Blockchain 101: In the Beginning of Blockchain (Blockchain Fundamentals)

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My Return Back to Steemits

It has been a while I actually wrote something on steemit, not because I am out of contents or I do not like the steem blockchain technology and the concept behind it but I have actually been out of this place because I wasn’t getting the support I needed from here. Thanks to @crypto.piotr, I believe I am hoping for the best.

Far away from what I want to share today, the steemit ecosystem seems to have changed a little, maybe because of the hardfork that brought about the new steem or maybe the news about SMTs, I am seeing a few post on the trending and the posts look better than some months back. That been said, let’s keep the ball rolling.

In the Beginning

The difference between the centralized and a decentralized was ascertained when the Distributed ledger technology (DLT), such as blockchain came into existence. It was quite easy to delete/erase and tamper with data before the birth of the Blockchain but a lot has changed.

The Blockchain

I could imagine what Nakamoto was thinking when he was working on the Blockchain idea with bitcoin but it is certain he wanted something trustworthy, incorruptible, accurate, open and impenetrable, so he decided to create a cryptographic distributed ledger, opened to anyone and contains information, arranged in blocks. The Blockchain was designed so information created eon them will not be tempered or back dated after they have been important. The Blockchain can be literally be said to be a set of blocks held together in chains (in terms of “Block” and “Chain”).

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pixabay

The Block

The blocks hold the information which includes the data, the hash of the block and the hash of the previous block and these blocks are held together in chainlike structures. The Bitcoin block contains the data from the sender, the receiver and the amount, the hash of the block and the hash of the previous block. The first block produced in a Blockchain is called the genesis block

The Hash

The hash of a block is the identifier of the block. It can be regarded as the set of alphanumeric digits used to identify the block. The hash is unique, so two block cannot have the same hash. Hash are used to trace a block. A block has two hashes which are the hash of the current block and the hash of the previous block.

Consensus Algorithm

When two individual agree to do a particular task, it is believed that they have reached an agreement and at such have come to a consensus, which is just how consensus algorithm works on the Blockchain. It is a protocol that helps all nodes to agree on a single data in a distributed system. Before a block is confirmed, all nodes must agree to validate a transaction in a block.

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www.pxfuel.com

Proof of Work

This is a consensus mechanism/protocol (in easy term computer calculation) used to slow down the production of a block by approving transactions as well as producing new blocks after solving cryptographic mathematical puzzles. It is also known as mining. Computers have to compete computing energy to confirm a transaction on a network, after which they get rewards. A lot of Blockchains have their own time. In the case of Bitcoin it takes 10 minutes to confirm a transaction.

Proof of Stake

Unlike the proof of work, the proof of stake consensus mechanism requires validators to hold tokens. The mechanism requires users to lock a particular amount of token into the system so as to allow them the power to validate transactions and get rewards instead of using computing power.

Delegated Proof of Stake (DPOS)

Delegated proof of stake is believe to be developed in 2014 by Daniel Larimer. It is a voting system where users vote for witnesses who do the mining of data on their behalf. These witnesses can be voted in and out of the mining system if users do not want them to continue as validators. Steem, Bitshares, Eos, Lisk and Ark are examples of Blockchains that use DPOS

I hope you enjoyed reading this, I will be bringing more exiting topics, news, trends and stories with Blockchain 101.

Do not forget to upvote, comment and resteem for more visibility, this will encourage me to do more.

Remember to follow @project.hope on steemit, you can also delegate to the project as it is bringing hope to steemians.

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27 comments
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Hi @futurekr

i am glad you área back.

I find very usefull your post, specially allí about DPOS. I dont know anything about it.
I wish you continue with such good info.
I give you my support 👍

Posted using Partiko Android

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Hi,
Welcome back to steemit. @crypto.piotr has made a lot of people stay on steem instead of going elsewhere.
Thanks for sharing this. I hope you do more. This was very comprehensive and i am glad i could read it

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Thanks for the warm welcome back. I am glad i am here. The blockchain is now a course and i am very sure several universities will soon start teaching the subject

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The blockchain has created room for a lot of exposure as well as place power in the hands of the individual eliminating all third parties

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I am glad you liked my post and was able to get something relevant from it. Thanks a lot

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Congratulations @futurekr! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

You made more than 10 comments. Your next target is to reach 50 comments.

You can view your badges on your Steem Board and compare to others on the Steem Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

Vote for @Steemitboard as a witness to get one more award and increased upvotes!
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Resteemed already @futurekr
Solid upvote on the way :) (once vp will recharge to 100%)

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Thanks a lot for this. I will be expecting

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Dear @futurekr

Welcome back buddy :)

Glad to see your newest publication. And thanks for setting up beneficiary to project.hope. Is there any chance to set up next time beneficiary to @ph-fund instead? This is our project.hope fund account :)

Back to main topic:
Indeed many changes took place within past few months. How long of a break from steemit did you do?

Great read. Seriously I enjoyed. Solid upvote on the way (need voting power to reacharge a bit).
Yours, Piotr

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@crypto.piotr thanks for stating it on this post the fund account. I also set beneficiary to project.hope. in my subsequent post, i will set @ph-fund as beneficiary.

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@crypto.piotr, thanks for being a motivation. I left steemit late 2019 but i am happy to be here.

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(Edited)

Hey, friends @futurekr

Very good information you brought. Generally, although many of us make life here, few fully understand how the technology behind it works.
You have explained it quite simply, I hope I can continue reading about you in this way.
Good to have you back, and with the help of @projecto.hope, and all the team behind it, I'm sure you will be able to move forward and feel motivated on this platform.

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Thanks, i hope a lot haven't changed on steemit. I am glad you liked my post, i will be bringing more of it

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Thanks for sharing this valuable piece of information about the blockchain. I find this post of yours very educative and helpful. Cheers

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Thanks a lot. I am happy you liked my post. I hope to improve on a daily basis

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It's great that you came back to steemit. I believe it's a great place to be and especially within the project hope community. I liked your article and hope to be able to read some more soon ;-)

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Great to see you giving Steem another try. Looks like you're off to a nice start here. I enjoyed the comprehensive read about blockchain tech. Keep Steeming!

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Hi @futurekr

Hello, I have read your publication and just something I did not know great entry I hope you stay in time I congratulate you for this publication, I recommend that you should publish more about the DPOS issue.

I almost forgot to comment follow the advice of @deathcross regarding the tags are quite popular, and now you can place up to 8 tags.

Regards

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Hi,
a few days ago I was a bit confused about BFT and PoS, I got it better now, but if you will try to explain also this, I would appreciate it very much.
PS. Get your look over PPoS consensus algorithm (pure proof-of-stake), which uses Algorand blockchain. It´s unique by solving the blockchain trilema. Maximum decentralization with block finality at 10 seconds. Great project from the academic sphere.

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welcome back!

Your post is very informative and educational, I really use this technology without understanding many aspects of it, that may cause me problems at some time and these publications in which the terms and things are explained in a simple and direct way are of great help.

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Hello @futurekr

I read everything in your publication and it seemed to me very very interesting and informative.

Thank you so much for this very educative information.

By the way...!! Welcome back my friend... the community of project.hope is for you, big family and great friends.

Posted using Partiko iOS

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I am glad you liked my post. Thanks for reading .

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