Hello again everyone! Previously we discussed about the new Web3 concept. But Web3 concept is standing over this blockchain technology. Now lets find out what this blockchain is...
Well, The first thing I heard that
Blockchain is a public list of record.
Honestly this doesn't ring a bell to me. I am going to find out what does this public list of record even means.
So from this phrase I get that
- This is a list of record. So this can be a database.
- All the data of this database is public
But wait! So from where the blockchain word came?
Actually in that public database or we can say the public list of records stores the informations in batches. Which is called blocks.
These blockes are linked together and sharing the informations forming a continuous line. A chain of blocks is made.
So thats why it is called Blockchain.
But yeah there's more in Blockchain technology which made it more popular.
Blockchain works as a record of transactions which are immutable.
OK what does immutable means then?
The synonyms of immutable are fixed – set – unchangeable – rigid – unshakeable – irremovable.
And these record of transactions do not require to rely on any external authorities like governments, banks, any large corporations to validate the authenticity and integrity of the data.
Also there is no central body or single entity control managing this public database.
That's why this is called decentralized!
Through blockchain millions of users help manage and maintain these records.
Now lets breakdown the features of Blockchain.
Blockchain is Open: This is a open-source software and will be accessible to the community of developers where it can be updated and executed.
Trustless: As there will be no third party to gather the information of the users this will be completly trustless where the users can interact publicly or privately without worrying about their identity.
Permissionless: Neither users nor suppliers need any authorization from a governing body for participating.
Secure: Blockchain is decentralized where the users don't need to show their identity, everything is encrypted which makes it secure.
Enough reading for today! Still I don't understand how blockchain works. :D
I will try to understand that in the extended part. See you there!
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