Mini Crypto Program Part 3 || "Understanding of Blockchain", by @usmanismail882

Hello steemians, am privilege enough to be writing to you today on the mini Crypto part 3 Program which has been interesting so far, I welcome you all to my second task where I will be giving details about understanding of Blockchain. I emplore you to sit tight as you enjoy the write - up

I will be answering the question in the order prof @liasteem requested of us

What do you know about blockchain?

Describe one type of blockchain!

Explain the advantages and disadvantages of the type of blockchain you choose!

Visit Blockchain Demo, and what did you learn from that page? (screenshot required)

Explain the advantages and disadvantages of using blockchain technology!

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Question 1 - What do you know about blockchain?

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image source

A blockchain is an information base that stores encoded blocks of information then, at that point ties them together to frame a sequential single-wellspring of-truth for the information

Digital assets are circulatedrather than duplicated or moved, making an unchanging record of a resource

The resource is decentralized, permitting full continuous access and straightforwardness to general society

Blockchain comprises of three significant ideas: Blocks, Miners and Nodes

• Blocks

Each blocks comprises of different blocks and each block has three fundamental components:

The information in the block.

A 32-bit entire number called a nonce. The nonce is subjectively delivered when a block is made, which then makes a block header hash.

Exactly when the essential block of a chain is made, a nonce delivers the cryptographic node. The data in the block is considered valid and ceaselessly connected to the nonce and hash aside from in case it is mined.

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• Miners

Miners create new blocks on the chain through an interaction called mining.

In blockchains system each block has their astounding nonce and hash, yet in like manner references the hash of the past block in the chain, so mining a block is troublesome, especially extraordinary nonce" and their block is added to the new chain.

Exactly when a block is adequately mined, the change is recognized by the amount of centers on the association.

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• Nodes

Maybe the principle idea in blockchain creation is decentralization. No one PC or affiliation can have the chain. Taking everything into account, it is a coursed record through the center points related with the chain. Hubs can be any kind of electronic device that stays aware of copies of the blockchain and keeps the association working.

Every hub has its own copy of the blockchain and the association ought to algorithmically uphold any as of late dug block for the chain to be revived, trusted and affirmed. Since blockchains are clear, every action in the record can be successfully checked and seen. Each part is given a noteworthy alphanumeric ID number that shows their trades.

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Question 2 - Describe one type of blockchain

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There are four significant sorts of blockchain networks which are

√Public blockchains

√Private blockchains

√Consortium blockchains

√Hybrid blockchains

Each and every one of these kinds of blockchain has there own benefits, drawbacks, and helpfulness. However, the one I will make portrayal on among the kinds is the Private Blockchains.

Private Blockchains : A private blockchain network is more like a public blockchain network,which is a decentralized peer-to-peer network. Be that as it may,but in private network, only one association conducts the network, controlling who is permitted to participate, executing an agreement rule and keep up with the common record. This kind of blockchain fundamentally help trust and
put certainty between members. A private blockchain can be run behind a corporate firewall and even be promoted on-premises.

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Question 3 - Explain the advantages and disadvantages of the type of blockchain you choose!

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Advantages of Private Blockchain

The controlling union of private blockchain sets consent levels, security, approvals and availability. For instance, an association setting up a private blockchain organization can figure out which nodes can view, add or change information. It can likewise keep outsiders from getting to certain data.

Since they're restricted in size, private blockchains can be extremely quick and can deal with exchanges considerably more rapidly than public blockchains.

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Disadvantages of Private Blockchain

The disadvantage of private blockchains contain the questionable case that they aren't correct blockchains, since the center way of thinking of blockchain is decentralization. It's likewise more hard to completely accomplish trust in the data since concentrated nodes figure out what is legitimate. The modest number of nodes can likewise mean less security. If a couple of nodes denounce any kind of authority, the agreement technique can be compromised.

Furthermore, the source code from private blockchains is frequently restrictive and close. Customers can't freely review or affirm it, which can prompt less security.

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Question 4 - Visit Blockchain Demo, and what did you learn from that page? (screenshot required)

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Logging in to the website blockchain demo i did notice that there are 5 different block numbered with differenct nonce ,the data tab was empty and the prev were diffrenct as well as the hash too. Image shown below

Initially when i click on the data space provided the box change the whole color to kind of brown,

then afterwards this time i tried putting in the word Therefore in the first block then i click mine after that, then the block number changes to green as seen below, on the second block i did type nothing i only click the mine button which as well changed the box to green which i did this continuously till the last block which they all eventually turn green.

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Question 5 - Explain the advantages and disadvantages of using blockchain technology

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Advantages of Using Blockchain Technology

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• More prominent trust : With blockchain, as an individual from a seperate organization, you can have confidence that you are getting precise and opportune information, and that your secret blockchain records will be shared distinctly with network individuals to whom you have explicitly allowed acceptance.

• More efficiencies : With an appropriated record that is divided between individuals from an organization, time-squandering record compromises are wiped out. Also, to speed exchanges, a bunch of rules — called a savvy contract — can be put away on the blockchain and executed naturally.

• More prominent security: Agreement on information precision is needed from all organization individuals, and all approved exchanges are changeless on the grounds that they are recorded forever. Nobody, not so much as a framework director, can erase an exchange

Disavantages of Using Blockchain Technology

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• Blockchains use excessive amounts of energy: Miners consume a crooked measure of power when differentiated with the result, the formation of the following block. In reality, as we know it, where the current energy age is an environmental issue, blockchain mining doesnt sit well with the environmental decision going on right on, the amount of energy used in mining blockchain is too excessive.

• No mistake – The blockchain innovation can't be altered or adjusted, all the data on it must be 100% exact. On the off chance that for instance, you lose the Private Key you used to get to the blockchain, it's inordinately difficult to gain admittance back to the organization you are carrying on.

• Innovation for the techies – Most individuals consider blockchain innovation to be for educated individuals. You must be comfortable with innovation to make an exchange, store crypto, exchange it thus substantially more

Conclusion

Its been study on this task that blockchain is a new system of storing information with codes rather than have it just like the old ways of saving, but whigh blockchain you can have your records recorded in code which you will be the only having acces to it, and there four diffrent kinds of blockain system which one of them was explained above, and as well the advantages and disadvantages of blockchain.

Thank you @liasteem , for giving a beautiful write up onthis task i hope to be seeing you more on the next topic..

I invite @swaylee, @badmus-official and @starchris to come ND participate in this program.