Blockchain Basics: 2021 ╚╝From A to Z - in 3 weeks.

■ Blockchain is one of the hottest new technology trends and is best known through Bitcoin (BTC). BTC started its life as a form of Internet currency, as the first crypto coin, and as a formidable financial instrument with a market capitalization near US $1 trillion (April 2021) - it shocked the world with its P2P capacity, above its other crazy characteristics. 

In this guide, we explore the basic features of cryptography-based assets and databases, and their biggest strengths and weaknesses. We also answer the question "what is blockchain?" by covering its key features and use cases and examining some of the real-world implications and applications of this new technology.

So what is Blockchain Technology?

→ Blockchain technology is a tool that combines cryptographic encryption with distributed network communication to ensure safe and secure interaction between two or more participants over a peer-to-peer network. It is called a blockchain because it is made up of data blocks that link to create a chain  ■-----■-----■-----■---...

■ The first block in a new blockchain is known as a genesis block. This and all subsequent blocks are recorded on the blockchain ledger. The data contained in these blocks is immutable and cannot be changed without significant resources.

A block contains transaction data. As transactions are made with a user's private key, a kind of digital signature, the data is recorded in a block. New blocks are added to the chain when the previous block becomes full data-storage-wise, while the data in the previous block is used to create a cryptographic hash for the next block.

As each new block is created, a copy of the blockchain is distributed to the entire network of nodes around the world, thus creating a secure, decentralized ledger of all transactions. A node is, simply put, an individual pc that acts as a validator for the new data. So, when a new block is created, the data is confirmed by all nodes at the same time. You can picture this situation as if every computer had access to a 24/7/365 excel sheet where new data from blocks is recorded, and every computer holds a copy of this sheet, so that every time new data is added, every sheet has to actually match in real-time, making the blockchain, impossible to cheat: as a record of every transaction is recorded on a particular blockchain after all nodes have approved its addition into it. So whether we are thinking about Libonomy's blockchain, Ethereum's blockchain, Bitcoin's blockchain, etc - records are virtually unhackable and can't be changed without creating immediate disparities, which would let the blockchain know which block can/can't be added at all.

■ This is the reason why Blockchain is called the Internet 2.0 - get it?

Think about it like this: In the current version of the internet... In the world of social media, websites, funnels, and the known cyber ecosystem of today, you can literally copy and paste files, text, audio, & video, literally doubling the existence of the thing. Even on a personal computer, you can copy and paste, and double the existence of a folder or file right? You can't on the blockchain. This gives blockchain the ability to prohibit by nature, double spending and of course doubling the existence of a digital item whether we talk about a file, folder, piece of code, or else. So we are getting into a really crazy terrain, that is setting the foundation for new cyber & tech developments, that will disrupt, & reshape society as we know it.

If you used a dating app in the 2000s, you were a weirdo - but Tinder is HOT today. Maybe today we are the innovators, the early adopters - but tech is going to be developed, social behavior and most importantly, consumer behavior is going to adjust, and everything is going to be built on top of blockchain technology, starting a decade ago, with Bitcoin as the use case, for blockchain technology, of a currency. But there's SO MUCH MORE to explore.

?■ Keep posted, because, over the next weeks I will keep these articles coming, so you can have a real grasp of all of these concepts, and hopefully, we can get to doing business together. We have access to the world's furthest developed next-gen blockchain technology and are looking to collaborates. So either you need a store of value, cryptocurrency access, smart contracts in one-click, tokenization services for any industry, or me to help you answer any questions over my expertise, then I got you.

Now you know better!

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