3 Terms in Blockchain You Should Know + Get 100SP for YOUR Comments
Hi all,
In this series, I will cover all the basic terms in order to understand how blockchains technology works. Included are simple analogies as well as explanation of relationships between the terms. Feel free to ask me to add or expand on anything.
Click here for youtube playback:
Click the link at the end of the post for Dlive playback
EDIT it looks like Dlive is bugging out. click https://dlive.io/video/ddangerwu/2052fec0-21fe-11e8-be01-5bf7a6e5d482 for when the video is back up on Dlive
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Now that you've watched the video, what did you think? I want to do my part to fight spam and promote insightful comments/discussions. I read every comment and value your feedback. Write something and I will pick the most insightful comment to delegate 100 Steem Power to you for a week.
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It suits us especially minnows!
I am already using smartsteem as I have sold my upvote to them soon after getting some steempower I will also delegate some of it to them.
Great work my good man, making things simple is the way forward.
nice video, very informative. thanks for sharing
I'm sorry I was hacked! I have deleted the spam and working on clean up! Love and Kisses @marie
Nice explanation and link on how the blockchain is built on earlier blocks and how it cannot be tampered with, as previous blocks will change the hash of the next block.
How does current difficulty of mining come into account in the creation of a new valid block? I´ve noticed that you can find the solution to a block with much higher difficulty than the static difficulty you´ve configured your miner to use? This is great since it makes it possible for miners with lower hashrates to have a chance of submitting a valid block, but how is it possible?
What are your thoughts on ICO's in general? In my opinion half of them doesn't even need blockchain technology, but it is hype now, so they do it anyway.
Thank you for explaining in detail about hash.
Can you please explain what hashpower is.
I got it that in SHA256 algorithm hash starts with 0000 can you explain the hash of cryptonight, ethtrade, X11, scrypt and other algorithms.
I would also like to know why different coins use different algorithms and what are the pros and cons of each algorithm.
Bytheway how can one go back and change previous blocks will it not affect the whole blockchain (I mean destroy it)?
Different algos are based on different programs. Different algos have different proposes and each has its pros and cons. I believe anyone can invent an algo but to have it work and be well adopted is the challenge. Best example one can relate would be Charlie Lee invent scrypt algo which mines coins such as Litecoin.
Your last question is truly a cause for concern. The only way someone can rewrite the previous block is if they control the block before that. My point is if someone is mining, or hashing out all the blocks they essentially have full control to change any of the blocks. Here is were decentralization comes into play. Multiple people over the globe can be hashing the same blockchain. The hashing will break out who gets to right to approve each block and each block would be a different person as there will be multiple people hashing. The more hashing the faster someone gets to approving a block. A side bar you should look at 51% mining attack. When one entity has the marjority of hashing on the blockchain they can essentially corner the blockchain and create every block as their own because once they approved a block the next block can be again mined by them because they have the majority of the hashing. This is why it is so important for a coin to be adopted by all that the mining be well spread all across the globe. Thanks.
Even though I already knew this information I found your explanation to @va2099 very insightful, please keep up the good work with your curation...
Your photos are very interesting.
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Thanks for nice information you have share on steam platform.love you steemit