The science behind the technology!
The Blockchain technology is probably the best invention since the internet itself. It allows value exchange without the need for trust or for a central authority.
The objective of this article is to clarify how the blockchain works without talking about the specialized points of interest in depth, but showing just enough to deliver you a common idea of how the technology works!
The primary purpose of this component of blockchain technology is to make a secure computerized identity reference. The Identity is based on ownership of a combination of private and public cryptographic keys. The combination of these keys can be seen as a able shape of consent, making an greatly useful computerized signature. In turn, this computerized signature gives solid control of ownership.
In short, the size of the network is important to secure the network.
That is one of the bitcoin blockchain’s most attractive qualities — it is so large and has amassed so much computing power. At time of writing, bitcoin is secured by 3,500,000 TH/s, more than the 10,000 largest banks in the world combined. Ethereum, which is still more immature, is secured by about 12.5 TH/s, more than Google and it is only two years old and still basically in test mode.
The objective of this article is to clarify how the blockchain works without talking about the specialized points of interest in depth, but showing just enough to deliver you a common idea of how the technology works!
Cryptographic keys
Two people wish to transact over the internet. Both of them holds a private key and a public key.The primary purpose of this component of blockchain technology is to make a secure computerized identity reference. The Identity is based on ownership of a combination of private and public cryptographic keys. The combination of these keys can be seen as a able shape of consent, making an greatly useful computerized signature. In turn, this computerized signature gives solid control of ownership.
A Distributed Network
Much of the value of the bitcoin blockchain is that it is a large network where validators, like the cameras in the analogy, reach a consensus that they witnessed the same thing at the same time. Instead of cameras, they use mathematical verification.In short, the size of the network is important to secure the network.
That is one of the bitcoin blockchain’s most attractive qualities — it is so large and has amassed so much computing power. At time of writing, bitcoin is secured by 3,500,000 TH/s, more than the 10,000 largest banks in the world combined. Ethereum, which is still more immature, is secured by about 12.5 TH/s, more than Google and it is only two years old and still basically in test mode.
Protocol - A block containing a digital signature, timestamp and relevant information is then broadcast to all nodes in the network.
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