Friday, June 2, 2023
No Result
View All Result
Crypeto News
Smarter_way_USA
  • Home
  • Bitcoin
  • Crypto Updates
    • General
    • Blockchain
    • Ethereum
    • Altcoin
    • Mining
    • Crypto Exchanges
  • NFT
  • DeFi
  • Web3
  • Metaverse
  • Analysis
  • Regulations
  • Scam Alert
  • Videos
CRYPTO MARKETCAP
  • Home
  • Bitcoin
  • Crypto Updates
    • General
    • Blockchain
    • Ethereum
    • Altcoin
    • Mining
    • Crypto Exchanges
  • NFT
  • DeFi
  • Web3
  • Metaverse
  • Analysis
  • Regulations
  • Scam Alert
  • Videos
CRYPTO MARKETCAP
Crypeto News
No Result
View All Result

2. Blockchain Theory. You must have heard about… | by Prakash Agarwal | The Capital | Sep, 2022

by crypetonews
September 15, 2022
in Altcoin
Reading Time: 4 mins read
0 0
A A
0
Home Altcoin
Share on FacebookShare on Twitter


src — Google

You must have heard about Cryptocurrency, NFT, Bitcoin, Ethereum, Blockchain, Dogecoin, etc. Why are these terms trendy and essential for you to understand?

Before understanding all these terms, you need to understand what Blockchain is? Why is it useful? And why do we need it? As Blockchain is the technology lying behind all these concepts/products.

First, let’s understand the meaning of Centralized Systems. A centralized system is a network of computers connected(dependent) to one central computer, also known as a Server. All the data is stored and controlled by this server.

But there are some problems with centralized systems, which are:

The nodes (or computers) connected in the network depend on just one machine(server), which makes the whole network vulnerable to attack from hackers.A server is maintained by a few people in an organization who could always exploit the server; thus, a server doesn’t guarantee the safety of data.A central server should always be connected to its nodes. If there is any network connection issue, all nodes stop working. As it frequently happens with the current banking system.

While Blockchain is a decentralized network. Hence, It doesn’t have a server storing all data and controlling all nodes, but the data is distributed (duplicated) among all the nodes (computers) of the network.

Here nodes are the ones that manage the blockchain network. For instance, if one node tries to alter some data, other nodes need to validate that modification, and if the other nodes find out that the data is incorrect, they will reject the modification.

Blockchain can also handle network issues as it has multiple nodes working simultaneously, and the network doesn’t depend on a single machine; so even if several nodes go down, it will not affect the whole network, ensuring the overall consistency of the network.

Now, it’s time to understand what Blockchain means! Blockchain is a public database for storing real-world data, shared and updated with many nodes (computers) across the globe. It’s kind of a Public Ledger.

As we break the word; It consists of two parts: Block and Chain.

“Block” is an entity that stores the data, you can visualize it as an Empty Box or Paper on which data would be written(stored). “Chain” can be defined as a cryptographic link of a block with the previous block.

In other words, the link between blocks forms a chain of blocks. Basically, Blockchain is a collection of blocks chained together using cryptography. You can read more about its application in my recent article here.

Features of Blockchain:

Blockchain is an immutable public data storage that is:

Decentralized: Blockchain is a distributed technology that is not controlled by any individual or organization. i.e. It doesn’t have any central authority.Trustless: People have always been dependent on some organization or central authority such as Banks or some intermediaries for reliability or trust on any network. But with blockchain technology, people don’t have to rely on any third party for their transactions and holdings. It’s the fundamental part of Blockchain Technology.Permission-less: You don’t need anyone’s permission or authorization to join the network or become a node.Secure: Blockchain uses decentralization, cryptography and consensus at its core, making it secure.

In my next blog, we will know more about how blockchain works and what is consensus mechanism! Follow me so that you will get notified when the next blog publishes.



Source link

Tags: AgarwalBlockchainCapitalheardPrakashSepTheory
Previous Post

TA: Bitcoin Price At Major Risk of A Breakdown Below $20K: Here’s Why

Next Post

South Korea’s Seongnam city to provide citizenship rights through NFTs

Related Posts

Dogecoin (DOGE) Daily Transactions Spike 8,220% in May, According to IntoTheBlock
Altcoin

Dogecoin (DOGE) Daily Transactions Spike 8,220% in May, According to IntoTheBlock

June 1, 2023
Top Trader Says Ethereum on Cusp of Breakout Against Bitcoin, Predicts One Surging Altcoin Has More Fuel in Tank
Altcoin

Top Trader Says Ethereum on Cusp of Breakout Against Bitcoin, Predicts One Surging Altcoin Has More Fuel in Tank

June 1, 2023
Is XRP About To Rally? Crypto Analytics Firm Santiment Says One Metric Is Flashing a Historically Bullish Signal
Altcoin

Is XRP About To Rally? Crypto Analytics Firm Santiment Says One Metric Is Flashing a Historically Bullish Signal

June 1, 2023
Crypto Bear Doubles Down Again, Goes Short on Polygon (MATIC), Solana (SOL), Aave and More
Altcoin

Crypto Bear Doubles Down Again, Goes Short on Polygon (MATIC), Solana (SOL), Aave and More

June 1, 2023
T-Mobile’s Parent Company Becomes Validator on Polygon (MATIC) Network
Altcoin

T-Mobile’s Parent Company Becomes Validator on Polygon (MATIC) Network

May 31, 2023
Solana Has Potential To Be the ‘Apple’ of Crypto, According to SOL Co-Founder Raj Gokal
Altcoin

Solana Has Potential To Be the ‘Apple’ of Crypto, According to SOL Co-Founder Raj Gokal

May 31, 2023
Next Post
South Korea’s Seongnam city to provide citizenship rights through NFTs

South Korea’s Seongnam city to provide citizenship rights through NFTs

Bitcoin Payment Solution In Trial Phase By Bahrain Central Bank Via OpenNode

Bitcoin Payment Solution In Trial Phase By Bahrain Central Bank Via OpenNode

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

University of Brighton to close Brighton Contemporary Centre for the Arts citing ongoing fee freeze, ‘soaring energy costs’ and ‘generationally high inflation’
NFT

University of Brighton to close Brighton Contemporary Centre for the Arts citing ongoing fee freeze, ‘soaring energy costs’ and ‘generationally high inflation’

by crypetonews
May 26, 2023
0

The University of Brighton has announced it is closing the Brighton Centre for Contemporary Art (BCCA), saying it is facing...

fostering responsible gambling for a sustainable ecosystem

fostering responsible gambling for a sustainable ecosystem

May 26, 2023
A Comprehensive Guide to Uniswap (UNI) Tokenomics

A Comprehensive Guide to Uniswap (UNI) Tokenomics

May 30, 2023
Polkadot hodlers are underwater. A bullish scenario remains valid if the lows hold.

Polkadot hodlers are underwater. A bullish scenario remains valid if the lows hold.

May 29, 2023
National Archaeological Museum of Naples opening new branch in the city’s famous Real Albergo dei Poveri

National Archaeological Museum of Naples opening new branch in the city’s famous Real Albergo dei Poveri

May 26, 2023
Coinbase Insider Trading Case Closed: Former Manager And Brother Settle Charges With SEC

Coinbase Insider Trading Case Closed: Former Manager And Brother Settle Charges With SEC

May 30, 2023
  • Trending
  • Comments
  • Latest
What is the Erigon Node Consensus Layer?

What is the Erigon Node Consensus Layer?

February 15, 2023
Secured #5: Public Vulnerability Disclosures Update

Secured #5: Public Vulnerability Disclosures Update

May 3, 2023
Exchange Giant Coinbase Adds Custody Support for 14 Ethereum (ETH)-Based Altcoins, Spurring Rallies Up to 20%

Exchange Giant Coinbase Adds Custody Support for 14 Ethereum (ETH)-Based Altcoins, Spurring Rallies Up to 20%

October 27, 2022
3 Things We Learned at Tornado Cash Dev Alexey Pertsev’s Trial – CoinDesk : ethereum

3 Things We Learned at Tornado Cash Dev Alexey Pertsev’s Trial – CoinDesk : ethereum

November 23, 2022
Crypto Whales Spend Millions Buying the Dip on PEPE As Prices Drop: On-Chain Data

Crypto Whales Spend Millions Buying the Dip on PEPE As Prices Drop: On-Chain Data

May 12, 2023
146 Top Executives Urge Biden to Prevent US Default — Warns of ‘Disastrous Consequences’

146 Top Executives Urge Biden to Prevent US Default — Warns of ‘Disastrous Consequences’

May 17, 2023
PEPE Crypto Price News Today – Technical Analysis and Elliott Wave Analysis and Price Prediction!

PEPE Crypto Price News Today – Technical Analysis and Elliott Wave Analysis and Price Prediction!

24
BITCOIN: CRASH TO $24,000 GUARANTEED!?!?!?!? 3 HUGE REASONS!! BTC + Crypto Price Prediction Analysis

BITCOIN: CRASH TO $24,000 GUARANTEED!?!?!?!? 3 HUGE REASONS!! BTC + Crypto Price Prediction Analysis

20
⚠️*HUGEEE*⚠️ IT'S MAKE OR BREAK FOR BITCOIN !⚠️Crypto BTC Price Prediction/Cryptocurrency News Today

⚠️*HUGEEE*⚠️ IT'S MAKE OR BREAK FOR BITCOIN !⚠️Crypto BTC Price Prediction/Cryptocurrency News Today

24
Ending Logan Paul's Biggest Scam

Ending Logan Paul's Biggest Scam

40
I ATTENDED A 3 HR 'CRYPTO SCAM' WEBINAR | WFABB iGenius

I ATTENDED A 3 HR 'CRYPTO SCAM' WEBINAR | WFABB iGenius

38
ARE NFTS OFFICIALLY DEAD? NFT COLLAPSE EXPLAINED!

ARE NFTS OFFICIALLY DEAD? NFT COLLAPSE EXPLAINED!

34
Dogecoin (DOGE) Daily Transactions Spike 8,220% in May, According to IntoTheBlock

Dogecoin (DOGE) Daily Transactions Spike 8,220% in May, According to IntoTheBlock

June 1, 2023
186 Roy Lichtenstein works donated to museums in honour of the artist’s 100th birthday

186 Roy Lichtenstein works donated to museums in honour of the artist’s 100th birthday

June 1, 2023
BTCPay Server Releases 1.10.0 Update With New Store Management System And Privacy Features

BTCPay Server Releases 1.10.0 Update With New Store Management System And Privacy Features

June 1, 2023
Best Crypto to Buy Now June 1 – Polygon, Bitcoin, DeeLance

Best Crypto to Buy Now June 1 – Polygon, Bitcoin, DeeLance

June 1, 2023
Introducing CoinChartist (VIP): Expert Crypto Insights, Custom Technical Tools, NFTs & More

Introducing CoinChartist (VIP): Expert Crypto Insights, Custom Technical Tools, NFTs & More

June 1, 2023
Synthetix (SNX) Approves Plan to Nudge Positions Off Soon-to-Shut Version One of Its Perpetuals Market

Synthetix (SNX) Approves Plan to Nudge Positions Off Soon-to-Shut Version One of Its Perpetuals Market

June 1, 2023
Crypeto News

Find the latest Bitcoin, Ethereum, blockchain, crypto, Business, Fintech News, interviews, and price analysis at Crypeto News.

CATEGORIES

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Updates
  • DeFi
  • Ethereum
  • Metaverse
  • Mining
  • NFT
  • Regulations
  • Scam Alert
  • Uncategorized
  • Videos
  • Web3

LATEST UPDATES

  • Dogecoin (DOGE) Daily Transactions Spike 8,220% in May, According to IntoTheBlock
  • 186 Roy Lichtenstein works donated to museums in honour of the artist’s 100th birthday
  • BTCPay Server Releases 1.10.0 Update With New Store Management System And Privacy Features
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 Crypeto News.
Crypeto News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Bitcoin
  • Crypto Updates
    • General
    • Blockchain
    • Ethereum
    • Altcoin
    • Mining
    • Crypto Exchanges
  • NFT
  • DeFi
  • Web3
  • Metaverse
  • Analysis
  • Regulations
  • Scam Alert
  • Videos

Copyright © 2022 Crypeto News.
Crypeto News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In