The first two types of …ignorant people, by gathering these two words, may define it as a ‘CHAIN-OF-BLOCKS’. Looks simple, doesn’t it? But the third type of people may define it as: ‘Any public or open distributed database or ledger which records the transactions carried out between two parties verified by the other parties in a permanent way’.Sounds amazing, right? Yeah, I didn’t get it either the first time I read it. In SIMPLE words, (if there are any) Blockchain is typically a peer-to-peer(P2P) network used for communications and for creating and validating new blocks. Once information is entered it can never be erased. It contains a certain record of every single transaction ever made. So, most records remain unaltered. They remain secure. Hence, blockchains can be considered as a DECENTRALIZED database.
It was invented by a person (or a group of people) known as Satoshi Nakamoto in 2008 (till today, no one really knows who he or she is). The main reason it was developed was to serve as the public transaction ledger for, the currently controversial cryptocurrency, BITCOIN: A peer-to-peer electronic cash system. In August 2014, the size of the records containing all the transactions reached 20 Gb. And by January 2017 the Bitcoin Blockchain reached an astounding mark of 100 Gb.
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Blockchain And Cryptocurrency
Non-FictionBlockchain....After hearing this word some people may think, "I have heard this but don't know a thing about it". For some others, "Blockchain! Is that even a word? It's like two words just merged together". Next comes a group of people where they m...
