1/ What is a Blockchain?

Blockchain technology is an immutable, digital, distributed ledger that connects a decentralized network.

2/ How does a blockchain work?

Transactions that occur on the blockchain are rolled up and recorded as a block of data. Each block is connected to the ones before and after it, forming a chronological chain of data as an asset moves or ownership of an asset changes.

3/ The blocks timestamp the transactions and link securely together to prevent any block from being altered. Each additional block strengthens the verification of the entire blockchain, making the blockchain immutable. No block is editable.

4/ Programmatic Characteristics of Blockchain

• Distributed

• Smart Contracts

• Immutable

• Decentralized

Let's go through those and understand what these character are.

5/ Distributed:

Data on the blockchain is stored by, and updates are broadcasted to, everyone.

6/ Smart Contracts:

Smart contracts are coded agreements. Once the predetermined conditions of the contract are met, the transaction is automatically completed and recorded on the blockchain, and the contract is immutable.

7/ Immutable:

A completed transaction can never be changed or hidden. This gives the idea of provenance of assets, which means you can determine any asset's entire history.

8/ Decentralized:

Communal consensus, rather than one party’s decision, dictates who gets to access or update the blockchain.

But what does decentralization look like? Image below :

9/ Decentralization: Consensus Mechanisms

• Decentralized control

• Bitcoin and Ethereum use Proof of Work

• ETH2, Cardano, Tezo use Proof of Stake

• Solana and Polkadot use Proof of History

Thank you!

If you enjoyed it you can check some other Threads too.

https://twitter.com/EtherSiim/status/1447492904730116096

1/ What is a Blockchain?

Blockchain technology is an immutable, digital, distributed ledger that connects a decentralized network.

2/ How does a blockchain work?

Transactions that occur on the blockchain are rolled up and recorded as a block of data. Each block is connected to the ones before and after it, forming a chronological chain of data as an asset moves or ownership of an asset changes.

3/ The blocks timestamp the transactions and link securely together to prevent any block from being altered. Each additional block strengthens the verification of the entire blockchain, making the blockchain immutable. No block is editable.

4/ Programmatic Characteristics of Blockchain

• Distributed

• Smart Contracts

• Immutable

• Decentralized

Let's go through those and understand what these character are.

5/ Distributed:

Data on the blockchain is stored by, and updates are broadcasted to, everyone.

6/ Smart Contracts:

Smart contracts are coded agreements. Once the predetermined conditions of the contract are met, the transaction is automatically completed and recorded on the blockchain, and the contract is immutable.

7/ Immutable:

A completed transaction can never be changed or hidden. This gives the idea of provenance of assets, which means you can determine any asset's entire history.

8/ Decentralized:

Communal consensus, rather than one party’s decision, dictates who gets to access or update the blockchain.

But what does decentralization look like? Image below :

9/ Decentralization: Consensus Mechanisms

• Decentralized control

• Bitcoin and Ethereum use Proof of Work

• ETH2, Cardano, Tezo use Proof of Stake

• Solana and Polkadot use Proof of History

Thank you!

If you enjoyed it you can check some other Threads too.

https://twitter.com/EtherSiim/status/1447492904730116096