Crypto, blockchian and bitcoin. Basics of blockchain - Part one

Crypto, blockchian and bitcoin. Basics of blockchain - Part one

By Titto81 | Titto Crypto World | 11 Jun 2021


 

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The intention of this post and of those that will follow, is to better understand everything related to the crypto world, the blockchain and especially bitcoin.

 

In 2008, now more than ten years ago, Satoshi Nakamoto, to date the true identity of the person is still unknown, launched the Bitcoin protocol with the intention of creating alternative finance for people who no longer want to manage their finances through the traditional financial and banking system.

 

This scenario includes the definition of blockchain which is intended as a tool for the development and above all the management of countless transactions of the so-called "digital currencies".

 
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The blockchian is to be seen as many blocks connected to each other in which each of these blocks contributes to the validation of each single transaction..

 

With this procedure it becomes the network that establishes the validity of the transaction and no longer an entity or a system that decides at will.


Through the blockchian can therefore be carried out both a management of contractual information (smart contract), and the simplest transfer of money in exchange for services or goods.

 

The blockchain can be divided as follows:


Nodes: that is, it is each server that corresponds to a single person
Transactions: that is the exchange data
Block: set of transactions approved by the nodes
Ledger: public ledger that contains all transactions
Hash: it is an irreversible operation that identifies every single block

 

In short, the blockchain is a public register made up of many nodes that update each other, or rather between all the participants in the network, where everyone can carry out a transaction that will then be authorized by all the components of the blockchain itself.

 

In the next post we will analyze how a block is generated, what the miners and the Proof of work are, and in particular what guarantees the security of the blockchain.

 

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Titto81
Titto81

Hello, my name is Giuliana and i'm from Italy. Have a nice day!!!


Titto Crypto World
Titto Crypto World

All about crypto, blockchain and digital currencies!!!

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