Mini Crypto Program Part 3 || "Understanding of Blockchain", by @aryadwigantara
Hello everyone, introduce me @aryadwigantara will try to join the Mini Crypto Program, Part 3 held by the STEEM FOR BETTERLIFE community.
So in this first assignment, we discuss "Understanding of Blockchain", I will try to thoroughly explore the given task as much as possible, let's get into the topic of discussion.
Blockchain is a modern technology today, Blockchain is a technology that implements a work system by using computer resources in order to create or create blocks that are interconnected with one another, where the blocks work to verify transactions in the Blockchain network. .
Blockchain itself is a ledger where it has the task of storing and managing digital assets, because Blockchain is a chain of Blocks created from shared hardware, where each block binds to the previous block.
Blockchain technology is a modern technology that has a very good level of security to date, because Blockchain technology adheres to a decentralized system which means that it distributes every incoming node online, without requiring a third person to verify the transaction. Blockchain technology can also speed up the transaction process if we want to make transactions between countries it doesn't take long, with blockchain technology everything can be done quickly. Blockchain technology also includes a very transparent technology, and a very high level of security, how not because each block binds to each other in verifying transactions, so that it avoids cyber crime.
Blockchain technology has become seen by the public because bitcoin cryptocurrency uses this technology, and until now blockchain technology is still a very powerful technology in dealing with transaction problems, with a very high level of security..
2. Describe one type of blockchain!
As we already know that there are 4 Blockchain Types, namely Public Blockchain, Private Blockchain, Hybrid Blockchain, and Consortium Blockchain, on this occasion I will only discuss one of them, namely the Public Blockchain, following the review.
Public Blockchain
Public Blockchain is a type of Blockchain created by adhering to a Decentralized system, which in this Public Blockchain does not require a third party as a person who verifies or controls the course of transactions that occur that will enter the Blockchain recording, but we are the miners who help do that and we are the ones which drives the system to verify and control the course of transactions.
As we already know that Public Blockchain is Open Source, which means that on the public blockchain they give permission to anyone to participate in helping build the network, be it as a user, miner, or even a member of a particular community. On the Public Blockchain all types of ongoing transactions are transparent, which means that anyone can clearly see the details of ongoing transactions, but they cannot make changes to the data or falsify it, so this makes it more secure from criminals.
So the point is that on the Public Blockchain they use Proof-of-Work (PoW), Proof-of-Stake (PoS), and other consensus. Which is anyone who participates in reading nodes to help validate transactions on the public blockchain so that the system on the public blockchain can run smoothly and perfectly. As we already know that this public use of blockchain is applied to the Bitcoin Blockchain, Ethereum, and also Litecoin.
3. Explain the advantages and disadvantages of the type of blockchain you choose!
On this occasion, we will look at the advantages and disadvantages of this type of Public Blockchain, here are the reviews:
Advantages Of Public Blockchain :
Safety
Public blockchains have a very good level of security, because every block on the blockchain network is interconnected between blocks and hashes. So if a transaction is recorded in a new block, the hash task will automatically verify the block and also the new hash that is formed, the public blockchain is very safe because each node has a different number, no one is the same, so it is impossible to someone falsifies data in a block on a public blockchain.
Privacy
On the Public Blockchain, it really takes care of the privacy of its users, it is true that all types of information related to transactions that occur can be seen in general, but only your account name can be seen, while the identities of the users and also the complete personal data of the users are kept secret, This is also one way to increase the security of its users.
Efficiency
So this is one of the other advantages, namely that the transactions you do do not take a long time, even transacting between countries does not take days, but only takes a few minutes, making Public Blockchain very popular for large-scale transactions. because the transactions that occur do not take a long time.
Disadvantages Of Public Blockchain :
Crime
As we know that the privacy of data that is kept confidential on the Public Blockchain makes it have a negative side, namely that it can be misused by criminals to carry out their actions in committing crimes, such as conducting illegal transactions and other activities that smell like crime, because when transacting the other users can only see your account name but cannot see your detailed and complete biodata, so it will be very difficult to track.
Not environmentally friendly
As we know that the public Blockchain runs with all users who participate in building a network in solving existing nodes, so the miners need hardware that is very wasteful of electricity, because the hardware used by the miners requires a lot of electricity. large in performing node splits on blockchain networks, thus making it very environmentally unfriendly
4. Visit Blockchain Demo, and what did you learn from that page? (screenshot required)
So this time we were told to explore the Blockchain Demo, so let's go to the following Blockchain Demo link together
- After you enter the Blockchain Demo web, the initial display will look like the image below.
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- Next we will enter the hash to explore it further, you have to click Hash and it will appear as shown below, and it can be seen that the Hash on the initial display will be empty and with Hash no e3b0c44298fc1c149afbf4c8996fb92427ae41e4649b934ca495991b7852b855
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- Next I will try to enter data with the words "Marrye", then you can see that the hash number that comes out is different from the previous hash no, no hash ce07ac7f0820fd481c5e68357d5004e91d29168f06afdb05fe1b2031ac6da62f, as shown below
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so that's how the hash that will appear is according to the data we create, each data has a different hash and it's not the same because each data has a different hash
- Next we will enter the next section, namely Blockchain, you can click on it, it will display a display like the image below
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- Next we will see each existing Block, here there are 5 Block columns available as follows.
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- So as we can see that each block is interrelated with one another, and here I will try to write the word "marrye", as shown below
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- You can see in the picture above, after I make the word "marrye" hash reject it or become invalid, all the blocks that follow the next one also become invalid, because one block with another block is tied to each other. To make it valid it's very easy, you only need to enter the word "marrye" then you click mine, then automatically all blocks will become valid, as in the image below
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- It can be seen that after you enter the word in the data, then you click mining, the Hash formed will automatically have the number prefix 0000 and so on the next block, then all blocks become valid.
5. Explain the advantages and disadvantages of using blockchain technology!
So this time we will look again at the advantages and disadvantages of Blockchain technology, as follows:
Advantages of Blockchain Technology :
Security : The security possessed by Blockchain technology is very sophisticated and it is ensured that your assets will be maintained safely
Privacy : Privacy regarding your biodata is strictly confidential, so you don't have to be afraid that your biodata will be unsafe or can be used by other people arbitrarily.
Efficiency : So with blockchain technology, there is no need to doubt the time efficiency for making transactions, to carry out transactions it only takes a few minutes, it really saves us time, doesn't it.
No need for a third person : so because blockchain technology uses a decentralized system, it doesn't require a third person to verify ongoing transactions.
Disadvantages of Blockchain Technology :
Lost Private Key : So if you experience losing your private key to access, then you can be sure that all things related to the blockchain data that you have can no longer be managed, because it is very impossible to get your lost private key, so try to store it in a safe place. safe.
Wrong Transaction : So if you enter the wrong purpose of your asset transaction, and your asset goes into the wrong wallet, then you can be sure you can only say goodbye, because it is impossible to withdraw or request your asset back because of the wrong transaction purpose. Try to be careful in making transactions
Cyber crime : So because of the advantages possessed by blockchain technology, such as keeping secrets related to the user's personal data, it has drawbacks, because this can lead to crime in the world of transactions, illegal criminals can carry out transactions related to the sale of illegal goods safely because their biodata is very protected in technology. these blockchains.
6. Conclusion!
So the conclusion we can draw is, Blockchain is a very advanced technology in helping carry out transaction activities, because it doesn't take a long time to make transactions, whether it's doing transactions within countries or transactions between countries it only takes a few minutes, blockchain technology also has very high security making it a technological breakthrough in storing the assets that we have, but please note that in every advantage there will be disadvantages as we know that, blockchain technology moves because of the activities of the miners who encrypt the nodes in the block, in mining activities require considerable energy to make blockchain technology not environmentally friendly, other shortcomings such as that blockchain technology is a hotbed for criminals to carry out illegal transactions because their personal data will be safe. and kept confidential.
So that's enough of my explanation regarding "Understanding of Blockchain", If there is a misunderstanding that I convey I apologize
CC:
@liasteem
@irawandedy
@klen.civil
@radjasalman
That is all and thank you
Regards
@aryadwigantara
Thank you for participating in MINI CRYPTO PROGRAM PART 3
Thank you again for allowing Arya to learn on this Mini Crypto 3
Dear @aryadwigantara ,
Thank you for participating in this Mini Crypto program, I really appreciate your good intentions and your efforts in understanding our practice this time.
There are 3 important parts in blockchain, but you didn't mention them.
You didn't mention how a block works and how the data we write in the block becomes valid or invalid.
This learning will greatly benefit you to be in Crypto Academy later, because we are in cryptocurrency-based social media, and Cryptocurrency is in blockchain technology.
Thank you very much, we will waiting for your next exercise, and we will waiting you at the season 4 of Crypto Academy. 👍💪
Has been assessed by;
@liasteem
@steem.education
Thank God I got a score above 8 again Arya, Next Is it appropriate, sis, to study at Crypto Academy??
Of course!
You must try it!!
👍👍👍
Can I tell you when I power up this community???
What do you mean "power up this Community?"
Sorry, I don't understand it.🙂
I did a power up, I want to write a post on this community
Owh...
Please...
You are welcome, whenever you want...