A beginners’ guide to Blockchain Technology
It all started by a paper published in 2008 by an anonymous person or group Satoshi Nakamoto (You’ve heard that) titled Bitcoin .The paper describes a peer to peer electronic currency which is based on Blockchain technology named bitcoin. This was the first public implementation of blockchain based technology. Yup.
What’s so special about it?
It has no central body controlling it. Yeah you heard it right. We call this as Decentralized. By definition, blockchain is decentralized in nature i.e anything which is built on top of it is not controlled by any centralized body.
So it’s insecure?
Absolutely not! It’s even more secure. We’ll get to this later.
You said Decentralized, what’s that?
To answer this you need to understand types of architecture using which nodes in a network are connected,the two most popular are
- Centralized
- Decentralized
Centralized : There is a single server, i.e., a single authority controlling and managing the whole system.
Example: Facebook
Decentralized : In this type of architecture every node has equal participation in network and decision over the network can only be taken by a majority of nodes only rather than a single node or authority.
Example: Bitcoin
So that is the basic idea of the decentralized system, hope you got a jist of it at least. Find more on Blockchain at https://www.tharunshiv.ml/
Have a great day!
Originally published at tharunshiv.ml on April 19, 2018.
