What is Blockchain ?
Blockchain was invented by Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the cryptocurrency bitcoin.
The invention of the blockchain for bitcoin made it the first digital currency to solve the double-spending problem without the need of a trusted authority or central server.
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
– Don & Alex Tapscott, authors Blockchain Revolution (2016)
Blockchain is a distributed shared ledger , which keeps tracks , all the digital transactions.
Each node keeps a copy of its own ledger and it is continuously updated with all the transactions happens around the world.
Transaction’s are added to the block , are based on the consensus algorithm , meaning majority of the network has to agree .
Blocks are ordered chronologically to the ledger.
Many people think that the blockchain is a complicated thing while at it’s core its just a clever use case of hashes.
A Network of Nodes
A network of so-called computing “nodes” make up the blockchain.
Every node is an “administrator” of the blockchain, and joins the network voluntarily (in this sense, the network is decentralized). However, each one has an incentive for participating in the network: the chance of winning Bitcoins.
Nodes are said to be “mining” Bitcoin, but the term is something of a misnomer. In fact, each one is competing to win Bitcoins by solving computational puzzles.
There are an estimated 600 Bitcoin-like cryptocurrencies already available. As well, a range of other potential adaptations of the original blockchain concept are currently active, or in development.
What is Blockchain used for ?
Blockchain is best known for being the technology behind cryptocurrencies like Bitcoin and Ether (the currency of Ethereum), but blockchain is much more than an instrument of finance.
Blockchain serves as a bookkeeping platform or ledger that is incorruptible, enforces transparency, and bypasses censorship.
Decentralize – All the transactions are distributed globally.
Immutable -Transaction in the Blockchain cannot be tempered.
Audit Trail – Each and Every transaction in the Blockchain can be traced back to the starting point.
Data transparency – All the changes that are made to the public blockchain can be viewed by its participants.
Which programming language is used for Blockchain?
Well, there are few programming language to code on blockchain.
The most popular programming language used currently to write smart contracts is Solidity.
Blockchain and BitCoin are Different
Blockchain != BitCoin
Bitcoin was launched in 2009 by an unknown person called Satoshi Nakamoto and you can know Bitcoin Facts and figures here. Bitcoin is a Peer-to-Peer technology which is not governed by any central authority or banks. Currently, issuing Bitcoins and managing transactions are carried out collectively in the network.
It is presently the dominant cryptocurrency of the world. It is open source and designed for the general public means nobody owns the control of the Bitcoin. In fact, there are only 21 million Bitcoins issued. Currently, Bitcoin has a market cap of $12 billion.
Anyone can use bitcoin without paying any process fees. If you are handling Bitcoin, the sender and receiver transact directly without using a third party.
The blockchain is the technology behind Bitcoin. Bitcoin is the digital token, and blockchain is the ledger that keeps track of who owns the digital tokens. You can’t have Bitcoin without blockchain, but you can have blockchain without Bitcoin.
There are many cryptocurrencies in the market to invest for eg.
- Bitcoin Cash
- Litecoin etc
Below videos explains how Bitcoin works:
Below video clearly explain basic of Blockchain, thanks to Mr. Shai Rubin.
STEP 1: Build your BlockChain fundamentals by studying some material regarding the subject
Reflections on the Blockchain by Rufus Pollock
On the Dangers of a Blockchain Monoculture by Tony Arcieri,
I Don’t Believe in Blockchain by Tim Bray
Minimum Viable Blockchain by Ilya Grigorik,
STEP 2: Take an Online Best Machine Learning Courses
STEP 3: Best BlockChain Book Recommendations
STEP 4: Most Essential BlockChain Algorithm
Consensus Algorithms, Blockchain Technology and Bitcoin UCL – by Andreas M. Antonopoulos
STEP 5: Build BlockChain in Python Series
Tiniest Blockchain in Python Series by Gerald Nash
Build Your Own Blockchain (in Python 3) Video Series by Jack Schultz, (Source)
- Part 1: Creating, Storing, Syncing, Displaying, Mining, and Proving Work,
- Part 2: Syncing Chains From Different Nodes,
- Part 3: Writing Nodes that Mine and Talk,
A Practical Introduction to Blockchain with Python by Adil Moujahid , (Source)
Finally go through the Top 50 Blockchain Interview Questions 2018-2019
MISCELLANEOUS (BlockChain Videos) FREE :
Some videos to get a general overview:
Getting more into tech:
You can view all the videos here.
The best Blockchain video explaining blockchain – Blockchain 101 – A Visual Demo
Below video is a very detailed 2 hours course explaining Blockchain .
video created by Mr. Anders, which is a visual introduction to the concepts behind a Blockchain.
This one also is really good: https://bitcoin.org/en/developer-guide
Lopp also has an excellent list of bitcoin resources: http://lopp.net/bitcoin.html
White paper: Bitcoin: A peer to peer electronic cash system by Satoshi Nakamoto
- CryptoHeresy — The modern Bitcoin forum with a focus on fighting with spam.
- Bitcoin Talk — The homepage for the Bitcoin community from the start. Made by Satoshi Nakamoto in 2009.
- Bitcoin.com Forum — Strong community of 30,000+ users.
- BitcoinGarden — This young forum has appeared in Jan 2017.
Attend Top BlockChain Events and Conferences:
Understand a blockchain with code:
Don’t be hesitant to fail. The larger part of your chance in blockchain will be spent attempting to make sense of how to write small blockchain applications or why I got the errors that are ordinary. Perseverance is critical.
At that point… in case you’re quick to bring home the bacon writing Blockchain applications – make your own site. Make a website that features every one of the undertakings you’ve chipped away at. Show how you did them.
Demonstrate the final products. Make it beautiful. Have decent visuals. Make it process capable. Make an item that another person can gain from and afterward trust that a business can see all the work you put in.
To start with BlockChain, you should understand that BlockChain it’s not something that 100% precise . So to think of someone of a kind thought is hard as a rule, in view of the time and resources you will spend on writing the decentralized apps.
So don’t attempt to make sense of solutions by yourself — search for papers, projects, experts that can help you. The quicker you get experience, the better.