Blockchain: The Invisible Technological Innovation That's Quietly Revolutionizing Your World

nexuslabs (40)in #cryptocurrency • 7 years ago (edited)

A long time ago in a galaxy far, far away …

A magnific world existed where everyone ate together, played together, and traded together.

They each meant the world to one another! They were the best of pals and trusted each other without hesitation even if they’d never actually met one another. You see, they were blessed with a simple piece of remarkable technology, which made sure everything was always fair, open and transparent for everyone.

“What was this technology”, you ask? It has many colloquial designations but it is best known by that name which the ancients of old gave it in their archaic tongue: “Blockchain.”

This technology is based on the philosophy of complete decentralisation of information. Designed to resist modification, the blockchain turns any information you want to publicly store into something completely independent and tamper-proof while anonymizing you as its owner.

This remarkable system is a chain of blocks of data containing anonymized records of transactions. The size of these data blocks sets a limit on the number of transactions that a block can record. On the WAVES blockchain, for instance, it’s about 7.50 kb with a capacity for 100 transactions.

All data is distributed across a vast network of countless computers connected together all across the globe. The blocks on the blockchain each store new transactions that are all chained together chronologically with every block storing a map to the preceding block. This mechanism ensures the integrity of the data recorded in each block since each block retains its link to the previous one.

Since all of these transactions are recorded across countless computers on the network, it is, by design, immune to cyber attacks. After all, who could possibly direct a simultaneous attack on every single computer on such a massive and global network?

“Miners” are individuals who use specialized software to add transaction records to this public ledger. They compile transactions broadcast over the network and add them to a transaction block to confirm the payers’ transactions. Their reward for their efforts? A small amount of digital cash which is why they’re called“miners.”

This process requires significant processing power since mining involves complex mathematical calculations. This ensures the integrity of the system and that the number of blocks discovered every day by miners remains steady.

So, every time you make a digital cash payment, for instance, you send anonymous information across your online network, it’s confirmed via a consensus protocol and then locked into the blockchain. Different blockchains use varying consensus protocols such as Proof-of-Work, Proof-of-Activity, Proof-of-Burn, Proof-of-Capacity, Proof-of-Storage, Proof-of-Service, Transactions as POS, and Proof-of-Listen (We’ll explain how each of these works along with the pros/cons for each soon).

That's it! The transaction is complete.

Now, does any of this technology sound familiar? It should because that galaxy is ours and the world described is yours and mine. Yes! Blockchain technology is here and it’s here to stay forever!

Here to serve,
Diana Moiseenkova

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