Blockchain

What is Blockchain?

Blockchain enables peer to peer transfer of digital assets without any intermediaries. It was a technology originally created to support the famous cryptocurrency Bitcoin.

Blockchain is about enabling peer to peer transaction in a decentralized network. Validation, verification, consensus and immutable recording lead to the trust and security of the blockchain.

What are types of Blockchain?

There are three types of blockchain:

• Only cryptocurrency — e.g Bitcoin
• Currency + Business logic — e.g Ethereum
• Only business logic — e.g Linux Foundation’s Hyperledger

What do you mean by Blockchain Miners?

Miners are computers that execute operations defined by the blockchain protocol.

What are the operations done by Miners?

• Validation of transactions
• Gathering transactions for a block
• Compete to create a block
• Broadcasting valid transaction & blocks
• Consensus on next block creation
• Chaining Blocks