What is Blockchain

Hello 👋. You have at least heard about the excitement surrounding NFTs, and Web3 and Blockchain have become internet slang. This is the beginning of a new series of Web3 Threads in which we discuss all subjects pertaining to the fundamentals of Web3 and the technology underlying them. The postings in this series will include a succinct introduction to the subject and a straightforward explanation in everyday language.

Vedant 🔭🧑‍💻 🌐

@envoy_1084

Blockchain is more than just a fancy linked list.

❌ No, blockchain technology is not just for digital currencies.
✅ Learn about the latest buzzword on the internet.
A Thread 🧵↓

03:00 AM - 14 Nov 2022

📍 Blockchain Definition

Blockchain is a distributed, immutable ledger that makes it easier to record transactions and track assets in a business network.

📍 Structure of Blockchain

Blockchain groups information into units known as blocks, which hold sets of information.
When a block's storage capacity is reached, it is closed and linked to the previous filled block, producing a data chain known as the blockchain.

📍 How secure is Blockchain?

The hashes of the blocks are responsible for the blockchain's immutability. A hash is analogous to a fingerprint. Humans all have unique fingerprints. Hashes serve as unique identifiers/fingerprints in the case of blocks.
Each block is digitally signed with a one-of-a-kind hash generated by a hashing algorithm/function.
These hashes are generated using the current block, the preceding block, and a timestamp, and each change in input results in a completely new hash.

📍 Characteristics of Blockchain

Decentralized
Transparent and open
Enhanced Security and immutability

📍 Types of Blockchains

Public blockchains - Fully decentralized and open to public.
Private blockchains - Requires permission to join the network.
Hybrid blockchains - Combines features of both Public and Private.
Consortium blockchains - Private Blockchain for Orgs

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Vedant Chainani

Web3 Technical Writer ✍️ | ⛓️ Blockchain Enthusiast

Vedant 🔭🧑‍💻 🌐

@envoy_1084

Hello👋, I'm Vedant.

My goal is to assist developers in navigating the challenging yet incredibly rewarding 🏆 world of blockchain.

I write threads about web3, crypto, front-end development, productivity tips , and occasionally, if you're lucky, a 👻 random topic.

10:38 AM - 25 Oct 2022

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