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.
📍 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
- 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 🔭🧑💻 🌐@envoy_1084Hello👋, 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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