Steemkids crypto Academy-week1/Blockchain Technology for @benton3
As we all know the world we live is filled with insecurity and distrust. Blockchain solves this problem.
Now it's time to explain the meaning of blockchain as asked by teacher @benton3.
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Blockchain technology
Blockchain can be defined as a system of recording information in blocks so as to make it impossible or difficult to hack or cheat the system.
To learn more about blockchain we may think of some manual records such as ledgers, spreadsheet, balance sheet, and other types which are stored on servers with certain capacities. These records are sometimes accessible to the public but are mostly but are mostly controlled by one central organisation.
In like terms, blockchain is an electronic database of transactions which are verified by multiple computers and linked to a peer-to-peer system. This means that the transaction on blockchain are recorded in 'blocks', and when the first block is filled up another is opened and then chained to the previously filled block and the chaining continues.
The record are bundled into blocks and and linked to the chain one after the other.
It becomes difficult to change or hack once a record has been added to the chain.
Terms
Records 👉 information
Blocks 👉 a bundle of records
Chain 👉 All the blocks linked together
How information is added to a blockchain
When a transaction is made, it is recorded by the network which lists the details of of the transaction.
The computer in the network, 'nodes', checks the details of the transaction to verify its validity.
After the verification the accepted records are added to a block. Each block contains it's own unique code called a hash. Each block also contains the hash of the previous block.
The block will then be added to a chain of existing blocks or blockchain . The hash codes will connect together in an order which will make it difficult to change.
The hash codes encrypt the information and only those with digital key can be able to decode it.
Steemit as a blockchain social media
Steemit uses the Steem- blockchain to store the our posts or other transactions in the platform as a chain of blocks.
A new block is produced every 3 seconds and that includes all confirmed operations that are performed by users during the last 3 seconds.
This method make it difficult for others to hack or tamper with our accounts. Only if they get hold of our digital keys can they have access to the information.
Unlike manual records, blockchain is decentralised, which means it is not controlled by anyone.
What makes up a blockchain
A block This is a component of a blockchain in which lots of information or transaction are stored.
record: These are various The various information that are stored in the block
Chain: it links various blocks that holds information together.
Hash : This is contained in each block. It serves as an identifier to each block and helps to encrypt messages in a block.
Hello @madilyn02
we appreciate your participation in week 1 of steemkids crypto academy and your efforts to do this weeks assignment.
Your writeup was beautiful, and your presentation was very clear.
Thanks once more for being a part of this project. Looking forward to your entry for week 2.