Welcome to this video on Blockchain.
We are going to understand what the blockchain is and some of the applications that have been made on blockchain.
What's a blockchain?
A blockchain is a distributed ledger that is operated on via a decentralized network of nodes.
Some of the properties of a blockchain are that
1. It is immutable, which means any data on the blockchain can never be changed or updated.
The next is that it is untamperable, which means that if any malicious user or an attacker wants to somehow change the data, he or she can never do so.
And third, is that it is used to make cryptocurrencies, computing machines like Ethereum and so on.
Next, we are going to take a look at what Bitcoin Cryptocurrency is.
Well, Bitcoin was first incepted or rather idealized by someone named Satoshi Nakamoto.
This person had published a white paper called Bitcoin.
This white paper laid the foundation of cryptocurrency.
So what crypto is, is that it is a system of economic exchange that is not controlled by a centralized entity like banks.
Instead, it is managed by thousands of decentralized nodes on a peer to peer decentralized basis.
Bitcoin is essentially a digital currency payment network, which means, for example, if you want to pay someone who is halfway across the planet, you can use Bitcoin very easily to pay them.
Next, of course, is Ethereum.
Ethereum was idealized in 2014 and its inception occurred into 2015 with the Ethereum Foundation.
Ethereum is essentially a decentralized computing infrastructure that has a built-in Turing Complete programming language called Solidity.
The programs written on solidity are called Smart contracts and the blocks in blockchain store all the changes that are performed in the computing infrastructure of Ethereum.
This ethereum is the very foundation of the decentralized apps that we look forward to in the web3 domain.
Next, we are going to understand the core components of what makes a blockchain.
Thank you.