MINI CRYPTO PROGRAM PART 3||UNDERSTANDING OF BLOCKCHAIN TECHNOLOGY BY @n-chris.
my design
Hello steemians! How are you doing today. This programe is indeed becoming interesting as we learn Moro and more. In this part 3 we are treating “Understanding of blockchain technology”. I am going to answer this question in this task.
What do you know about blockchain
Describe one type of blockchain
Explain the advantages and disadvantages of the types of blockchain you choose
Vist Blockchain demo and what did you learn from the page
Explain the advantages and disadvantages of using a block chain technology
Conclusion
A blockchain is database or a ledger that stores electronically all digital collection of information and it has a protected security system. They blockchain system records transaction made in cryptocurrency and are maintained across several computers that are linked in a peer-to-peer network. The blockchain is used to secure transfer of item without requiring a third party intermediary like banks and governments. Once a data is recreded in a blockchain it is very difficult to change or temper with it. In otherwords, the blockchain is a combination of computer link to each instead of a contral sever, this simply means the whole network is decentralized. Blockchain is secured and very transparent ledger because all transaction that are carried out are been recorded . Some information which are recorded in the blockchain are The amount of the transaction, the sender and receiver of the transaction, time, place, history of transaction and data.
The blockchain has various architecture component which are blocks, node, miner.
- BLOCKS:
This is a structure where all set of transaction or information are stored. This set of transaction are distributed to the node of the network. The block has various components which are: the information records, the nonce of 32-bit, the harsh.
- NODE:
The nodes are a vital part of the blockchain because they are responsible for most transaction. The are connected to each other and stores a copy of all transactions of the blockchain. The verify the transaction. Each nodes has a unique identifier attaches to it that allows it to be different from other in the network. In summary the node are designed to keep a copy of all transactions in the blockchain and it verify and comfirms the validity of each transaction time the blocks.
- MINER:
A miner is a person or marketer that carries out crypto transaction. Miner creates new blockchain. The miners also add transaction to the ledger of existing transaction through their activities
All the blockchain structure are categoriezed into four
- Consortium blockchain
- private blockchain
- Public blockchain
- Hybrid blockchain
I will be explaining private blockchain.
A private blockchain is a blockchain that has restricted access and permission and also has a closed network. They are usually used within an organization. The security, authorization, permissions, and accessibility are controlled by special members of the organization. The private blockchain are similar to the public blockchain but has restricted network. In the private network, the transaction carried out are faster because of the fee and limited users in the network
ADVANTAGES
The private blockchain has an improved privacy and only parties or peoples that have permission can access the transaction of the blockchain.
The transactions privte block chain increase scalability because the organization can add and remove nodes in demand. Also the transaction in private blockchain are always faster due to few userod the system
DISAVANTAGES
A private blockchain does not have a high level of trust due to some personal information stored that are difficult to access, therefore fraudulent activities may go unoticed.
Since the rules are established by one person or a group of persons, decentralized control is a huge disadvantage
On the vist to the site I observed that there are five block which are connected to each other. Each contain block, nonce, data, previous hash, hash and mine as shown below
Then in each block at the data colum I wrote something in them. You can see the all turn red showing the don't have a specific harsh
I then mined each of the blocks, which now change thour colour to green stating that the now have valid harsh.
If a data in any block is changed (let change the dates in block 3) you will observe that the block 3,4,5 become red again indicating there was a change inhe harsh
ADVANTAGES
SECURE TRANSACTIONS:
The blockchain technology make secured transactions. All the transaction are being recorded and they can't be manipulated. Both the receiver and the sender can see this transactionsNo Third Party interference:
The blockchain technology has no goverment or organization interference in all of it dealingTransparency: The blockchain is an open ledger. Every single transaction and data are being recorded and Made are public and open to the public
DISADVANTAGES
Some of the disadvantages of blockchain are
- Problem in scalability
- It is Sometime inefficient
- It consumes too much energy
- It is not completely secured
- The database are sometime immutable.
Conclusion:
I would like to thank @listeem for a wonderful lecture post on understanding blockchain. In this chapter I got to understand blockchain,types of blockchain and got familiar with the demo blockchain
The block has indeed been of immese help as it does not require intermediaries. It It also the most secured way to carry out transaction as all trancation are being recorded
The block has indeed been of immese help as it does not require intermediaries. It It also the most secured way to carry out transaction as all trancation are being recorded
Inviting @dihillz, @padmore, @badmus-official to participate in this program.
Dear @n-chris ,
Thank you for participating in this Mini Crypto program, I really appreciate your good intentions and your efforts in understanding our practice this time.
In blockchain, there is not only block information, only nonce. However, there are also hashes and Previous Hashes where if the data in the block is changed, the hash and Previous Hash will also change.
Use markdownstyle in your writing, you can make your writing more presentable and attractive.
You didn't mention how a block works and how the data we write in the block becomes valid or invalid.
This learning will greatly benefit you to be in Crypto Academy later, because we are in cryptocurrency-based social media, and Cryptocurrency is in blockchain technology.
Thank you very much, we will waiting for your next exercise, and we will waiting you at the season 4 of Crypto Academy. 👍💪
Has been assessed by;
@liasteem
@steem.education
Thank for the corrections at professor @liasteem
you are welcome ...
Thank you for participating in MINI CRYPTO PROGRAM PART 3