Blockchain 101: In the Beginning of Blockchain (Blockchain Fundamentals)
My Return Back to Steemits
It has been a while I actually wrote something on steemit, not because I am out of contents or I do not like the steem blockchain technology and the concept behind it but I have actually been out of this place because I wasn’t getting the support I needed from here. Thanks to @crypto.piotr, I believe I am hoping for the best.
Far away from what I want to share today, the steemit ecosystem seems to have changed a little, maybe because of the hardfork that brought about the new steem or maybe the news about SMTs, I am seeing a few post on the trending and the posts look better than some months back. That been said, let’s keep the ball rolling.
In the Beginning
The difference between the centralized and a decentralized was ascertained when the Distributed ledger technology (DLT), such as blockchain came into existence. It was quite easy to delete/erase and tamper with data before the birth of the Blockchain but a lot has changed.
The Blockchain
I could imagine what Nakamoto was thinking when he was working on the Blockchain idea with bitcoin but it is certain he wanted something trustworthy, incorruptible, accurate, open and impenetrable, so he decided to create a cryptographic distributed ledger, opened to anyone and contains information, arranged in blocks. The Blockchain was designed so information created eon them will not be tempered or back dated after they have been important. The Blockchain can be literally be said to be a set of blocks held together in chains (in terms of “Block” and “Chain”).
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pixabay
The Block
The blocks hold the information which includes the data, the hash of the block and the hash of the previous block and these blocks are held together in chainlike structures. The Bitcoin block contains the data from the sender, the receiver and the amount, the hash of the block and the hash of the previous block. The first block produced in a Blockchain is called the genesis block
The Hash
The hash of a block is the identifier of the block. It can be regarded as the set of alphanumeric digits used to identify the block. The hash is unique, so two block cannot have the same hash. Hash are used to trace a block. A block has two hashes which are the hash of the current block and the hash of the previous block.
Consensus Algorithm
When two individual agree to do a particular task, it is believed that they have reached an agreement and at such have come to a consensus, which is just how consensus algorithm works on the Blockchain. It is a protocol that helps all nodes to agree on a single data in a distributed system. Before a block is confirmed, all nodes must agree to validate a transaction in a block.
www.pxfuel.com
Proof of Work
This is a consensus mechanism/protocol (in easy term computer calculation) used to slow down the production of a block by approving transactions as well as producing new blocks after solving cryptographic mathematical puzzles. It is also known as mining. Computers have to compete computing energy to confirm a transaction on a network, after which they get rewards. A lot of Blockchains have their own time. In the case of Bitcoin it takes 10 minutes to confirm a transaction.
Proof of Stake
Unlike the proof of work, the proof of stake consensus mechanism requires validators to hold tokens. The mechanism requires users to lock a particular amount of token into the system so as to allow them the power to validate transactions and get rewards instead of using computing power.
Delegated Proof of Stake (DPOS)
Delegated proof of stake is believe to be developed in 2014 by Daniel Larimer. It is a voting system where users vote for witnesses who do the mining of data on their behalf. These witnesses can be voted in and out of the mining system if users do not want them to continue as validators. Steem, Bitshares, Eos, Lisk and Ark are examples of Blockchains that use DPOS
I hope you enjoyed reading this, I will be bringing more exiting topics, news, trends and stories with Blockchain 101.
Do not forget to upvote, comment and resteem for more visibility, this will encourage me to do more.
I think there are some tags to mark educative posts. Maybe #steemiteducation ?
and #steem and #bitcoin tags are quite popular
https://steemit.com/tags
Thanks for sharing this. The blockchain is actually a course on its own now
Hi @futurekr
i am glad you área back.
I find very usefull your post, specially allí about DPOS. I dont know anything about it.
I wish you continue with such good info.
I give you my support 👍
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I am glad you liked my post and was able to get something relevant from it. Thanks a lot
Hi,
Welcome back to steemit. @crypto.piotr has made a lot of people stay on steem instead of going elsewhere.
Thanks for sharing this. I hope you do more. This was very comprehensive and i am glad i could read it
Thanks for the warm welcome back. I am glad i am here. The blockchain is now a course and i am very sure several universities will soon start teaching the subject
The blockchain has created room for a lot of exposure as well as place power in the hands of the individual eliminating all third parties
@tipu curate
Thanks.
Upvoted 👌 (Mana: 10/15 - need recharge?)
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Resteemed already @futurekr
Solid upvote on the way :) (once vp will recharge to 100%)
Thanks a lot for this. I will be expecting
Dear @futurekr
Welcome back buddy :)
Glad to see your newest publication. And thanks for setting up beneficiary to project.hope. Is there any chance to set up next time beneficiary to @ph-fund instead? This is our project.hope fund account :)
Back to main topic:
Indeed many changes took place within past few months. How long of a break from steemit did you do?
Great read. Seriously I enjoyed. Solid upvote on the way (need voting power to reacharge a bit).
Yours, Piotr
@crypto.piotr thanks for stating it on this post the fund account. I also set beneficiary to project.hope. in my subsequent post, i will set @ph-fund as beneficiary.
@crypto.piotr, thanks for being a motivation. I left steemit late 2019 but i am happy to be here.
Hey, friends @futurekr
Very good information you brought. Generally, although many of us make life here, few fully understand how the technology behind it works.
You have explained it quite simply, I hope I can continue reading about you in this way.
Good to have you back, and with the help of @projecto.hope, and all the team behind it, I'm sure you will be able to move forward and feel motivated on this platform.
Thanks, i hope a lot haven't changed on steemit. I am glad you liked my post, i will be bringing more of it
Hello @futurekr
I read everything in your publication and it seemed to me very very interesting and informative.
Thank you so much for this very educative information.
By the way...!! Welcome back my friend... the community of project.hope is for you, big family and great friends.
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I am glad you liked my post. Thanks for reading .
It's great that you came back to steemit. I believe it's a great place to be and especially within the project hope community. I liked your article and hope to be able to read some more soon ;-)
Great to see you giving Steem another try. Looks like you're off to a nice start here. I enjoyed the comprehensive read about blockchain tech. Keep Steeming!