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Omar98

Short story about Blockchain.

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Before 2009

we were living in the era of the Internet of information. This era helped billions of people all around the world to communicate with each other. But when it was first designed it was not designed for peer-to-peer payments. 

 

Then suddenly something new happened.

In 2009

When someone named Satoshi Nakamoto

lunched something he called Bit Coin.

Which is a peer-to-peer electronic cash money system.

images.jpg.f8fc4cab91e97fc09f8fd3f1bb6e44bf.jpg

 

In search of trust protocol and amid the market meltdown, Satoshi Nakamoto outlined the 

Blockchain Technology.

 

We call Blockchain 

THE TRUSTED PROTOCOL.

 

It was made for people who do not know each other and with no reason to trust each other. This Protocol do two main duties.

1- Preserve the integrity of people transaction.

2- It is not through powerful intermediaries( like banks ) it is through mass collaboration, cryptography and clever codes.

 

And the main question comes here, What is Blockchain ??

 

image.png.c40a9a90b065c4c7eb33bf5d27fd723a.png

 

Blockchain is the technology behind digital currencies (Cryptocurrencies) like Bitcoin.

It is an open source code, anyone can download it for free, run it and use it to develop new tools for managing transactions online.

It is a protocol not a product, it is a chain of blocks.

 

Big banks and some governments are using Blockchain to revolutionize how they store information and conduct transactions.

Blockchains have an interesting property: once some data has been recorded inside a blockchain it becomes very difficult to change it.

 

Lets take a closer look at a block from a blockchain.

Each Block consists of three main elements:

1- Data.

2- Hash of the block.

3- Hash of the previous block.

 

image.png.210308af6d598b8d477c76d48122a72b.png

 

And now, lets explain these three elements.

1- DATA.

The data that is stored inside a block depends on the type of the Blockchain. For example, The Bitcoin Blockchain stores the details about transactions such as the sender, receiver and the amount of coins. And the data that is being stored in the block could be different from a chain to another depending on the type of the Blockchain. 

image.png.df28f7f813eb37628b5a920e790e59e9.png

 

2- Hash.

A block has a hash you can compare it to a fingerprint. It identifies a block and all of its contents and it is always unique.

Once block is created its hash is being calculated, and changing something inside the block will cause the hash to change.

 

Hashes are very useful when you want to detect changes to blocks. If the fingerprint of a block changes, it is no longer in the same block.

 

 

image.png.5fd9b94b5a6d13ff8b246104e0fe4870.png

 

3- HASH OF PREVIOUS BLOCK.

 

 

This effectively creates a chin of blocks and it is that technique that makes a blockchain so secure.

Here we have an example of a chain consists of three blocks. Each block has a hash and the hash of the previous block. 

The first block is always special, it can not point to a previous block because it is the first block, so that we call it the GENESIS BLOCK.

 

If you tampered with the second block, or someone tried to edit the data in that block, this will cause the hash of the block to change as well. In turn, that will make block number three and all the blocks after the following blocks invalid because they no longer store a valid hash of the previous block. 

 

image.png.4c061c13496f91e089c2affdbe436427.png

 

So that the answer of the following question will be:

 

Why to use Blockchain ??

 

The reason behind using Blockchain technology:

1- Provides faster speeds.

2- lower costs.

3- Greater security.

4- Fewer errors.

5- Eliminates central points of attack and failure.

 

I hope that this information could help newbies to learn more about Blockchain and how it started.

And please support me with your information.

 

 

 

Edited by Omar98
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I think the most important feature of the Bitcoin project is the blockchain!
And I think that had it not been for the blockchain, we would not have seen Bitcoin as we do today!
System security and safety is very necessary for any user!
Users cannot trust any project until they see that this project guarantees the safety and security of their money!
Your article is very impressive and I wish you good luck in the next submissions!

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Blockchain technology is a modern technology that greatly facilitated the deal between the seller and the buyer, and it is a modern technology prepared for the future where money can be transferred safely in a short period and it also supports the privacy protection feature

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29 minutes ago, Emma William said:

I think the most important feature of the Bitcoin project is the blockchain!
And I think that had it not been for the blockchain, we would not have seen Bitcoin as we do today!
System security and safety is very necessary for any user!
Users cannot trust any project until they see that this project guarantees the safety and security of their money!
Your article is very impressive and I wish you good luck in the next submissions!

That is right, Blockchain is the main reason that cryptocurrencies are working on without any doubts of that our money could be hacked easily. and also blockchain can be used in different aspects like doing a special blockchain to your accountant department in you company.

thank you so much.

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35 minutes ago, Zaino34 said:

Blockchain technology is a modern technology that greatly facilitated the deal between the seller and the buyer, and it is a modern technology prepared for the future where money can be transferred safely in a short period and it also supports the privacy protection feature

Yeah, that is true my friend, also this new technology brought with it w new ideas to be implemented in the near future such as demanding cryptocurrencies and blockchain and apply it in all aspects of life not only working in websites and communities, but also buying goods and selling things without any afraid of loosing our money in the middle of the transaction.

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This new technology is the best discovery till now during the 21th century as many experts said! and we can believe in what they said because these days we can see the affects on the whole international financial system because of blockchain technology and cryptocurrencies financial transactions.. understanding how this crypto world works is really the most important thing to do before entering its fields " as trading , mining and even investing.." so this topics is really a great step from you as a beginner to keep going and start your journey in this crypto world.. we should really be aware and ask about everything related to this cryptocurrencies projects and what is their technology and also how they work in order to believe in their future plans! 

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Very good topic,,,,,Blackchain is a state-of-the-art wallet.  It is very secure. You are very messenger through Blackchain account and you can easily transfer your money safely. So you can use it....

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What an informative topic mate. Blockchain is very important part of cryptocurrency that will surely that your money is safe and cannot be broke by everyone. Its a matter of how being responsible you are in holding your accounts or money in Cryptocurrency.. Those information above are very informative and must know by everyone here in the platform.

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This is a very good topic i must confess because it has good informations we all need to know especially the newbies who are new to the cryptoworld. Blockchain is very good to the development of the Cryptocurrency community and that is why it has earned good reputation from many people around the world because it has make the Cryptocurrency world secured.

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Very nice and detailed explanation. I love the fact that pre 2009 was also mentioned. I guess, a lot of govts and banks share the same enthusiasm as us crypto users about bitcoin but no one can dare ignore the blockchain. Blockchain is being studied extensively, and they are trying to figure out way to use blockchain in different ways, including holding elections with the help of blockchain. Exciting times ahead. 

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2 hours ago, Zaino34 said:

Blockchain technology is a modern technology that greatly facilitated the deal between the seller and the buyer, and it is a modern technology prepared for the future where money can be transferred safely in a short period and it also supports the privacy protection feature

That's true, I strongly agree with you. Blockchain technology is the latest technology that you could use to earn huge money. It could give us huge amount of money by browsing in the internet, I mean cryptos.

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8 hours ago, bino said:

What an informative topic mate. Blockchain is very important part of cryptocurrency that will surely that your money is safe and cannot be broke by everyone. Its a matter of how being responsible you are in holding your accounts or money in Cryptocurrency.. Those information above are very informative and must know by everyone here in the platform.

Yeah, That is why I tried to do my best to make this topic informative especially for those who enters the crypto world new. I have noticed a lot of questions that talking about what is cryptocurrencies and what is blockchain and most of them were from newbies so I hope they get the enough help from here.


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It was useful and important information about the blockchain, and this technology is useful and wonderful and facilitates many things and provides many advantages, including security and financial freedom.

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Blockchain is the most important aspect of cryptocurrency and it is very good we have started realising the importance and application in other areas (finance, data management and in games recently). The transparency, the security and privacy.

Nicely explained article. Good work.

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My Altcointalks username —° Raqeebzy

 

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On 11/15/2020 at 8:57 PM, Raqeebzy said:

Blockchain is the most important aspect of cryptocurrency and it is very good we have started realising the importance and application in other areas (finance, data management and in games recently). The transparency, the security and privacy.

Nicely explained article. Good work.

Even though, it has a lot of implements that can be used for even in banks and big companies as t is an open source so we can develop the tools that we need as we like to in order to finish the goals we want to reach.


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Detailed explanation.  I also mentioned earlier in 2009 love my idea, many government agencies and banks share the same enthusiasm about Bitcoin as crypto users but no one can dare to ignore the blockchain.  Blockchains are being extensively studied, and they are trying to figure out ways to use blockchains in a variety of ways, including with election ceremonies.  Exciting time ahead.

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In addition to these, short and confidential transfers between blockchain countries are safe and fast, and in the light of Corona's great publicity, it also has the advantage of future home business development.

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On 11/13/2020 at 8:24 AM, Omar98 said:

 

 

Before 2009

we were living in the era of the Internet of information. This era helped billions of people all around the world to communicate with each other. But when it was first designed it was not designed for peer-to-peer payments. 

 

Then suddenly something new happened.

In 2009

When someone named Satoshi Nakamoto

lunched something he called Bit Coin.

Which is a peer-to-peer electronic cash money system.

images.jpg.f8fc4cab91e97fc09f8fd3f1bb6e44bf.jpg

 

In search of trust protocol and amid the market meltdown, Satoshi Nakamoto outlined the 

Blockchain Technology.

 

We call Blockchain 

THE TRUSTED PROTOCOL.

 

It was made for people who do not know each other and with no reason to trust each other. This Protocol do two main duties.

1- Preserve the integrity of people transaction.

2- It is not through powerful intermediaries( like banks ) it is through mass collaboration, cryptography and clever codes.

 

And the main question comes here, What is Blockchain ??

 

image.png.c40a9a90b065c4c7eb33bf5d27fd723a.png

 

Blockchain is the technology behind digital currencies (Cryptocurrencies) like Bitcoin.

It is an open source code, anyone can download it for free, run it and use it to develop new tools for managing transactions online.

It is a protocol not a product, it is a chain of blocks.

 

Big banks and some governments are using Blockchain to revolutionize how they store information and conduct transactions.

Blockchains have an interesting property: once some data has been recorded inside a blockchain it becomes very difficult to change it.

 

Lets take a closer look at a block from a blockchain.

Each Block consists of three main elements:

1- Data.

2- Hash of the block.

3- Hash of the previous block.

 

image.png.210308af6d598b8d477c76d48122a72b.png

 

And now, lets explain these three elements.

1- DATA.

The data that is stored inside a block depends on the type of the Blockchain. For example, The Bitcoin Blockchain stores the details about transactions such as the sender, receiver and the amount of coins. And the data that is being stored in the block could be different from a chain to another depending on the type of the Blockchain. 

image.png.df28f7f813eb37628b5a920e790e59e9.png

 

2- Hash.

A block has a hash you can compare it to a fingerprint. It identifies a block and all of its contents and it is always unique.

Once block is created its hash is being calculated, and changing something inside the block will cause the hash to change.

 

Hashes are very useful when you want to detect changes to blocks. If the fingerprint of a block changes, it is no longer in the same block.

 

 

image.png.5fd9b94b5a6d13ff8b246104e0fe4870.png

 

3- HASH OF PREVIOUS BLOCK.

 

 

This effectively creates a chin of blocks and it is that technique that makes a blockchain so secure.

Here we have an example of a chain consists of three blocks. Each block has a hash and the hash of the previous block. 

The first block is always special, it can not point to a previous block because it is the first block, so that we call it the GENESIS BLOCK.

 

If you tampered with the second block, or someone tried to edit the data in that block, this will cause the hash of the block to change as well. In turn, that will make block number three and all the blocks after the following blocks invalid because they no longer store a valid hash of the previous block. 

 

image.png.4c061c13496f91e089c2affdbe436427.png

 

So that the answer of the following question will be:

 

Why to use Blockchain ??

 

The reason behind using Blockchain technology:

1- Provides faster speeds.

2- lower costs.

3- Greater security.

4- Fewer errors.

5- Eliminates central points of attack and failure.

 

I hope that this information could help newbies to learn more about Blockchain and how it started.

And please support me with your information.

 

 

 

This is very good of you teaching us more about blockchain and how it works, we will make sure we put it to work by enlightening people more about blockchain.

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On 11/16/2020 at 9:18 PM, Omar98 said:

Even though, it has a lot of implements that can be used for even in banks and big companies as t is an open source so we can develop the tools that we need as we like to in order to finish the goals we want to reach.

Yeah. Private blockchain network controlled by a set of people.

However, it might be a setback because I see blockchain not effective enough without proof of work or proof of stake concensus. I really love to see blockchain technology integrated in many vital sectors but then, I am worried about the feasibility.

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Thanks for sharing this kind of information, I am hoping that beginners will read the whole story but I don't think that it would be possible for them to read it as a whole. Even though how informative h content they don't feel to read it then they won't. 

14 hours ago, Culture58 said:

This is very good of you teaching us more about blockchain and how it works, we will make sure we put it to work by enlightening people more about blockchain.

@Culture58Hello mate, please avoid quoting the whole content, it would be a waste of bandwidth, you may reply by clicking the reply to the topic because you are making an interruption to the conversation.

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thank for sharing this information but my opinion is system security and safety is very necessary for use and user cannot trust any project until.

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The truth is I tried to understand it, but I only came to know of it this year and still we are continuing to work to get to know what is happening because we need to follow strategies that do work perfectly to us we need to really re energize ourself in understanding block chain in everything even in our health systems

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1 hour ago, Irungu said:

The truth is I tried to understand it, but I only came to know of it this year and still we are continuing to work to get to know what is happening because we need to follow strategies that do work perfectly to us we need to really re energize ourself in understanding block chain in everything even in our health systems

  • @Irungu Blockchain is a distinct technology used to record information (blocks of data).
  • Cryptocurrencies are one of the most popular and well-known ways of using blockchain.
  • In contrast, Bitcoin is the first and most popular example of digital currencies.

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Incredible your friend post very accurate and detailed inforamcion. The invention of BTC created by Satoshi Nakamoto is revolutionizing the world, I thank life to see cryptocurrencies known, my life is having a very big change.

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    • Обмен в несколько кликов!!! О нас: Сервис на рынке появился  недавно, но наша команда с опытом в сфере обменов больше 5-ти лет, готова предоставить клиенту максимально быстрый и качественный обмен. Наши операторы консультируют клиента на всех этапах сделки. Возможны быстрые обмены с Банковских карт, QIWI, Юмани на Bitcoin, Ethereum, Tether, LiteCoin и другие криптовалюты и обратно. Так же предусмотрена работа с обменами вида Криптовалюта-Криптовалюта. Для клиентов предусмотрено: - Выгодные условия для обмена; - Реферальная программа ; - Программа лояльности для новых клиентов  Оставляйте заявки, обращайтесь в чат и совершайте обмены на выгодных условиях! На данном этапе время работы обменного сервиса с 10:00 до 22:00 по МСК. Наши контакты: eMail: https://admin@ebucks.fi  - для сотрудничества https://support@ebucks.fi   - поддержка, вопросы по обменам Telegram: https://t.me/ebuckssup (@ebuckssup) добавляйтесь только по ссылке. Возможны дубли мошенников. Чат на сайте: https://ebucks.fi/ru
    • Актуальные курсы на 29.03   🇵🇱 ВАРШАВА 🇵🇱   Покупаем Ваш Tether (USDT).   💸Доплатим Вам 0.7 за $. 🏦Выдадим наличный $, €, PLN. 🏢Центр, свой офис, личная встреча, без предоплат. ♻️Денежные переводы по всему миру! 🌍 💰Работаем с любыми объёмами.   За деталями - пишите Менеджеру 🧑‍💻👉 в телеграм  @PLsmartgroupp
    • Дорогие наши клиенты! Предлагаем выгодные обмены в Тайланде. Вы можете купить Тайские Баты по самому выгодному курсу.   НАШИ ПРЕИМУЩЕСТВА: Анонимность и безопасность Отсутствие скрытых платежей и комиссий Среднее время обработки заявки 5 минут Работаем 24/7   КОНТАКТЫ Чат с оператором: EX.ATM24.PRO Телефон: +66 918464597 Телеграм: https://t.me/atm24pr
    • Приветствуем наших клиентов! Предлагаем Вам выгодно купить Биткоин.   Обменник криптовалют Imperial.exchange предлагает выгодный курс и оперативно проводит обмен. Профессиональная работа службы поддержки.   Наши контакты:Почта: support@imperial.exchangeTelegram: https://t.me/imperialexchange_admСайт: https://imperial.exchange/
    • Майнер криптовалюты Hut 8 Corp опубликовал отчет о своих результатах за последние шесть месяцев. Согласно пресс-релизу компании , Hut 8 увеличила выручку до $60,6 млн за шесть месяцев, закончившихся 31 декабря 2023 года. Основные показатели финансовой отчетности Hut 8 включают увеличение выручки на 32% и значительное увеличение чистой прибыли до $6,2 млн по сравнению с к предыдущему чистому убытку. Стоимость майнинга биткойнов ( BTC ) составила 18 815 долларов США, и за этот период компания добыла 1244 биткойна. Стоимость энергии Hut 8 за МВтч составила 44,52 доллара США, что отражает эффективность управления затратами на электроэнергию. Биткойн укрепляет активы Hut 8 Сила баланса компании очевидна в ее активах в биткойнах : по состоянию на 31 декабря 2023 года 9 195 биткойнов оценивались примерно в 388,1 миллиона долларов. Эта база активов обеспечивает Hut 8 значительную рыночную стоимость и потенциал для будущих доходов. Биткойн демонстрирует устойчивый рост с начала года после того, как спотовые биткойн- ETF в США привлекли в биткойн институциональных и розничных инвесторов. С начала года первая и до сих пор лидирующая криптовалюта в мире подорожала на 60%, а в начале марта BTC обновил свой исторический максимум, поднявшись выше $70 000. Кроме того, рыночная капитализация Биткойна превысила 1,4 триллиона долларов, что сделало самую ценную криптовалюту восьмым по величине активом в мире, обогнав серебро.
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