are chained onto the previously filled block,forming a chain of data known as the blockchain.A block chain is a type of database.A database is a collection of information that is stored electronically on a computer system.
THE MAIN COMPONENTS OF A BLOCK CHAIN
For any system to be made up, it has it's components.Here we are talking about block chain so it should have it's components that make it up and they are as follows:

1. A hash:it is a mathematical that converts an Input of arbitary length into an encrypted output of a fixed length.
   A hash, like a. nonce/a solution,is the back bone of the block chain network.A hash is developed based on the information present in the header.
2. ledger:is a digital database of information.Here,we have used the term 'digital' because the curreency exchange between different nodes is digital that is cryptocurrency.
   There are three types of ledger.They are
   A) public ledger:it is open and transparent to all.Anyone in the block chain network can read or write something.
   B) Distributed ledger:In this ledger, all nodes have a local copy of the database.Here,a group of nodes collectively execute the job that is verify transactions,add blocks in the blockchain.
   C) Decentralized ledger:In this,no one node/group of nodes has a central control.Every node participates in the execution of the job.
3. wallet:It is a digital wallet that allows user to store their cryptocurrency.Every node in the blockchain network has a wallet.privacy of a wallet in a network blockchain network is maintained using public and private key pairs.In a wallet there is no need for currency conversion as the currency in the wallet is universally acceptable.cryptocurrency wallets are mainly of two types:
   A) Hot wallet:these wallets are used for only day-to-day transactions connected to the internet.Hackers can attack this wallet as it is connected to the internet.Hot wallets are further more classified into two types.
   i) online/web wallet: These wallet run on the cloud platform.
   Example:meta mask wallet.
   ii) software wallet:It consists of desktop wallets and mobile wallets.Desktop wallet can be downloaded on a desktop and the user has full control of the wallet.Aexample of a desktop wallet is Electrum.
   iii) Mobile wallet: They are designed to operate on smartphone device.E.g my celium.
   B) These wallets are not connected to the internet.it is very safe and hackers cannot attack it.These wallet are purchased by the user.E.g paper wallet, hardware.
   i) paper wallet: They are offline wallets in which a piece of paper is used that contains the crypto address.The private key is printed in QR code.
   ii) Hardware wallet: it is a physical electronic device that uses random number generator that is associated with the wallet.

The focus of wallet is on these three things.

1. privacy
2. Transaction should be secure
3. Easy to use

CC.
@benton3
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