by Tomasz Nurkiewicz
Blockchain is a technology used for storing data without a central database. Data is organized in an ever-growing list of blocks with each block referencing the previous one. Like a linked list. Once a block is added to this list, it can’t be modified. The integrity is guaranteed by including a cryptographic hash of the previous block. If the previous block changes, all subsequent blocks need to change as well. You can’t simply modify history. This is similar to the operations on your bank account. However, the idea behind the blockchain is to maintain integrity without a central authority, like a bank. Data is distributed among peers. No node is distinguished and some number of nodes can even be hostile. Blockchain tolerates up to 50% of nodes purposefully trying to cheat the system. Everything happens using peer-to-peer network with no central backbone whatsoever. At what cost all of this can be achieved?
- Proof of work
- But how does bitcoin actually work? on YouTube
- Curated list of scams, hacks and fails of cryptocurrencies
- How does a block chain prevent double-spending of Bitcoins?
- How proof of work prevents double spend
- Blockchain size (MB)
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