ℂ𝕙π•ͺπ•Ÿπ•–β˜….base.eth pfp
ℂ𝕙π•ͺπ•Ÿπ•–β˜….base.eth
@realchyne
DAY 2 CONTENT! "BLOCKCHAIN BASICS" What is Blockchain? πŸ€” Blockchain is a distributed ledger technology that enables secure, transparent, and tamper-proof transactions. It's the foundation of Web3 and decentralized networks. Key Components of Blockchain 1. DECENTRALIZED NETWORK: A network of computers (nodes) that work together to validate and record transactions. 2. DISTRIBUTED LEDGER: A digital ledger that stores transactions across multiple nodes, ensuring data redundancy and security. 3. BLOCKS: A group of transactions verified and linked together through cryptographic algorithms. 4. CHAIN: A sequence of blocks, each linked to the previous one, creating a permanent and unalterable record. 5. CONSENSUS MECHANISM: Algorithms that ensure nodes agree on the state of the ledger (e.g., Proof of Work, Proof of Stake).
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ℂ𝕙π•ͺπ•Ÿπ•–β˜….base.eth pfp
ℂ𝕙π•ͺπ•Ÿπ•–β˜….base.eth
@realchyne
HOW BLOCKCHAIN WORKS 1. Transaction creation: A user initiates a transaction (e.g., sending cryptocurrency). 2. Transaction verification: Nodes verify the transaction using complex algorithms. 3. Block creation: Verified transactions are combined into a block. 4. Block validation: Nodes validate the block, ensuring its integrity and accuracy. 5. Chain update: The validated block is added to the chain, updating the ledger. TYPES OF BLOCKCHAIN 1. Public Blockchain: Open, decentralized, and accessible to anyone (e.g., Bitcoin, Ethereum). 2. Private Blockchain: Restricted, centralized, and controlled by a single entity (e.g., enterprise blockchains). 3. Consortium Blockchain: Hybrid, decentralized, and controlled by a group of entities (e.g., banking consortia). BLOCKCHAIN BENEFITS 1. SECURITY: Tamper-proof and resistant to censorship. 2. TRANSPARENCY: All transactions are publicly visible. 3. IMMUTABLE: Transactions are permanent and unalterable. 4. CONSENSUS: Ensures agreement among nodes on th…
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