Blockchain and cryptocurrency, discussion PART-1
Blockchain and cryptocurrency, discussion PART-1
For those who don't know:
Cryptocurrency is a type of virtual currency that supports around 1+ states around the world.
It has no central organization. Its price is determined mainly by market demand.
Bitcoin is the first virtual currency of cryptocurrency. Satoshi Nakamoto is known as the inventor of this bitcoin. Currently there are 5+ cryptocurrencies in the crypto market. One of the reasons for its success is its privacy.
However, search Wikipedia for more details.
For those who don't know:Cryptocurrency is a type of virtual currency that supports around 1+ states around the world.
It has no central organization. Its price is determined mainly by market demand.
Bitcoin is the first virtual currency of cryptocurrency. Satoshi Nakamoto is known as the inventor of this bitcoin. Currently there are 5+ cryptocurrencies in the crypto market. One of the reasons for its success is its privacy.
However, search Wikipedia for more details.
Blockchain Technology
Transaction Technology:
Cryptocurrency is founded on blockchain technology. A blockchain is a block or box that is connected to each other. These blocks carry data. Each block is secured with a hash code. And this hash code is not reversible.
To illustrate this, let us give an example below,
Thank you,
I have "ABCD" data. I'm transferring data from one block to another through a block.
When I sent the ABCD data block, the block generated a specific hash code (1234).
If anyone wants, he can see the hash code but he cannot recover the data with this hash code. That's 1234 with ABCD. Can't recover this data. The reason for which I have sent the data remains secure.
This is how data is transferred from one block to another. About one block is created every 5 minutes. And each block is verified by the hash code of its previous block.
The block number depends on the number of transactions.
And the block that creates the data that facilitates the transfer is called Minor. The whole process is called mining. Minor is given a small amount of rewards for this work.
This is a data transfer designation using blockchain technology.
Cryptocurrency is founded on blockchain technology. A blockchain is a block or box that is connected to each other. These blocks carry data. Each block is secured with a hash code. And this hash code is not reversible.
To illustrate this, let us give an example below,
Thank you,
I have "ABCD" data. I'm transferring data from one block to another through a block.
When I sent the ABCD data block, the block generated a specific hash code (1234).
If anyone wants, he can see the hash code but he cannot recover the data with this hash code. That's 1234 with ABCD. Can't recover this data. The reason for which I have sent the data remains secure.
This is how data is transferred from one block to another. About one block is created every 5 minutes. And each block is verified by the hash code of its previous block.
The block number depends on the number of transactions.
And the block that creates the data that facilitates the transfer is called Minor. The whole process is called mining. Minor is given a small amount of rewards for this work.
This is a data transfer designation using blockchain technology.
Transaction status:
Thank you,
Mr X has 10 bitcoins. He sent 2 bitcoins to his friend Mr Y. Here a block is created with the transaction history between Mr X and Y. Mr Y again sent 4 bitcoins to Mr Z. Here another block is created, and this block is added to the previous block in chain form. In this way, each transaction history is linked to block size and forms a huge chain. Since millions of transactions are created every second, millions of block chains form and create a huge database. If you disable this database, the entire system will be lost. But it is impossible. Because every miner who does mining has to store blockchain data for all previous transactions first. Since there are millions of miners in the world, anyone wanting to destroy this system will have to destroy all the miner's computer block data. Which is impossible
Thank you,
Mr X has 10 bitcoins. He sent 2 bitcoins to his friend Mr Y. Here a block is created with the transaction history between Mr X and Y. Mr Y again sent 4 bitcoins to Mr Z. Here another block is created, and this block is added to the previous block in chain form. In this way, each transaction history is linked to block size and forms a huge chain. Since millions of transactions are created every second, millions of block chains form and create a huge database. If you disable this database, the entire system will be lost. But it is impossible. Because every miner who does mining has to store blockchain data for all previous transactions first. Since there are millions of miners in the world, anyone wanting to destroy this system will have to destroy all the miner's computer block data. Which is impossible
Security:
Very important thing. Blockchain is very advanced in terms of security. And the heck is almost impossible. Because if someone hacked the information in a block, then the hash code of the next block with the hash code of the block was lost. Because the hash code is different and specific for each data.
So if someone changes the information in the block, the data transfer stops.
So blockchain is 5% safe in 5% of hacking.
Usage:
1: Cryptocurrency: Blockchain gains prominence through cryptocurrency called Bitcoin. Blockchain is one of the most common uses for virtual transactions.
2: Exchange of confidential data: In the military field and various business secrets are exchanged using this blockchain.
1: Voting: In many countries, voting process is done using blockchain technology. Because each block stores the most recent data exchange information. Nobody can fake a vote if they want. Because information on his voting process is already stored on the block.
There are many other sectors where blockchain can be used to create the best results.
Notable:
Bitcoin is founded on blockchain technology. Bitcoin doesn't just mean blockchain. Blockchain is a comprehensive technology. Blockchain is not used solely on cryptocurrency.
Very important thing. Blockchain is very advanced in terms of security. And the heck is almost impossible. Because if someone hacked the information in a block, then the hash code of the next block with the hash code of the block was lost. Because the hash code is different and specific for each data.
So if someone changes the information in the block, the data transfer stops.
So blockchain is 5% safe in 5% of hacking.
Usage:
1: Cryptocurrency: Blockchain gains prominence through cryptocurrency called Bitcoin. Blockchain is one of the most common uses for virtual transactions.
2: Exchange of confidential data: In the military field and various business secrets are exchanged using this blockchain.
1: Voting: In many countries, voting process is done using blockchain technology. Because each block stores the most recent data exchange information. Nobody can fake a vote if they want. Because information on his voting process is already stored on the block.
There are many other sectors where blockchain can be used to create the best results.
Notable:
Bitcoin is founded on blockchain technology. Bitcoin doesn't just mean blockchain. Blockchain is a comprehensive technology. Blockchain is not used solely on cryptocurrency.
