Blockchain Technology for Newbies | Bitcointalksearch.org

avivsun

jr. member

Activity: 58

Merit: 1

Quote from: MERNDAnda on July 22, 2018, 01:57:24 AM

blockchain is a technology that allows people to send and receive cryptocurrencies such as Bitcoin. However, this is much more than just a payment system. When Satoshi Nakamoto created the world's first cryptocurrency (Bitcoin), he also created a remarkable protocol known as blockchain....

Thanks,

Would like to add,

What is Blockchain-
The blockchain is a Decentralized Digital Ledger.

Blockchain Applications-
One of the most common applications is supporting digital currency such as the most popular and the first Crypto Coin -> Bitcoin.

Blockchain Generations-
Bitcoin Technology is known as the first blockchain generation.

Who is Satoshi Nakamoto? No One knows, but Nick Szabo & Harold Finney are leading candidates.

Read more about Satoshi

Read here more about Blockchain Generations

kopamo

newbie

Activity: 93

Merit: 0

Thanks you so much this is good information for newbie blockchain wallet is technology which keep bitcoin

Mariahenry86

newbie

Activity: 25

Merit: 0

Thank you. I've been wondering about the security of blockchain. Hackers will find it difficult to dominate blockchain.

yevgen

newbie

Activity: 7

Merit: 0

thank you for the explanation
this make me more clear abt the blockchain
hope you can do more for cryptocurrency
Wink

acidx2920

newbie

Activity: 9

Merit: 0

I assume that some arrows in that infographic should point in other direction, other than that it's pretty helpful for newbies such as me.

Quinaquen

newbie

Activity: 35

Merit: 0

Blockchain databases hold their information in an encrypted state. This means that only the private keys must be kept safe – a few kilobytes of data – in order for all of the data on the chain to be secure.

Cidolfusorlandeau

newbie

Activity: 30

Merit: 0

And the technology of blockchain is lightning network.

yfaz

newbie

Activity: 28

Merit: 0

Blockchain one of the best safe and secure ledger for bitcoin. It just awesome.

Rosaleen18

newbie

Activity: 32

Merit: 0

Quote from: nngella on June 27, 2018, 10:49:28 PM

What is Blockchain?

It is like a database duplicated thousand of times across a network of computers, in which the network of computers have access to the database at the same time to regularly update the said database;
Information are shared (and continually reconciled) throughout the whole network; and
Data are accessible to anyone - no centralized version exists for hacker to target to corrupt.

How Blockchain Works?

I think it is wonderfully shown on the picture below:

https://i.imgur.com/WzhT2Bk.png
Source

Thank you sir for the picture you post, it gives me clearly on how the blockchain works. It add to my knowledge about the blockchain. Once again sir! Thank you so much.

AzatFinrazor

newbie

Activity: 28

Merit: 1

Quote from: aywing on July 02, 2018, 11:17:18 PM

May I ask for more if the consensus types affects and got different flows on the chart?

Proof-of-Work is the most common type of consensus. It's the one Bitcoin uses.
In Proof-of-Work, users called miners validate and collect transactions into blocks and seal them in a complex cryptographical way.
Proof-of-Work requires a lot of computational power and electricity.

There are other less popular consensus types, such as Proof-of-Stake. PoS systems choose special users to validate transactions. These users are selected based on the amount of coins they deposit. So if they validate bad transactions, they will lose all their deposited coins.

If you want to learn more, read this article: https://finrazor.com/news/blockchain-consensus-mechanisms

nngella

member

Activity: 336

Merit: 42

Quote from: yodomaster on July 02, 2018, 10:49:03 PM

A good explanation here! Would like to ask more about what is the role of cryptocurrencies here is involved? I mean, is cryptocurrencies / such a token represents a transaction or say buy using $ involved in the blockchain to avoid huge number of transactions or ensure its security?

A transaction means that the amount of the token in the blockchain changes. Meaning someone buys tokens and exchanges it for dollars.

ciricoro

newbie

Activity: 15

Merit: 0

Thankyou so much sir for this information. It is a good overview for a newbie like me. I learned now how blockchain works. I hope I can understand more.

MERNDAnda

newbie

Activity: 30

Merit: 0

blockchain is a technology that allows people to send and receive cryptocurrencies such as Bitcoin. However, this is much more than just a payment system. When Satoshi Nakamoto created the world's first cryptocurrency (Bitcoin), he also created a remarkable protocol known as blockchain....

Intrachain

newbie

Activity: 30

Merit: 0

Nice infographic! I think it provides a good overview of the topic of Blockchain, especially for newbies.

I also found an interesting article on Medium, which explains this topic well especially for newbies. You can find it here: https://medium.com/s/story/making-money-trustworthy-6c552a1cfc25

Maybe it is helpful for anyone out there who is not familiar with the topic yet

aywing

newbie

Activity: 30

Merit: 0

May I ask for more if the consensus types affects and got different flows on the chart?

yodomaster

newbie

Activity: 50

Merit: 0

A good explanation here! Would like to ask more about what is the role of cryptocurrencies here is involved? I mean, is cryptocurrencies / such a token represents a transaction or say buy using $ involved in the blockchain to avoid huge number of transactions or ensure its security?

nngella

member

Activity: 336

Merit: 42

Quote from: Velkro on July 01, 2018, 08:05:47 PM

Quote from: LuongTran on June 29, 2018, 03:39:08 AM

Through your post,I understood how Blocktrain works,It help a lot for people,who is newbies like me!thank you so much!

Good job goes to the author of this topic then.
Any new guides/informative graphics are greatly appriciated.

I hope more people from community would be that helpful.

An affirmation and complement from a legendary member! Thank you so much!

Pictures are really helpful especially to visual learners like me. Glad that you appreciate this post.

Velkro

legendary

Activity: 2296

Merit: 1014

Quote from: LuongTran on June 29, 2018, 03:39:08 AM

Through your post,I understood how Blocktrain works,It help a lot for people,who is newbies like me!thank you so much!

Good job goes to the author of this topic then.
Any new guides/informative graphics are greatly appriciated.

I hope more people from community would be that helpful.

nngella

member

Activity: 336

Merit: 42

Quote from: k_kaniff on June 29, 2018, 03:44:10 AM

Might be one worth printing out and sticking above my pc!

This is a good suggestion! I think this will help me also to digest the idea of blockchain technology and be reminded to study more about it.

k_kaniff

newbie

Activity: 2

Merit: 0

Might be one worth printing out and sticking above my pc!

Topic: Blockchain Technology for Newbies (Read 301 times)