Blockchain 001

Blockchain 001

Things you should Know about Blockchain

Victory Chiamaka Wekwa
·Jul 8, 2022·

3 min read

Subscribe to my newsletter and never miss my upcoming articles

Table of contents

  • Definition
  • Component of Blockchain
  • Types of Blockchain Technology
  • Things recorded in Blockchain

What do you mean by Blockchain?

You mean like a block with so many chains in it?

Block with so many Chains? No, That is not it!

All this questions will be answered by the end of this article. So sit back and let's get started!

Hello everyone, Welcome to the day one of my Crazy blogger challenge. Today I will be giving a brief introduction to Blockchain Technology.

Blockchain is an important concept in the world today with so many people getting into Tech and Cryptocurrency.

Untitled (3).png

Definition

According to the Cambridge dictionary

blockchain is a system used to make a digital record of all the occasions a cryptocurrency (=
a digital currency such as bitcoin) is bought or sold, and that is constantly growing as more blocks are added:

So let's get to it, in Cryptocurrency there are different blockchain network and each network has a record of the transactions being carried out.

It is very important to know that each blocks in blockchain are linked together.

A ⇆B ⇆C
      ⇅
      C

Component of Blockchain

There are three basic Component or let's say feature that make up a blockchain

  • Miners
  • Blocks
  • Nodes

Blocks consists of the data, nonce, and hash created every time a transaction happens.

Screenshot_20220708-095434_Browser.jpg

Miners are in charge of creating new blocks in the chain through the mining process.

Nodes keeps the copies of each transaction going on in the blockchain and it ensures the network functions well enough maintaining speed.

Screenshot_20220708-095502_Browser.jpg

Types of Blockchain Technology

We basically have four different Blockchain Technology, Yes, you heard me well, enough;

  • Public
  • Private
  • Hybrid
  • Consortium

For this post, I will be writing only on areas of the Public Network.

For the Public blockchain, we have some popular cryptocurrency public blockchain networks like Bitcoin, Ethereum, Solana, Near, Cardano, Binance Smart Chain and so many others.

Things recorded in Blockchain

The blockchain records so many transaction carried out and the time in which it was done. some transactions recorded in Blockchains are;

  • Buying and Selling : Here you get to see how much of each cyptocurrency have been bought in the blockchain by scanning it.

Screenshot_20220708-095543_Browser.jpg

  • Claiming : You can monitor a claim transaction going on in a blockchain.
  • Voting
  • Transfer
  • Fundraising e.g Grants Donations.

Some terms Used in Blockchain

  • Address
  • Contract Address
  • Gas fee or Network fee
  • Revoke transaction
  • Failed Transaction
  • Transaction Speed

I will be writing more on the terms in my next article.

I did not plan for this blog post to get over one minute read. Thank you for reading through this point.

Hope you have learnt a bit on Blockchain and you can find your way well around from here.

You have any questions or suggestions? Please leave it in the comment section. Don't forget to Like, Follow and Subscribe to my blog.

References

 
Share this