Tuesday, 9 January 2018

Vasanth Nagulakonda

Basics of Blockchain, The Mother of Cryptocurrency BitCoin.

What is Blockchain technology?
By design, the blockchain could be a decentralized technology. A worldwide network of computers uses blockchain technology to together manage the info that records Bitcoin transactions. Bitcoin is managed by its network, and not anyone of central authority.

What is meant by Blockchain?
A blockchain facilitates secure online transactions. A blockchain can be distributed and a decentralized digital ledger that records transactions across many computers so the record cannot be altered back without changing all consequent blocks and so collusion of the network.

How does Blockchain work?
As mentioned above, the blockchain could be a log of all transactions that were ever verified on the Bitcoin network. The transactions are collected in blocks, that are found close to every 10 minutes during a random process referred to as mining.

What can be done with Blockchain?
Blockchains are often used for applications, like tracking ownership or the source of documents, digital assets, physical assets or voting rights. Blockchain technology was popularised by the Bitcoin digital currency system. But, primarily, a blockchain is simply a special kind of database.

How does the Blockchain work?
So the blockchain system has been designed to use nodes agreed to handle transactions and avoid fraud. The Bitcoin network orders transaction by putting them along into groups referred to as blocks, every block contains a precise quantity of transactions and a link to the previous block.

What is a block in a Blockchain?
Transaction information is permanently recorded in files referred to as blocks. They can be thought of as the individual pages of a stock transaction ledger. Blocks are organized into a linear sequence over time (also referred to as the blockchain).

What is a miner in Blockchain?
Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain. This ledger of past transactions is termed the blockchain because it could be a chain of blocks. The blockchain serves to verify transactions to the rest of the network as having taken place.

Who is the founding father of Blockchain?
Satoshi Nakamoto is who designed bitcoin and created its original reference implementation. As a part of the implementation, he additionally devised the first blockchain database.

What is API in Blockchain?
Check https://blockchain.info/api

Why is Blockchain more secure?
The blockchain could be a distributed file system wherever participants keep copies of the file and agree on changes by agreement. The file consists of blocks, wherever every block includes a cryptographic signature of the previous block, making an immutable record.

Read about all the cryptocurrencies.

Courtesy: Google