Blockchain 101
Date
Jan 2, 2023 → Jan 2, 2023
Status
Participants
Organizer
Abidemi
What is a blockchain?
The goal of blockchain is to allow digital information to be recorded and distributed, but not edited. In this way, a blockchain is a foundation for immutable ledgers, or records of transactions that cannot be altered, deleted, or destroyed. This is why blockchains are also known as distributed ledger technology
A blockchain is a database of transactions that is updated and shared across many computers in a network. Every time a new set of transactions is added, it's called a “block” - hence the name blockchain. Most blockchains are public, and you can only add data, not remove it. If someone wanted to alter any of the information or cheat the system, they’d need to do so on the majority of computers on the network. That is a lot! This makes established blockchains like Ethereum highly secure.
"Block" refers to data and state being stored in consecutive groups known as "blocks". If you send ETH to someone else, the transaction data needs to be added to a block to be successful.
"Chain" refers to the fact that each block cryptographically references its parent. In other words, blocks get chained together. The data in a block cannot change without changing all subsequent blocks, which would require the consensus of the entire network.
Every computer in the network must agree upon each new block and the chain as a whole. These computers are known as "nodes". Nodes ensure everyone interacting with the blockchain has the same data. To accomplish this distributed agreement, blockchains need a consensus mechanism.
Learn more
What are consensus mechanisms within blockchains?
Your task for blockchain 101
This task acts as a practical guide and helps you understand exactly how blocks are formed and how blockchain works.
To fulfill this task,
FIRST;
Watch as Anders Brownworth takes us on a tutorial on what hashes are and how blocks are created and added to chains to form blocks of chains (blockchain)
SECOND;
Follow the tutorial step by step by Creating a hash, block, and chains of blocks using your first name.