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LegendzX
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May 23, 2018, 10:38:00 AM
 #1

Hello guys!
I am little bit confuse about the meaning of blockchain and how crypto currency using it?
Can you guys help me about it?
Thank you.
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NeuroticFish
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May 23, 2018, 11:53:52 AM
 #2

Hello guys!
I am little bit confuse about the meaning of blockchain and how crypto currency using it?
Can you guys help me about it?
Thank you.

Hi. I'll make it short. Blockchain is a database. A database that contain for each and every coin (and fraction) all it has happened with it, from its creation to all the transactions.
This database is made like a chain of blocks. Every 20 minutes (more or less) a new block is added to this database and it contains some new coins (the block reward) and a list of transactions (related to the previous blocks).
Each new block is added to the local file of the people that have a full wallet (without pruning) on their computer.


Edit: Maybe you should start with https://en.bitcoin.it/wiki/Help:Introduction or https://github.com/bitcoinbook/bitcoinbook

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jassicaket
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May 23, 2018, 12:11:21 PM
 #3

A blockchain, originally blockchain, is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp and transaction data. By design, a blockchain is inherently resistant to modification of the data. It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way".For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.

Blockchains are secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been achieved with a blockchain. This makes blockchains potentially suitable for the recording of events, medical records, and other records management activities, such as identity management, transaction processing, documenting provenance, food traceability or voting.

Blockchain was invented by Satoshi Nakamoto in 2008 for use in the cryptocurrency bitcoin, as its public transaction ledger. The invention of the blockchain for bitcoin made it the first digital currency to solve the double-spending problem without the need of a trusted authority or central server. The bitcoin design has been the inspiration for other applications.
-Reference Wikipedia

About more blockchain go to https://en.wikipedia.org/wiki/Blockchain
priyanjana
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May 23, 2018, 02:08:43 PM
 #4

The blockchain is basically a data structure that can handle a lot of data. Ones we insert some data to the blockchain, it cannot be reversed or changed. Only what we can do is insert new data to a new block.
https://lopp.net/bitcoin.html
refer above link get more detail about the blockchain and cryptocurrency.
Paladiome
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May 23, 2018, 06:24:44 PM
 #5

Google is our best friend, understand the blockchain in two minutes = results https://www.youtube.com/watch?v=r43LhSUUGTQ
LegendzX
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May 24, 2018, 12:13:40 AM
 #6

Thank you all guys. I received enough and going to lock this thread. If I have some questions again maybe I'll reopen it.
Thanks once again.
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