Hello 👋. You have at least heard about the excitement surrounding NFTs, and Web3 and Blockchain have become internet slang. This is the beginning of a new series of Web3 Threads in which we discuss all subjects pertaining to the fundamentals of Web3 and the technology underlying them. The postings in this series will include a succinct introduction to the subject and a straightforward explanation in everyday language.
Vedant 🔭🧑💻 🌐@envoy_1084Blockchain is more than just a fancy linked list.❌ No, blockchain technology is not just for digital currencies.
✅ Learn about the latest buzzword on the internet.
A Thread 🧵↓03:00 AM – 14 Nov 2022
📍 Blockchain Definition
Blockchain is a distributed, immutable ledger that makes it easier to record transactions and track assets in a business network.
📍 Structure of Blockchain
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Blockchain groups information into units known as blocks, which hold sets of information.
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When a block’s storage capacity is reached, it is closed and linked to the previous filled block, producing a data chain known as the blockchain.
📍 How secure is Blockchain?
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The hashes of the blocks are responsible for the blockchain’s immutability. A hash is analogous to a fingerprint. Humans all have unique fingerprints. Hashes serve as unique identifiers/fingerprints in the case of blocks.
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Each block is digitally signed with a one-of-a-kind hash generated by a hashing algorithm/function.
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These hashes are generated using the current block, the preceding block, and a timestamp, and each change in input results in a completely new hash.
📍 Characteristics of Blockchain
- Decentralized
- Transparent and open
- Enhanced Security and immutability
📍 Types of Blockchains
- Public blockchains – Fully decentralized and open to public.
- Private blockchains – Requires permission to join the network.
- Hybrid blockchains – Combines features of both Public and Private.
- Consortium blockchains – Private Blockchain for Orgs
For more exciting brief web3 threads, follow me.
Vedant 🔭🧑💻 🌐@envoy_1084Hello👋, I’m Vedant.My goal is to assist developers in navigating the challenging yet incredibly rewarding 🏆 world of blockchain.
I write threads about web3, crypto, front-end development, productivity tips , and occasionally, if you’re lucky, a 👻 random topic.
10:38 AM – 25 Oct 2022
