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Blockchain real story useful beginner to professional

The first Blockchain ever implemented was the Bitcoin blockchain. Created by a pseudonymous individual called Satoshi Nakamoto to serve as the basis for a decentralized digital currency, he wished Bitcoin to be secure, anonymous and could work with no centralized intermediary.
  • To achieve that, Nakamoto combined public key cryptography, a distributed ledger, and a consensus algorithm. 
  • The groundwork for each component was painfully laid by people before him, such Wei Dai, Nick Szabo, Hal Finney and Adam Back, but is indeed Satoshi's merit to have put the pieces together in the first really robust implementation of their shared vision. 
  • The Blockchain can sometimes refer to the combination of all three components or just the distributed ledger
Blockchain ideas
Blockchain ideas

As the name aptly describes, at the heart of the Blockchain there is a chain of blocks, each block containing read-only data that represents monetary transactions. Every time a new block is written, you need to reference the block that immediately precedes it – so at any given point, you can track down the chain up to the very first block created.

How blockchain design works

The Blockchain is by design a decentralized and autonomous system, and sometimes more than one block gets created. To keep the integrity of its ledger, a consensus mechanism is used that considers that the longest chain is always the most trustworthy (it will be mentioned later why that is the case) and nodes can only be allowed to blocks to the chain if they solve an arbitrary mathematical puzzle (also more on that later).

Messages or transactions are exchanged between nodes through a peer-to-peer network, and there are two types of participants: those who generate transactions and "spend coins" and those who gather and record these operations. To incentivize the processing nodes, the system rewards them with new brand new coins. so they not only do record keeping but also "make currency."

How technology works

Because of the intended strong analogy to precious metal mining, these particular nodes are called "miners." This can appear trivial, but keep in mind that when you send something digital – a music file, or written document or picture — you are always making copies. Moreover, although, is not a real problem with files, is a big, big problem with digital currencies.

For a digital currency to work it is crucial that once you give it to someone, the money is not in your possession anymore, and you cannot give this same money to someone else. This does not happen with wire transfers, for instance, because the financial institutions record and share a ledger of all the money that enters and exits their systems. However, that is a centralized solution that depends that you trust an organization always to keep their "word."

The real process

Every transaction made in the Bitcoin network is directed to a pending transaction list. The transaction itself is a simple message that senders sign with a cryptographic key with an amount, as well as the sender's and recipient's addresses.
  • A node that authenticates and integrates these transactions in the blockchain – a "miner" – will collect the transaction above (plus a few others) and try to "win" or "mine" a block. Which is to say that it must solve a puzzle.
  • At this point, it is useful to recall that every block references the block that came before. That is true, but apart from that, the new block will also have to have a hash value[7] that equals all data it is trying to add to the chain, PLUS all data already stored in past blocks of the blockchain.

Since the subsequent hashes are always dependent on the previous, that makes the blockchain tamper-proof. Remember that for anyone to change any value – even a single bit – in the already calculated block, means that he would need to update the hashes of every subsequent block. This is heavily time-consuming and makes it harder to modify past blocks of Blockchain. The deeper the block down the "height," the more difficult.

How secure is it?

The records on a blockchain are secured through cryptography. Network participants have their own private keys that are assigned to the transactions they make and act as a personal digital signature. If a record is altered, the signature will become invalid and the peer network will know right away that something has happened. Early notification is crucial to preventing further damage.

Blockchain Resources:-


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