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Blockchain - is a set of blocks

🧱Block is a data strcuture, it has information, parameters, and data associated with it. It is used to describe a transaction.

We call it blockchain, earlier it was timechain, something that can not be changed, as time can't be changed. Time is sequential construct.

It represents immutable data. As time is ongoing always, same with blockchain, immutable chain of data blocks.

A blockchain class consist of block classes, functions are there in class to add block, each block has its unique id, and it is generated using hashes.

A mining function is also there, it is responsible for making data structure immutable, it makes it unchangeable. We have owner of server with every type of data, they can add, append, delete, read, update, modify that data. Bitcoin blockchain data can't be changed.

Every block is unique, every block or computer in chain should accept and agree for any transaction, its the criteria for it to pass.

Mining means finding a hash, it's a brute force algo, goes to every computer with a set of number(hash), try to match a new random generated number with every block, if it matches, generates again else assign this hash.

It secures the network, the more secure, the more power, and harder to break the network. 🔒

Biological computer, quantum computer all do mining.

Immutable stream of chain of data - Blockchain

Any type of program can be added to it, program which we never want to change can be put in this immutable data chain. Instead of just storing data, we can store computations also.

Etherum n/w is separate chain different from bitcoin, it does not use transaction as main source, it uses computation. A 'for loop' can be stored in ethereum and it can run there.
More transparency is there.

Issues with Ethereum💔

  • very costly💸💸
  • very slow to use🕘

Polygon - for learning

Polygon - A different blockchain where you can deploy your ethereum Dapps, overcomes ethereum issues, polygon submits your dapps to ethereum, low cost or free and fast.

You have a n/w node, download copy of db or transation. Once it is downloaded, the n/w will process all this transation.

More content will be added 🔜

These are the key points from an informative session with Web3Camp, details are not included.

Thanks for reading <3

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