Mini Crypto Program Part 3 || "Understanding of Blockchain technology" by omarion1

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what do you know about blockchain

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When transactions are being made either in bitcoin or in ther cryptocurrencies there's always a record of them that is kept. This is known as Blockchain.
Therefore, blockchain is a ledger (account) that keeps track of all the information on transactions or digital data this is performed. A blockchain is usually secured because it has ensured that its security cannot be hacked. The records of these transactions or digital data are usually connected or powered through cryptography.

Cryptography is a process or means of encryption or encoding. It deals with the writing of functions or codes. Blockchain is very transparent and straightforward because all transactions that are carried out are recorded this is brother reason why its Security is strong. From the records of a blockchain, one can be able to detect if the account is for fraudulent activities or for legal activities.

Different information are recorded in the blockchain. Some of the information one can find in a blockchain include:

• Amount of the transaction involved

• Data

• Sender or receiver of a transaction

• Time

• Place

• History of transactions

With the use of a smartphone (Android or IOS), a laptop or a computer, one can have access to the records of a Blockchain anytime, anywhere and anyday. Blockchain is like an interconnection of system of blocks. That is, it is linked with several blocks that's why it is impossible to hack its security or even tamper with its settings.

Block chain isn't just formed easily like that. It has different components which makes it up. A blockchain consists of a node, miner and block.

• Node

This is responsible for the peer to peer network. It serves as a means of disseminating information or as a means of communication. All nodes are usually interconnected (linked up with one another).

Nodes are usually current. That is they are usually up to date because they keep track by always exchanging the updated or recent blockchain so as to keep up to every latest transactions or event occuring.

When a digital data is being carried out, such as transactions, the node is responsible for checking or observing every transaction block to check if they are actually valid or whether they are not valid. This can be made possible because they store every information which is relating to a blockchain transaction.

• Block

Every data or information which is relating to an account are stored in the form of blocks. These blocks are usually linked to one another (interconnected). A block can display several other information and they include:

• records of transactions
• The software version number
• The nonce (which is a 32-bit number)

• Miner

New blocks are being created often so as to keep up to date with the records of a Blockchain. The process of creating these blocks is know as Mining. The people who ensure that these blocks are created are called Miners. Every block has its own specific hash when being mined.

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Describe one type of blockchain

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A block chain has four (4) different types. They are:
• Private
• Public
• Hybrid
• Consortium blockchain

According to the question above, I'll be describing only one type of blockchain.

• PUBLIC BLOCKCHAIN

This type of blockchain doesn't operate in a centralised form. It encourages decentralised form of operation. This kind of blockchain is not controlled or managed by any individual or any company that's another reason why it is a public blockchain. Anyone can actually have access to this type of blockchain since it isn't centralised or managed by a private institution.

Any transaction that is carried out in this type of blockchain is usually transparent because it shows every records of transactions that are carried out in this Blockchain. There are no restrictions or limitations as regards to this type of blockchain because every record can be displayed to anybody so everyone has access to it.
The intriguing thing about this public blockchain is that it does not require any external individual or organisation (third party). Since everyone can have access to it, it is the most widely type of blockchain that is used.

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Explain the advantages and disadvantages of the type of blockchain you chose
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ADVANTAGES OF PUBLIC BLOCKCHAIN

• Decentralisation

With regards to the blockchain I chose above, public blockchain encourages decentralisation. That is all information being recorded can be displayed and accessed by any individual.

• Non-ownership

Public blockchain isn't owned by anybody. So anybody can have access to it at any point in time.

• No Limitations

There are no restrictions or limitations in accessing a public blockchain.

• Transparency

A public blockchain can easily be monitored since every record of every transactions carried out can be accessed by anybody. From there information being displayed, it makes it very transparent.

DISADVANTAGES OF PUBLIC BLOCKCHAIN

• Network problems

The network of a punlick blockchain is usually very slow and not stable. This can be every frustrating.

• Hacking issues

A public blockchain is prone to hacking. Once a hacker tries to tamper with a public blockchain, so far he's good in hacking he has a high chance of altering the informations of a public blockchain.

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visit Blockchain Demo and what did you learn from that page? (Screenshots required)

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After visiting Blockchain Demo there are several things one can learn on the website. I'll be listing some of the things I learnt from the website below.

I. I observed that there were different types of blocks.

II. Every block has its own difference in nonce (32-bit number).

III. Every block has its own section for data.

IV. Every block has its own hash.

V. Every block has a blue button for ** Mine**.

VI. Other information such as tokens, coinbase, etc can be seen.

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explain the advantages and disadvantages of using a blockchain technology

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ADVANTAGES

• Ensured security and upgrade

A Blockchain security is usually strong and not easy to be tempered with. Due to its interconnection with other blocks, it cannot be hacked by fraudsters or hackers. Also, every blockchain must be verified by miners before any activity can actually be carried out so as to confirm its authenticity.

• Transparency

Every blockchain is usually transparent. This has been made possible because every record of transactions made can be seen by anyone. Every information including time, date, amount, receiver and sender of a transaction is always displayed.

• Time saver and Less expenses

When using a blockchain, much expenses isn't required because it doesn't require much. It saves time and energy because one don't have to walk up to an institution or an individual before carrying out a transaction. Everything can be done with the use of an app so far you have a smartphone or a laptop.

• Good keeping of records

All activities or transactions that is carried out on a blockchain are always taken into records. They're are kept for storage purposes that is why a blockchain is a ledger.

DISADVANTAGES

• Immutability
Every data being written in a blockchain cannot be removed or reversed. This is one of the disadvantages of a blockchain. This can be very stressful because changes cannot be made once a data is set already.

• Security
No blockchain is 100% secured. There are still some loopholes which are related to the security of a blockchain.

• Inefficiency
Sometimes, Network lag or a slow down in network can make blockchain to be inefficient. This can be very stressful most times.

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Conclusions

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Blockchain is widely used for different purposes. Every transactions, time, amount and dates are always recorded. It is a ledger which take records of everything this in turn accounts for its transparency.
I encourage every crypt trader or Forex trader to have an in-depth of blockchain and what it entails so that everyone can equally know how blockchains operate.

Thank you @liasteem for this opportunity.
I invite @kentluis @kachimax @destinyjoseph to partake in this contest.