If you’ve ever heard of blockchain but have no idea what it is or how it works, you’re not alone. The technology behind cryptocurrencies like Bitcoin can be difficult to understand, but it’s becoming increasingly important in a variety of industries.
This short video breaks down the basics of blockchain and explain how it works in a way that’s easy to follow, even for beginners.
Key Points:
- A blockchain is a digital ledger of transactions that is distributed across a network of computers, making it secure and transparent.
- Each block in the chain contains a list of transactions, a timestamp, and a unique hash that is generated using complex algorithms.
- Miners use their computing power to solve these algorithms and validate new blocks, earning rewards in the process.
- Once a block is validated, it is added to the chain and cannot be altered, ensuring the integrity of the system.
- Blockchain technology has a variety of potential applications, from secure voting systems to supply chain management, and is being adopted by businesses and governments around the world.
Personal Insights:
- Was never big on the speculation with all the coins and NFT’s
- But the unalterable, public ledger – I think it’s a foundational protocol that will be around for a while.
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