Blockchain
Sep 1, 2021
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