Understanding Blockchain Technology

[Pokapoka124]

What is Blockchain Technology?
https://builtin.com/blockchain
In the beginning  (2009), the great Satoshi Nakamoto created Bitcoin. This gave birth to a new order. Blockchain is a Distributed Ledger Technology (DLT), makes transactions on the blockchain network unalterable ,secure and transparent through the use of decentralization.

How Does Blockchain Work?

A blockchain consists of three important parts : miners, blocks and nodes.

Miners
Miners create new blocks on the chain through a process called mining. Their job is pretty simple, they secure the network and confirm every bitcoin transaction using a special software.
Everyone wants be a miner these days. Bitcoin miners are currently earning $1,000,000 per hour.

Blocks
Every chain consists of multiple blocks and each block contains the data in the block which of course cannot be altered once it has been mined. Thus it is extremely difficult to manipulate blockchain technology.

Nodes
 Nodes maintain copies of the blockchain and keeps the network functioning. Each node has its own copy of the blockchain and the network must algorithmically approve any block that has been mined for the chain to be updated and verified.

Ethereum Blockchain

In 2013, Russian-Canadian developer Vitalik Buterin created Ethereum in hopes that it will be a better blockchain than bitcoin. I dare say that ethereum was forked out of bitcoin. Ethereum provides a platform for developers to create and build distributed applications and smart contracts.  Some of the world's biggest companies like the video game giant Ubisoft are building on Ethereum.

Attributes of a good Blockchain

Speed – The verification process of a transaction by all the nodes in a network should be fast.

Scalability – Blockchains should be scalable. That give you the flexibility to increase or decrease the size of your network.

Secure – The blockchain network should be safe from hacks and 51 attacks. This should be top priority.

Summary
In conclusion, blockchain is an especially promising and revolutionary technology because it helps reduce risk, mitigates fraud and is transparent. This technology is not limited to only cryptocurrency but also other sectors like health, banking, voting and so on.

[BlackHatCoiner]

Miners create new blocks on the chain through a process called mining. Their job is pretty simple, they secure the network and confirm every bitcoin transaction using a special software.

It isn't as simple as you think. Mining nowdays requires a big investment of hardware equipment, but more importantly knowledge, in order to be profitable for a person. Once you buy the necessary equipment, you have to make several setups in which you may encounter issues.

Everyone wants be a miner these days. Bitcoin miners are currently earning $1,000,000 per hour.

First of all, who said that wants to be a miner, especially these days? I see that as long as difficulty increases, mining becomes less and less profitable for an ordinary human. Secondly, miners don't earn a single dollar for their work. They earn bitcoins which is different!

[jackg]

Has mitigation of 51% attacks actually been done? Technically for a coin like decred (from what I remember) you'd need 51% mining power and 51% staking power but it's still only 51. Are there chains with higher consensus mechanisms?

Secure protocols are essential though.

[CryptocurencyKing]

Everyone wants be a miner these days. Bitcoin miners are currently earning $1,000,000 per hour.

Anyone who knows miners to earn this much and the fact that, mining actually awards you with some bit coins would surely want to be a miner. It's a dream much beginners in bitcoin and cryptos often have from the on set, until they know what is required as per gadgets, resources and how mining actually works. A realization of these facts lives one to pursue other careers in cryptocurrency.

[pakhitheboss]

Everyone wants be a miner these days. Bitcoin miners are currently earning $1,000,000 per hour.

Anyone who knows miners to earn this much and the fact that, mining actually awards you with some bit coins would surely want to be a miner. It's a dream much beginners in bitcoin and cryptos often have from the on set, until they know what is required as per gadgets, resources and how mining actually works. A realization of these facts lives one to pursue other careers in cryptocurrency.

As other popular cryptocurrencies move from POW to POS consensus it is now more profitable to stake than mine. Mining requires large investment whereas POS consensus enabled cryptos only requires you to buy a certain amount of that cryptocurrency then hold it in a compatible wallet. I find staking more profitable than mining. I would not recommend anyone to pursue Bitcoin mining as it is no longer profitable.

[Insanerman]

What is Blockchain Technology?
.....

Not bad for knowing the basics of blockchain technology. But honestly, it wasn't that simple. There was a video on youtube that explains everything well, for different ages! I guess that would be better when you would really want to understand deeper on how it works and how complex the Blockchain system was.

Everyone wants be a miner these days. Bitcoin miners are currently earning $1,000,000 per hour.

OFC, because most people think that it is just easy to mine.. Remember that there are forks that lessens the possible Bitcoins to be mined by miners. And with having a miner in this current situation, you might find a 3 to 5 year wait for your capital to be back. And 1M per hour is legit, but that would be the total earning of miners combined -- in which there are already thousands of miners across the globe that divides that amount.

[Welsh]

Anyone who knows miners to earn this much and the fact that, mining actually awards you with some bit coins would surely want to be a miner. It's a dream much beginners in bitcoin and cryptos often have from the on set, until they know what is required as per gadgets, resources and how mining actually works. A realization of these facts lives one to pursue other careers in cryptocurrency.

I do still think Bitcoin mining has a certain wow factor about it, which interests newbies, but its certainly not beginner friendly. First of all it requires a tonne of knowledge to be able to setup correctly, efficiently, and of course needs to be profitable. This usually requires knowledge of how the market performs, and how to get through the tougher times. While, being able to pay for electrical costs, accounting for the variance that the Bitcoin difficulty presents, and maintaining equipment for the long term.

Its definitely not beginner friendly anymore. Before, you could mine on a few computers that you had lying around, and although it still might not be efficient it was still fairly easy to do. Its become more complex the more Bitcoin has matured, and requires quite a bit of knowledge before getting into too.