Embedded Files
Blockchains are internet messaging protocols and use tokens to operate or exchange information which gets validated by a consensus mechanism and recorded to the network ledger.
Blockchains are internet messaging protocols and use tokens to operate or exchange information which gets validated by a consensus mechanism and recorded to the network ledger.
Tokens could represent anything; a currency, commodity, security, asset, or even just a message.
Tokens could represent anything; a currency, commodity, security, asset, or even just a message.
In some network designs, tokens are used to operate the network rather than being a representation of an asset.
A protocol - has an input standard, format, or ruleset
A ledger - a collection of records or transactions.
Decentralized - not centrally located
Has Consensus - a form of agreement
Is Immutable - cannot be changed
A protocol is a format or standard.
A protocol is a format or standard.
In order to be processed the data must be input a specific way.
In order to be processed the data must be input a specific way.
Standardized data is how the Internet is accessible around the world, it's the globalized standard for sending and receiving information.
Websites are formatted based on Hyper-Text Transfer Protocol, we're able to write and read them anywhere in the world - as long as they use the same protocol!
With blockchain, that information can become an internet historical record.
Until now, there has never been a payment protocol for the internet because there was no decentralized way to record the transactions on the internet.
A ledger is a collection of records or transactions.
A ledger is a collection of records or transactions.
Each "block" is like a page in a book.
Once the "page" is full the block is closed and the system starts writing on the next block.
The closed block is stored in the blockchain forever as a historical record.
It's pretty much the internet for records.
The blockchain is decentralized; not centrally located, and recorded across multiple databases - all storing the same information.
The blockchain is decentralized; not centrally located, and recorded across multiple databases - all storing the same information.
This way you can't hack one centralized database to manipulate or change the data.
Once more than 50% of the network comes to consensus, the transaction is added to the block.
Once more than 50% of the network comes to consensus, the transaction is added to the block.
It's like you had a bunch of witnesses watch you transact money to a stranger, but instead these witnesses are computers or "validators".
A blockchain is immutable.
A blockchain is immutable.
Each transaction is digitally signed with encryption, or a hash.
In order to change the transaction you'd need to hack 51% of the network all at the same time to convince the validators it needed changed - good luck.
"Standardized data enabled the internet of data.
"Standardized data enabled the internet of data.
Standardized records (blockchains) enable the internet of records."
Standardized records (blockchains) enable the internet of records."
Blockchain adds a layer on top of the "Internet of Information" layer and creates an
Blockchain adds a layer on top of the "Internet of Information" layer and creates an
"Internet of Records" layer.
"Internet of Records" layer.
A global standard of record protocols, just as the internet is a global standard of data transfer protocols.
A global standard of record protocols, just as the internet is a global standard of data transfer protocols.
Check out "A Gentle Introduction to Blockchain Technology" by BitsOnBlocks
Check out "A Gentle Introduction to Blockchain Technology" by BitsOnBlocks
Page updated
Google Sites
Report abuse