Understanding Blockchain

BLOCK: This is a set of Data structure on the blockchain database, database usually structures its data into tables, whereas a blockchain structures its data into chucks (blocks) that string together.

• A Block is place in a Blockchain where information is stored and encrypted.
• Blocks and Blockchain are not used solely by cryptocurrency. They also have many other uses.

BLOCK HEADER: Is use to identify a particular block on whole blockchain and is hashed (string of characters that uniquely identifies data) repeatedly to create proof of work for mining rewards.

DECENTRALIZED: In Blockchain is a system where control and policy making is handle by a distributed network instead of a central authority. Decentralized social networks give users more control and autonomy. It operate on independently run servers, Blurt is an example of a decentralized social network.

DISTRIBUTED LEDGER: is a protocol that enable the secure functioning of a decentralized digital database with data stored and shared on multiple sites, countries or institution.

CENTRALIZED: In Blockchain is a system where control and policy making is handle by a central authority, which may be an individual, organization or group examples of centralized Blockchain, Binance, Coinbase etc. with centralized database, data is stored in a single location.

CRYPTOCURRENCY: is decentralized Virtual or digital currency that is exchanged using Blockchain, secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized network based on Blockchain technology. Bitcoin, Etherum, Dogecoin etc

CRYPTOGRAPHY: Cryptography is a method of protecting information and communications through the use of codes, so that only those for whom the information is intended can read and process it.

ENCRYPTION: refer to technical processes of converting plaintext (text, music, on websites) into ciphertext (a process called encryption) and back again (known as decryption) that data and systems, making it difficult for unauthorized parties to gain access to encrypted information or meddle with networks and transactions.

• Symmetric key systems use the same key for encrypting and decrypting data.

• Asymmetric key systems use public and private key pairs for encrypting and decrypting data.

NODES: Blockchain nodes stores a complete copy of the distributed ledger and are responsible for the reliability of the stored data. Nodes are used by developers for building Blockchain-based application.

NON-FUNGIBLE TOKEN (NFT): An NFT is a digital asset that represents real-world objects like art, music, game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.

BLOCKCHAIN
A Blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the Blockchain. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the Blockchain, a record of that transaction is added to every participant’s ledger. The decentralized database managed by multiple participant is known as Distributed Ledger Technology.

PUBLIC BLOCKCHAIN
Public Blockchain are open is non-restrictive, permissionless, decentralized network of computers accessible to anyone wanting to request or validate a transaction (check accuracy) and those (miners) who validate transactions receive rewards. This first type of Blockcahin is Public Blockchain it removes the problem that comes with centralization, including the less security and transparency.

PRIVATE BLOCKCHAIN
Private Blockchains are not open, they have access restrictions. People who want to join require permission from the system administrator. They are typically governed by one entity, this implies they are centralized. For example, Hyperledger is a private, permissioned Blockchain.

HYBRID BLOCKCHAIN OR CONSORTIUMS: are a combination of public and private Blockchains and contain centralized and decentralized features.

SIDE CHAIN: is a Blockchain running parallel to the main chain. It allows users to move digital assets between two different Blockchains and improves scalability and efficiency.

HOW DOES THIS WORK

• Blockchains are shared database each party on a Blockchain has access to the entire database and its complete history.
• No single party controls the database or information.
• Any party can verify each transaction against its own copy of the Blockchain, this makes it absolutely impossible to forge records. The system and the result is translucent.
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