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they say the true sign of understanding a topic is being able to distill it at a very low level to anyone so that even your grandma can get it etc, so I am going to write about cryptocurrency. the best way to learn is to teach it to someone else so let's go. I will be explaining what a blockchain is
Before a few days ago when I start spending time to actually learn things in the crypto-sphere I didn't know Jack-shit about it. I just knew that it makes money or you buy and sell etc.
The truth is you don't need to know a lot to make a lot in Crypto, you just need to get the right information from smart people or get lucky I supposed.
The word bLockchain.
for me, just as the word implies blockchain technology is a bunch of blocks linked together by a chain, that's what I thought and it is still true,yes but not that simple.
basically, blockchain is
- first, a block, or a black box, I and other people likened a block to a black box, with a collection of data, each blockchain holds different types of data but all just hold some data, they collect data and stored them.
- I always wondered why it can't all be stored in one box but, the second the reason for the chain is because blocks have limits in how much data can be stored t, that is why we need more blocks,
- third, to add a block to the chain some calculations have to be done, and whoever does them gets rewarded (mining).
- from what I learned, Mining is basically putting in a bunch of numbers to get a specific output, but it takes a long time because small changes in the input changes output drastically, that is why mining is so long because it is likely miners are just guessing.
- blockchain is decentralized and that means, basically the main system is not any one place all the nodes are spread out and this also helps keep the LEDGER correct because it means no one person or group can change the data.
One sentence to describe blockchain is.
a very long and decentralized chain created by solving blocks of data by simply guessing the input to get the correct output so that you can get rewards for it.
am I fully correct? I don't know I feel like some key information may be missing. tell me if I missing something and how should I describe it. anyways this post was here to test my recall memory since i want to improve my learning skill. If you want to learn more i put in link to a better written article below in the description.
