Understanding the Basic Concept of Steemit Platform

Probably almost all steemians already know what steemit is about how to use it, what purpose it uses, and what it gets from using it. But from all that know what is behind the steemit, making steemit different from other social media? Blockchain, the answer is BLOCKCHAIN, this is what makes steemit different from other social media.

On this occasion I will discuss about Blockchain. For seniors please correct it if in my post there is a mistake in writing or penyampain, because I also still in the process of learning about Blockchain and Cryptocurrency.

WHAT IS BLOCKCHAIN?

Blockchain can be labeled as a container or place that holds all cryptocurrency transactions. All transactions and data will be stored in a distributed database. Where to mention distributed, because every time there is a change or update on the database, then all updates will be done simultaneously in a batch called "block". Or more simplenya blockchain is a data structure that can not be changed, but can only be added only. Each data from blockchain is connected to each other where there is a change in one block of data it will affect the next data.

Block will record all transactions, after recording the transaction, the block will enter into the blockchain that acts as its database. Each block records transactions and enters the blockchain, resulting in a new block. So there will be many blocks contained within the blockchain that are connected to each other in the proper linear and chronological order. Blockchain will have complete information about the address and user balance derived from the block genesis (initial) to the most recent block entered into the blockchain. Blockchain is designed so that the transaction is unchanged, which means it can not be deleted.

At first blockchain was developed as an accounting method for virtual currency, blockchain uses a technology called Distributed Ledger Technology (DLT) that has been applied in various commercial applications today. DLT technology is used to verify a transaction in a digital currency.

Distributed Ledger Technology (DLT) is an emerging technology, DLT will replace all manual processes into digital, to minimize errors or inaccuracies. Fundamentally this technology can change the financial sector, making the financial sector more efficient, and tough.

This can overcome the challenges and roles of continuous change from stakeholders. DLT has the potential to transform various sectors such as manufacturing, government financial management systems, law and business

BLOCKCHAIN ​​VS TRADITIONAL SYSTEMS

Here I will explain a few examples of comparison between Blockchain technology with Traditional Systems.

If you are shopping in a place, when you want to pay for your groceries, you use a credit card for the payment method. When your cc card is swiped on the machine, here a transaction transfers money from your cc account to the account where you are shopping. The question is, did you know that the transaction has been successfully done or not, why the parties from the store can trust that you have successfully transacted using your cc. This is where there is a third party who is trusted by the cashier where you shop that proves that you have done the transaction. The third party in this case is the Bank where you created your Credit Card.

SYSTEM ON BLOCKCHAIN

Blockchain is a system that does not need to use a third party in a transaction, that is, all records of transactions that have occurred, will be stored on every computer spread in the network itself. So it would be more difficult for a hacker to hack on hundreds or thousands of computers.

ELEMENT BLOCKCHAIN

There are three main elements in the blockchain that is, Hash, Block, and Proof of Work following penjelsan third element.

1. Hash

Hasa is the identity of an encrypted data block with SHA-256 algorithm.

2. Block

Blockchain itself is a collection of some data blocks which data block is the data of the transactions that we make. Or we can define the data in this block. Which in this way Blockchain not only can be used to record financial transactions only. In this block will also have a digital identity which will then be in Hash.

3. Proof of Work

In the process of adding data, there is one right that we can not avoid is spamming and ddos. For that we need to validate will each data from block setaip. POW or proof of work is a protocol that is enabled to validate every incoming data is useful to overcome spam attacks and ddos ​​attacks. The usual POW used in blockchain is usually by ensuring a string pad of each data hash of each block.

NATURE OF BLOCKCHAIN

If we have understood what blockchain is and how it works, then here I am going to explain what properties a blockchain has.

1. OpenSource

Blockchain of course this technology built with OpenSource which means if you are a developer or who understand certain parts of programming and algortima, then you will be able to change or analyze how structural existing in this blockchain source code, because the code is transparent..

2. Decentralized

Cryptocurrency is a very large system, where no one or a company can control it. Blockchain code is not located on a server that can be operated by a company, but the code from this blockchain is spread across the computer in the blockchain network. We can also have our own node, where our computer / machine contains blocks and records of blockchain transactions.

CONCLUSION.

Of all the explanations I've described above datap concluded that Blockchain is giving new colors in the world of technology that moves in almost all directions, basically this blockchain developed for accounting virtual currency. Unexpectedly it turns out blockchain growing rapidly even will transform to various sectors such as government, business, perbankkan, even one of the world's leading banks in the world Bank began implementing this blockchain technology. If anyone asks me, secure the deal with blockchain, maybe the answer I'll give is, it's very safe, why I think it's safe, because this blockchain is not an application or technology that's on a central server, so it's vulnerable to attack , this blockchain is distributed which means that all transac- tion records will be scattered on the blockchain network.

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Posted on Utopian.io - Rewarding Open Source Contributors

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