So I was recently writing my book on Ethereum, where I tried to describe blockchains and Ethereum the most descriptive way possible. And I'm also considering 5 year old is somewhat smart.
So let's begin with an example, consider you have some cash and you want to save it for your future use, the most obvious idea you can get into is using some bank where you can deposit your money. But as you might be knowing banks are somewhat vulnerable.
As banks save your account and transaction details in some sort of database or ledger, however any legal or illegal changes to these database would mislead banks about your data, as that bank is the only central authority that is responsible for keeping your money safe.
Now in the concept of Blockchain, it's also similar to some distributed database or ledger, where these details or transactions are stored. And any changes to these information are not directly applied, first there are some validators(or nodes), that will verify those changes.
This was the most basic concept of a blockchain, hope this was informative.
So I was recently writing my book on Ethereum, where I tried to describe blockchains and Ethereum the most descriptive way possible. And I'm also considering 5 year old is somewhat smart.
So let's begin with an example, consider you have some cash and you want to save it for your future use, the most obvious idea you can get into is using some bank where you can deposit your money. But as you might be knowing banks are somewhat vulnerable.
As banks save your account and transaction details in some sort of database or ledger, however any legal or illegal changes to these database would mislead banks about your data, as that bank is the only central authority that is responsible for keeping your money safe.
Now in the concept of Blockchain, it's also similar to some distributed database or ledger, where these details or transactions are stored. And any changes to these information are not directly applied, first there are some validators(or nodes), that will verify those changes.
This was the most basic concept of a blockchain, hope this was informative.
Very informative! 👍