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What is a blockchain?

(Photo by Hitesh Choudhary on Unsplash)

We have all heard that Blockchain is essentially a virtual ledger shared  over a distributed database. This means that all information exchange on  it (including the financial transactions that are being  generated) is  continually being verified  and stored on various nodes  across the  globe. So there is no one  critical point of  failure............kill  one node and it'll survive in  hundreds of  others, even thousands. It

Not  only is a blockchain  secure from  being taken down but it is protected  by encryption so un-breachable that theoretically we have a greater probability of an asteroid taking down this planet than a good blockchains encryption being cracked open. (There is a reason why hackers find a way  around this rather than through this encryption. That is why the  hacks and security breaches are by compromised passwords, bug  exploitation, phishing, etc.) The  fact  is that as long as you can get your hands on the coins without the   owners permission, it would be called hacking. 

The blockchain can theoretically  be hacked  in a number of ways, but most common hacking attacks include,  Sybil  attack, Routing attack, DDOS, etc. Their is one truth of hacking - theoretically, everything is hackable. 

You'll find that blockchain hasn't put an end to hacking. In fact it has even inspired some new ways of disrupting the network or trying to control the consensus. Nevertheless, the blockchains are still some of the most secure locations to keep your money in form of tokens (both fungible and non-fungible). Keep in mind that protecting the keys and passwords to access these tokens is each individuals personal responsibility. 

Here is the summary of things that have made the community at large interested in the Blockchain:

  • Blockchain is censorship resistant
  • Cryptographically secure
  • Immutable
  • Above all, it can be decentralized.
  • Secure tokenization

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Blockchain – The original blockchain is a decentralized database that contains a list of blocks, with continuously growing and well-organized records. Each block contains a timestamp and a link to the previous block: the design blockchain makes the data untamperable—once recorded, the data in one block is irreversible.

Blockchain design is a protection measure, such as (applied) to a highly fault-tolerant distributed computing system. The blockchain makes mixing consistency possible. This makes the blockchain suitable for recording events, headlines, medical records and other activities that require data collection, identity management, transaction process management and provenance management. Blockchain has enormous potential for financial disintermediation and has a huge impact on guiding global trade.

In 2008, the concept of blockchain was first proposed by Nakamoto Satoshi. In the following years, it became a core component of electronic currency bitcoin: as a public account book for all transactions. The blockchain database can be managed autonomously by leveraging a peer-to-peer network and a distributed timestamp server. The blockchain invented for Bitcoin made it the first digital currency to solve the problem of repeated consumption. Bitcoin design has become a source of inspiration for other applications.

In 1991, Stuart Haber and W. Scott Stornetta first proposed cryptographic protection chain products for blocks, which were subsequently published by Ross J. Anderson and Bruce Schneier & John Kelsey in 1996 and 1998, respectively. At the same time, Nick Szabo conducted a research on the mechanism of electronic money decentralization in 1998, which he called Bit Gold. In 2000, Stefan Konst published a unified theory of encryption protection chains and proposed a set of implementation plans.

The blockchain format was first applied to Bitcoin as a solution to make the database secure without requiring administrative authority. In October 2008, in the original paper of Nakamoto, the words “block” and “chain” were used separately, and when they were widely used, they were collectively called block-chain, until 2016. Only became a word: "blockchain." In August 2014, Bitcoin's blockchain file size reached 20 gigabytes.

By 2014, Blockchain 2.0 became a term for decentralized blockchain databases. For this second-generation programmable blockchain, economists believe that its achievement is "it is a programming language that allows users to write more sophisticated and intelligent protocols, so when profits reach a certain level, It is possible to earn revenue from the completed shipping order or the dividends of the shared certificate." Blockchain 2.0 technology skipped transactions and “intermediaries that act as money and information arbitration in value exchanges”. They are used to keep people away from the global economy, to protect privacy, to “return the information they hold into money” and to ensure that owners of intellectual property gain. The second generation of blockchain technology makes it possible to store individuals' "permanent digital IDs and images" and to provide solutions to the "potential social wealth distribution" inequality. 14 -15 As of 2016, blockchain 2.0 chain transactions still need to pass Oracle to enable any “external data or events [actually needed] based on time or market conditions to interact with the blockchain”.

In 2016, the Central Securities Office of the Russian Federation (NSD) announced a pilot project based on blockchain technology. Many institutions with regulatory power in the music industry have begun to use blockchain technology to build test models for royalties and worldwide copyright management. In July 2016, IBM opened a blockchain innovation research center in Singapore. In November 2016, a working group of the World Economic Forum met to discuss the development of a blockchain government governance model. According to a survey by Accenture on the development of innovation theory, the 13.5% utilization rate of the blockchain in the economy in 2016 has brought it to an early stage of development. In 2016, the industry trade organization created a global blockchain forum, which is the predecessor of the Electronic Commerce Chamber of Commerce.


Blockchain is simply a virtual ledger shared over a distributed database.