This blog-post is part of a series of posts that will look at the basics of blockchain development and later advance on to more advanced topics that will help developers dive into web3 and become web3 developers by focusing on Smart Contract Development using Solidity and the EVM Smart Chain.
What's the Blockchain ?
A blockchain is a decentralized, distributed ledger that records transactions on multiple computers. It is called a "blockchain" because each transaction is grouped into a "block" and added to the chain of previous blocks, creating a permanent and unchangeable record.
The decentralized nature of a blockchain means that it is not controlled by any single entity, but rather operates on a network of computers. This makes it resistant to censorship and tampering, and allows users to interact with it in a transparent and secure way.
Blockchain technology uses cryptographic techniques to ensure the security and integrity of the data stored on the blockchain. It is designed to be an immutable record of all transactions that have occurred on the blockchain, which can be used to verify the authenticity of the data and prevent fraud.
There are many different types of blockchains, including public blockchains like Bitcoin and Ethereum, and private blockchains that are used by organizations for specific purposes. Blockchains have many potential applications, including financial transactions, supply chain management, voting systems, and more.
What are the basics of the blockchain
Here are some of the basics of blockchain technology:
A blockchain is a decentralized, distributed ledger that records transactions on multiple computers.
Each transaction is grouped into a "block" and added to the chain of previous blocks, creating a permanent and unchangeable record.
The decentralized nature of a blockchain means that it is not controlled by any single entity, but rather operates on a network of computers.
Blockchain technology uses cryptographic techniques to ensure the security and integrity of the data stored on the blockchain.
One of the key features of a blockchain is its ability to facilitate the transfer of value and assets between parties in a transparent and secure way, without the need for intermediaries.
There are many different types of blockchains, including public blockchains like Bitcoin and Ethereum, and private blockchains that are used by organizations for specific purposes.
Blockchains have many potential applications, including financial transactions, supply chain management, voting systems, and more
Ethereum
As mentioned in the sectioned above, web3 development focuses on the Ethereum Network
Ethereum is a decentralized, open-source blockchain platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud, or third-party interference.
Ethereum was created in 2014 by Vitalik Buterin, a programmer and researcher who was interested in the potential of blockchain technology to support a wide range of applications beyond just financial transactions.
Here are the basics of Ethereum:
Ethereum has its own programming language called Solidity, which is used to write smart contracts.
Ethereum has its own cryptocurrency, called ether (ETH), which is used to pay for the computational resources needed to run smart contracts.
Ethereum has a decentralized virtual machine, called the Ethereum Virtual Machine (EVM), which executes smart contracts.
Ethereum has a decentralized consensus mechanism, called proof of work (PoW), which is used to validate transactions and add new blocks to the blockchain.
Ethereum is Turing-complete, which means that it can be used to build a wide range of applications, including financial applications, games, and more.
Smart Contracts
Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein are stored and replicated on a blockchain network.
Smart contracts allow for the automation of contract execution and enforcement, which can reduce the need for intermediaries and the potential for disputes. They can facilitate the exchange of money, property, or anything of value in a transparent and conflict-free way.
Smart contracts are often associated with blockchain technology, as they are commonly implemented on blockchain platforms such as Ethereum. However, they can also be implemented using other technologies.
Smart contracts have many potential applications, including financial transactions, supply chain management, voting systems, and more. They have the potential to greatly increase the efficiency and transparency of many different types of transactions.
On the next Posts, we will begin looking into Solidity and the basics of creating smart contracts.
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