What do you know about blockchain technology?
Hello everyone in this post I'll tell everything about what i understand about the blockchain technology how i see blockchain technology is the future also i would love to hear from you guys as well and please correct me if I wrong. I'm going to make it shorter as much as i can.
What is a blockchain technology?
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So basically what i understand is that blockchain is a technology "Growing" list of "blocks" and cryptocurrency use blockchain technology to record their transaction which is totally decentralized means they can't be "forged" or "Deleted".
Alternatively
“Blockchain technology is a distributed, ledger system that promotes decentralization, transparency, and data integrity.”
Let's break the Blockchain into Block and chain
In the context of block it actually represent the digital information while Chain Represent how Digital data is stored in the Database Or Ledger.
What is the reason behind blockchain revolution?
you guys know how everything is dependent on centralized servers. Morelikely, the limitations of the centralized servers are the main reason behind the revolution of the blockchain.
To tackle the limitation of the centralized servers the blockchain technology were formed to provide a fully decentralized server that is not being controlled by the individuals or authorities.
See I'm not saying that solves all the problems but keep in mind that still blockchain get rid of many Of the centralized issues. So its a Great upgraded version from the Centralized to decentralized ones.
So if you really want to keep upgraded yourself with technology and all then you must understand about the blockchain technology.
Why i like blockchain technology?
In the blockchain technology you don't really need any third party to establish trust. You can just work through anything and you don't need any value of trust so that and you can do everything being an anonymous without revealing your identity.
Still finding it complex? Let me give you an example
Suppose that you ordered something from Amazon but you are pretty much sure that you are going to get the delivery don’t you? However in reality Amazon isn’t the one that is actually producing the item it is someone else.
Sometimes even other third parties that sell those items. So Amazon works as a buffer to process between that third party and yourself. Even though you may not know about them, but you will still trust them because of the Amazon tag and you trust amazon don't you?
What blockchain actually define here is with blockchain you don't need any third party to establish trust with blockchain you won't need any third party and you can directly work with
other business with full assurance even though you don't Trust or Know them.
in the blockchain no one would be in control so nobody can break others trust
Main advantages of blockchain
Get rid of the middleman
Verification of every transaction
Higher security protocols
Extremely transparent system
Immutable and Decentralized
Blockchain technology has become popular because of its successful adoption for most popular cryptocurrencies like Bitcoin.
Blockchain is decentralized nature and cryptographic algorithm that make it immune to attack. Its a fact that hacking a Blockchain is close to impossible.
Blockchain is really secured with copies of all the data in users hands the overall database remains pretty much safe even if some users are hacked.
I know i have probably some mistakes above in the description but I'm here to learn and explore more about it and I'll be happy if you guys do read it and correct me in the comments below.
I made this post after making research and it is 100% original content written by me.
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In one of my previous project I was required to hack a block chain. It took me 21 hours and two attempts with regular PC to cause the chain to split. In my first attempt I didn't wait long enough for daemon to flush the newly mined blocks to disk.
Basically what I did was set a fake checkpoint on one of the nodes and deleted the block chain from local drive and restarted the node daemon. When the daemon encountered the height with fake checkpoint, it stalled. I started another copy of the daemon and let it sync from start to the same height... When it got stalled again, both nodes linked with each other allowing me to start miner to split the chain from that height...
After I mined few blocks, enough for the daemons to flush the blocks to disk, I did shutdown the daemon and replace the checkpoint with hash from first of the mined blocks. Then I restarted both node daemons and resumed solo mining...
It took about a week before cumulative difficulty of my chain grew bigger than cumulative difficulty on the original chain, and after that it replaced the original chain.
This was possible, because the daemon code increases the block difficulty exponentially if there is miner with most of the hash rate of the network... As I was the only miner on that chain, I had essentially 100% of the hash rate until my chain did overcome the original chain and other miners switched to mining the new chain that I created.
There is limitation in most coins of how many of the latest blocks can be overwritten and usually it is in range of 1000 blocks. This comes from fact that when nodes sync with each other, they send each other hash of the first and last block.
If the two hashes don't match, the syncing is interrupted; if they match, the one with more blocks in chain sends the next missing N blocks... The new blocks can be sent out of order, but they are added in the block chain in numerical order.
wow. Impressive comment @mtl1979
I didn't want to go too much in the details because that would be illegal in some jurisdictions, but still enough details so people who actually know something about how block chains, can confirm that it is possible to some extent.
It sounds similar to 51% attack. Although i don't know much about it but sounds like with your detailed explanation it is kind-of possible to hack block chain i mean some particular ones.
Thank you for your detailed explanation @mtl1979
It depends on difficulty of the blocks... I had to start at height with low difficulty. At each height the new block has to have higher difficulty than the block it wants to replace. This is because the new block is sent to all other nodes and they can reject the block if it has too low difficulty.
The method I described only works on coins that use proof-of-work consensus.
Never knew about it. You seem like a programming expert haha. That means blockchain blocks can be actually modified or hacked. Before they are sent to the nodes
It's a lot easier to replace blocks than to reverse-engineer the full contents of the transactions due to ring signatures.
This post has been rewarded by the Steem Community Curation Project. #communitycuration06
Solid read.
Resteemed already. Upvote on the way :)
Thank you @crypto.piotr
One reason why I also love the crypto world is this.
Yes you don't really need anyone. Also you can work being an anonymous you don't really need to reveal your identity.
Ps i dont like kYc
@rishabh99946 This is really impressive and I've actually learnt something new about blockchain from your post even though I was thought I knew everything about blockchain technology but after reading this I feel naked with no knowledge about what blockchain technology is all about. Thank you for this once again 😊.
Do you know I sometimes ask myself that if some decentralized cryptocurrency blockchain based platform happens to be controlled by set of individuals or authorities, won't there be any lost of funds invested or earned by users? This is actually one of the reasons I prefer a decentralized blockchain technology to centralized ones. I just hate it when some authorities are in charge of how I transact on the blockchain and it's really a great news that most centralized platforms are gradually converting into decentralized ones.
This is actually one of the unique features I love about blockchain technology. I also love the fact that transaction can be done at anywhere and time to anywhere and time provided you have the required/important information needed for the transaction.
Thanks for sharing this great post with love from @hardaeborla and I hope you have a great day ahead
Hello @hardaeborla thank you for your positive response. Don't feel naked lol one thing i have learn in cryptoworld is that no matter how much you learn about it you always end up learn something new if you give it a try. Its really deep as sea.
And about the centralized platforms i don't really like them as they are being controlled by the individuals ans we individuals are just too moody just a matter of time till we change our minds lol so anything can happy to you there. Which is why i prefer the decentralized ones over centralized ones.
Have a good night ahead because it's midnight in India (IST)2:43AM