Topic: Do you know what is a blockchain...? - page 5. (Read 755 times)

Blockchain technology is widely used by cryptocurrencies and it is digital, decentralized public ledger. The use of it is to record all the transactions and compile all the data or information inside the bitcoin. It a growing list of records that was called blocks. It is also known as the database which manipulate and tracked all the transaction between two parties.

Careful here. A lot of these explanations in this thread are either way oversimplified or wrong and describing something more like a database.

Blockchain is a digital ledger where all transactions are recorded. It has good technological skills for which people feel it as most trustworthy than others.

Hi cryptoaro, please take a look at the Bitcoin whitepaper,  was published in 2008 by Satoshi Nakamoto.
The birth of the Blockchain https://bitcoin.org/bitcoin.pdf
It is a little more explained here https://www.bitcoin.com/guides/bitcoin-white-paper-beginner-guide

Blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value ,its like internet in that it has a built in robustness by storing blocks of information that are identical across its network ,blockchain cannot be controlled by any single entity and has no single point of failure.

i am new in krypto world ... i do not know yet fully

blockchain is basically database system which manipulate the transaction of the users, it process is bit complicated that's why it is hard for some users to understand it ,and blockchai also does have any direct controllers so publicity usual happen so for knowing about it better visit their own officially sites

Blockchain technology is the modern innovation of transactions. Where all transactions are not worth the transaction, all can be recorded. And the Blockchain system is going to be a global transaction media.

We all know we are dealing with number of  cryptocurrencies and specially in bitcoin.  These all are digital transactions.  Recording of these decentralized  transactions in a ledger known as Public Ledger is called blockchain.  The most recent transactions are growing a completed blocks which are being recorded and added to it in chronological order.  Market participants can keep track of these digital currency transactions without any centralized record keeping.  You can get a copy of the block chain if your computer is connected to network; which is downloaded automatically.

It was the bitcoin for which an accounting method was developed by using distributed ledger technology.  It appears in variety of commercial applications now a days.

Now this technology is basically being used to verify transactions.  Now any document after digitizing and coding can be inserted into blockchain.  Then it creates indelible record which is not possible to change.  The authenticity of the records can be verified by any user / member / person by using the blockchain without the help of any centralized authority because it being decentralized.

blockchain is a widespread database system in a network or transaction logging technology integrated with modern technology.
blockchain is very important in creating a digital currency, one of which is bitcoin.
The blockchain system does not use a third party as its center, but uses multiple parties or computers scattered within the network itself. This will make irresponsible people into trouble breaking into the system and have a small probability that will occur.

Off course I know and understand what is blockchain. It is a a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly. A system in which a record of transactions made in bitcoin or another cryptocurrency are maintained across several computers that are linked in a peer-to-peer network.

Blockchain technology is made for bitcoin. It is a public and digital ledger that are linked and secured with cryptograph. The purpose of blockchain technology is to record all the data or transactions that is happening inside the bitcoin system. It serves as the record list or the database. It is recorded publicly and chronologically.

as I know, basically blockchain is a ledger that records all crypto transactions. with that, we can know the transaction happened, but not with the person's name, because it is anonymous and only the address is recorded there.

Gday


Here's my attempt at a simple explanation :

The blockchain is a de-centralized database
The database (called the 'blockchain' because it's a chain of blocks of data) that stores the bitcoins is distributed over the 'cloud' - it is not found in any central location, but copied in many computers on the internet.

The blockchain is safe.
The blockchain is protected with secure encryption like the NSA uses - it cannot be hacked (yet). It's called a 'chain' because each block is linked to the previous one in a way that makes it un-hackable.

The blockchain only grows, it cannot be edited.
The blockchain is a form of ledger - it is only ever ADDED to, with one block added at intervals (about every 10 minutes.)

The blockchain (i.e. all transactions) are public.
Everyone can see the entire blockchain, with every bitcoin transaction that has ever happened. You can watch the blockchain and its transactions right here :
https://blockchain.com/

Bitcoins are located at an 'address'.
All bitcoins are located at what is called a bitcoin address. An address is a big number like this example : 1AGNa15ZQXAZUgFiqJ2i7Z2DPU2J6hW62i (that is an address of some random person.)
It's actually a 'public key' - one half of a key pair. A key pair is two mathematically related large numbers : 1) the public key (the address) and 2) the private key.

Bitcoins go from one address to another.
A bitcoin transaction consists of sending an amount of bitcoins (which can be fractional) from one address to another. Anyone can send TO an address - it is public. But to take FROM an address you must have the private key associated with that address. Which must be kept secret of course.

Bitcoin transactions are bundled into a block.
As bitcoin transactions occur, they are accumulated in a temporary buffer (the 'mempool'). After about 10 minutes they are bundled up into a block which is then added to the block chain.

Bitcoins are created every block.
Bitcoins are brought into existence (and sent to the miner's address) every time a block is added to the block-chain. They are the reward for creating the block. Currently the reward is 12.5 bitcoin per block. That's about US$6200 every 10 minutes. Almost a million US$ per day. It's called bitcoin 'mining'.

The cost is electricity
The cost of mining bitcoins is measured in kWh - it takes a lot of electric power to mine bitcoins, and the cost (usually) increases. Because as computers get faster, bitcoin adjusts its formula to match (so that the block time is always around 10 minutes).

Mining requires a lot of computation.
The process of mining a block requires a lot of processing power. Mining is based on a hashing function of the block - a complex formula that takes all the data in the block and spits out one big number calculated from it (like a checksum or signature). That number (called the hash) is essentially random digits. But with just the right magic number (called the nonce) added into the block data, the hash will start with all '0s'. Mining involves trying hugely many different nonces until the hash produces enough '0's at the start. The first miner to get the right hash has their block added to the blockchain and they are rewarded with the 12.5 BTC (this reward halves every few years.) Then the transactions in that block are cleared from the mempool, and all the miners start again trying to hash out a new block.


Kapyong

Block chain technology is the publicly distributed ledger system which records all the crypto currency transactions all through out the globe and every one can view the transactions recorded in the block chain system which makes it easier for further auditing. Block chain system all the transactions are recorded in a clear and system way so no one will be able to manipulate the block chain system as it is a system generated technology or can be called the decentralized  which does not have any central authority for controlling the system. I think you understand now

Blockchain is a type of distributed ledger for maintaining a permanent and tamper-proof record of transactional data. A blockchain functions as a decentralized database that is managed by computers belonging to a peer-to-peer (P2P) network. Each of the computers in the distributed network maintains a copy of the ledger to prevent a single point of failure (SPOF) and all copies are updated and validated simultaneously.

BlockChain Technology is an extraordinary method of the current digital era. BlockChain technology is being used in many countries around the world. I do not know too much about the blockchain. I think the blockchain system is a complex system, so I want to know more about it.

If you are new and want to learn about blockchain technology, then you can watch some video about this on youtube.
https://www.youtube.com/watch?v=qOVAbKKSH10
This is the complete video about blockchain. Hopefully, this video will help you improve your knowledge of blockchain technology and cryptocurrency

Well to my own little knowledge about cryptocurrency

I think it's a channel in where all bitcoin transactions go through, record every of the bitcoins that goes out and comes in.

Block chain technology is the publicly distributed ledger system which records all the crypto currency transactions all through out the globe and every one can view the transactions recorded in the block chain system which makes it easier for further auditing. Block chain system all the transactions are recorded in a clear and system way so no one will be able to manipulate the block chain system as it is a system generated technology or can be called the decentralized  which does not have any central authority for controlling the system.