The latest articles on DEV Community by nive18 (@nive18). https://dev.to/nive18 https://media2.dev.to/dynamic/image/width=90,height=90,fit=cover,gravity=auto,format=auto/https:%2F%2Fdev-to-uploads.s3.amazonaws.com%2Fuploads%2Fuser%2Fprofile_image%2F974432%2F72dd312a-26eb-4e2d-9696-cf2fd7f7acef.png https://dev.to/nive18 en nive18 Fri, 28 Nov 2025 13:34:53 +0000 https://dev.to/nive18/discovery-of-blockchain-ldm https://dev.to/nive18/discovery-of-blockchain-ldm <p>Let us discuss today why Blockchain was introduced:<br> The reason why Blockchain was introduced was:</p> <ol> <li>Inflating Currencies</li> <li>Depreciation of currency values</li> <li>Fractional Reserve Banking</li> <li>Inflation Issues</li> <li>Random Bailouts</li> </ol> <p><strong>What is Blockchain:</strong></p> <p>Blockchain is a distributed system that operates on a peer-to-peer network, and transactions are recorded across multiple entities for data security and transparency. They are making use of cryptographic techniques for verification and the addition of new Blocks</p> <p><strong>Hashing:</strong></p> <p>Hashing is the process of taking inputs and converting them into 256-bit (32 bytes) data as output<br> <strong>Properties of Hashing:</strong></p> <ul> <li>Deterministic: The same input will produce the same output.</li> <li>Fast Computation: The Hash value can be quickly verified</li> <li>Pre-Image Resistance: Difficulty in reversing the hash function with given output</li> <li>Small changes in input produce large Changes in output: Tiny changes in input produce the larger changes in output.</li> <li>Collision Resistance: Difficult to find an input that produces the same output.</li> </ul> <p><strong>Blocks:</strong></p> <ul> <li>Data are stored in blocks</li> <li>Each block contains transactions, a timestamp, and a cryptographic value</li> <li>Each blocks are chained together and has the value of the previous blocks, hence they are named as: Blockchain</li> </ul> <p><strong>Important terms to remember:</strong></p> <p>Nonce: It starts with 0s, and it is used only once by miners to solve the complex blockchain problems.</p> <p>Miners and Compute Power:</p> <ul> <li>Miners are the one who produces blocks in the blockchain</li> <li>And they require computing power to produce the next block.</li> </ul> <p>Consensus Mechanism</p> <ul> <li>A method ensuring all participants agree on the blockchain's state and the validity of transactions.</li> <li><p>Acts as a rulebook for validating transactions and blocks.<br> Proof of Work (PoW)</p></li> <li><p>A consensus mechanism used in blockchain networks.</p></li> <li><p>Requires solving complex mathematical problems to find the correct nonce.</p></li> <li><p>Ensures the security and integrity of the blockchain by validating transactions and adding new blocks.</p></li> </ul> web3 blockchain pwl programming