Blockchain Technology for Newbies

[nngella]

What is Blockchain?

• It is like a database duplicated thousand of times across a network of computers, in which the network of computers have access to the database at the same time to regularly update the said database;
• Information are shared (and continually reconciled) throughout the whole network; and
• Data are accessible to anyone - no centralized version exists for hacker to target to corrupt.

How Blockchain Works?

I think it is wonderfully shown on the picture below:


Source

[thanhhue300]

thank you very much, the information is very useful to novices like me

[nngella]

thank you very much, the information is very useful to novices like me

You are welcome.  The idea of blockchain is really revolutionary and is being used in different scenarios nowadays (depending also to the creativity of the developers).  Hoping that it will be used to "make this world a better place".

[LuongTran]

Through your post,I understood how Blocktrain works,It help a lot for people,who is newbies like me!thank you so much!

[k_kaniff]

Might be one worth printing out and sticking above my pc!

[nngella]

Might be one worth printing out and sticking above my pc!

This is a good suggestion! I think this will help me also to digest the idea of blockchain technology and be reminded to study more about it.

[Velkro]

Through your post,I understood how Blocktrain works,It help a lot for people,who is newbies like me!thank you so much!

Good job goes to the author of this topic then.
Any new guides/informative graphics are greatly appriciated.

I hope more people from community would be that helpful.

[nngella]

Through your post,I understood how Blocktrain works,It help a lot for people,who is newbies like me!thank you so much!

Good job goes to the author of this topic then.
Any new guides/informative graphics are greatly appriciated.

I hope more people from community would be that helpful.

An affirmation and complement from a legendary member! Thank you so much!

Pictures are really helpful especially to visual learners like me.  Glad that you appreciate this post.

[yodomaster]

A good explanation here! Would like to ask more about what is the role of cryptocurrencies here is involved? I mean, is cryptocurrencies / such a token represents a transaction or say buy using $ involved in the blockchain to avoid huge number of transactions or ensure its security?

[aywing]

May I ask for more if the consensus types affects and got different flows on the chart?

[Intrachain]

Nice infographic! I think it provides a good overview of the topic of Blockchain, especially for newbies.

I also found an interesting article on Medium, which explains this topic well especially for newbies. You can find it here: https://medium.com/s/story/making-money-trustworthy-6c552a1cfc25

Maybe it is helpful for anyone out there who is not familiar with the topic yet 

[MERNDAnda]

blockchain is a technology that allows people to send and receive cryptocurrencies such as Bitcoin. However, this is much more than just a payment system. When Satoshi Nakamoto created the world's first cryptocurrency (Bitcoin), he also created a remarkable protocol known as blockchain....

[ciricoro]

Thankyou so much sir for this information. It is a good overview for a newbie like me. I learned now how blockchain works. I hope I can understand more.

[nngella]

A good explanation here! Would like to ask more about what is the role of cryptocurrencies here is involved? I mean, is cryptocurrencies / such a token represents a transaction or say buy using $ involved in the blockchain to avoid huge number of transactions or ensure its security?

A transaction means that the amount of the token in the blockchain changes.  Meaning someone buys tokens and exchanges it for dollars.

[AzatFinrazor]

May I ask for more if the consensus types affects and got different flows on the chart?

Proof-of-Work is the most common type of consensus. It's the one Bitcoin uses.
In Proof-of-Work, users called miners validate and collect transactions into blocks and seal them in a complex cryptographical way.
Proof-of-Work requires a lot of computational power and electricity.

There are other less popular consensus types, such as Proof-of-Stake. PoS systems choose special users to validate transactions. These users are selected based on the amount of coins they deposit. So if they validate bad transactions, they will lose all their deposited coins.

If you want to learn more, read this article: https://finrazor.com/news/blockchain-consensus-mechanisms

[Rosaleen18]

What is Blockchain?

• It is like a database duplicated thousand of times across a network of computers, in which the network of computers have access to the database at the same time to regularly update the said database;
• Information are shared (and continually reconciled) throughout the whole network; and
• Data are accessible to anyone - no centralized version exists for hacker to target to corrupt.

How Blockchain Works?

I think it is wonderfully shown on the picture below:

https://i.imgur.com/WzhT2Bk.png
Source

Thank you sir for the picture you post, it gives me clearly on how the blockchain works. It add to my knowledge about the blockchain. Once again sir! Thank you so much.

[yfaz]

Blockchain one of the best safe and secure ledger for bitcoin. It just awesome.

[Cidolfusorlandeau]

And the technology of blockchain is lightning network.

[Quinaquen]

Blockchain databases hold their information in an encrypted state. This means that only the private keys must be kept safe – a few kilobytes of data – in order for all of the data on the chain to be secure.

[acidx2920]

I assume that some arrows in that infographic should point in other direction, other than that it's pretty helpful for newbies such as me.