BLOCK-CHAIN
THE FUTURE TECH.
:- BY YATHARTH NATU.
INTRODUCTION.
Hey Everyone !!
Yatharth Natu, This Side.
Hope You All Are Having Fun And Safe.
I Welcome You All To My Podcast Show. Today Our Center
Of Interest Will Lie Around, Cryptocurrency And The
Concept Underlying It I.E,
“ T h e B l o c k C h a i n Te c h n o l o g y ” .
You Might Have Heard About Bitcoin, Dogecoin Etc. Which
Are Also Known As Cryptocurrency And The Working Of
Them Along With Many Others Is Totally Based On The
Block Chain Technology.
Apart From This, You Might Have Seen Some Of
The Memes On The Internet, Which Goes Like
Elon Musk Has Said Something About XYZ Coin
And Boom !!.
The Next Thing You Hear Is That The Very
Particular Crypto; About Which He Talked, Has
Gone Sky-rocket.
As A Layman, It May Be The Case That You Didn’t Get That
Meme In Its True Form.
Believe Me, I Was In The Same Shoes As You All.
Crypto, Block-chain, NFT, These Were All The Words Which
Didn’t Quite Get The Space In My Dictionary.
But After Spending Hours Of Research And Learning About The
Same. I Am Here Presenting You The Tech Which Is Going To
Drive The Future Of The Generations To Come.
ALLOW ME TO PRESENT :
“BLOCK CHAIN : THE FUTURE TECH”
Blockchain technology is most simply defined as a decentralized, distributed
ledger that records the provenance of a digital asset. By inherent design, the
data on a blockchain is unable to be modified, which makes it a legitimate
disruptor for industries like payments, cybersecurity and healthcare. Our guide
will walk you through what it is, how it's used and its history.
Blockchain, sometimes referred to as Distributed Ledger Technology (DLT), makes
the history of any digital asset unalterable and transparent through the use of
decentralization and cryptographic hashing.
A simple analogy for understanding blockchain technology is a Google Doc. When
we create a document and share it with a group of people, the document is
distributed instead of copied or transferred. This creates a decentralized
distribution chain that gives everyone access to the document at the same time.
No one is locked out awaiting changes from another party, while all modifications
to the doc are being recorded in real-time, making changes completely
transparent.
Of course, blockchain is more complicated than a Google Doc, but the analogy is
apt because it illustrates three critical ideas of the technology.
Blockchain is an especially promising and revolutionary technology because it
helps reduce risk, stamps out fraud and brings transparency in a scalable way for
myriad uses.
HOW DOES BLOCK CHAIN WORKS??
Blockchain consists of three important concepts: blocks, nodes and
miners.
Blocks
Every chain consists of multiple blocks and each block has three basic
elements:
• The data in the block.
• A 32-bit whole number called a nonce. The nonce is randomly
generated when a block is created, which then generates a block
header hash.
• The hash is a 256-bit number wedded to the nonce. It must start with
a huge number of zeroes (i.e., be extremely small).
When the first block of a chain is created, a nonce generates the
cryptographic hash. The data in the block is considered signed and
forever tied to the nonce and hash unless it is mined.
NODES AND MINERS
MINERS NODES
Miners create new blocks on the chain through a One of the most important concepts in
process called mining. blockchain technology is decentralization. No
In a blockchain every block has its own unique one computer or organization can own the
nonce and hash, but also references the hash of the chain. Instead, it is a distributed ledger via
previous block in the chain, so mining a block isn't the nodes connected to the chain. Nodes can
easy, especially on large chains. be any kind of electronic device that
Miners use special software to solve the incredibly maintains copies of the blockchain and keeps
complex math problem of finding a nonce that the network functioning.
generates an accepted hash. Because the nonce is
Every node has its own copy of the blockchain
only 32 bits and the hash is 256, there are roughly
four billion possible nonce-hash combinations that and the network must algorithmically approve
must be mined before the right one is found. When any newly mined block for the chain to be
that happens miners are said to have found the updated, trusted and verified. Since
"golden nonce" and their block is added to the blockchains are transparent, every action in
chain.
the ledger can be easily checked and viewed.
Making a change to any block earlier in the chain Each participant is given a
requires re-mining not just the block with the unique alphanumeric identification number
change, but all of the blocks that come after. This is
that shows their transactions.
why it's extremely difficult to manipulate blockchain
technology. Think of it as "safety in math" Combining public information with a system
since finding golden nonces requires an enormous of checks-and-balances helps the blockchain
amount of time and computing power. maintain integrity and creates trust among
When a block is successfully mined, the change is users. Essentially, blockchains can be thought
accepted by all of the nodes on the network and the of as the scalability of trust via technology.
miner is rewarded financially.
Cryptocurrencies: The
Beginning of Blockchain's
Technological Rise
Blockchain’s most well-known use (and
maybe most controversial) is in
cryptocurrencies. Cryptocurrencies are
digital currencies (or tokens), like
Bitcoin, Ethereum or Litecoin, that can
be used to buy goods and services. Just
like a digital form of cash, crypto can be
used to buy everything from your lunch
to your next home. Unlike cash, crypto
uses blockchain to act as both a public
ledger and an enhanced cryptographic
security system, so online transactions
are always recorded and secured.
To date, there are
roughly 6,700 cryptocurrencies in the
world that have a total market cap
around $1.6 trillion, with Bitcoin holding
a majority of the value. These tokens
have become incredibly popular over
the last few years, with one Bitcoin
equaling $60,000. Here are some of the
main reasons why everyone is suddenly
taking notice of cryptocurrencies
