What is Blockchain? | Introduction to Blockchain Technology| Blockchain Explained
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Hello and welcome to Acadgild’s Tutorial for Blockchain. This is a brief introduction to blockchain technology explained by the expert. Let’s get introduced to the blockchain technology.
What is Blockchain?
A Blockchain is a decentralized and distributed digital ledger, that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the collision of the network.
Blockchain is a technology that promises to change the way we think about transactions, data storage, and data transfer. Now there are a lot of blockchain networks currently active, all of which are built on four key principles. They are,
Blockchain is Based on 4 Key Principles:
• Replication – Data on blockchain is copied on every computer that is part of blockchain network
• No Central Authority – There is no central body which governs whether a transaction should be recorded or not
• Irreversibility – If a data/transaction is recorded on the blockchain. It cannot be reversed
• Accessibility – Blockchain allows anybody on this planet who is a part of the network to read/view any data recorded by anybody.
Bitcoin is an electronic decentralized currency managed on a peer-to-peer network, also known as cryptocurrency with a system working without a central bank or single administrator. Thus, making it essentially the first official implementation of all the 4 key principles of blockchain together.
Another popular blockchain network which offers a lot of promise today is Ethereum Network. So, check out,
How Ethereum Platform Works?
Ethereum goes a step further in implementing the principles of blockchain technology as it enables the developers to build and deploy applications without any central authority. These decentralized applications or de-apps are known as smart contracts.
A smart contract is a pre-written logic stored and replicated on blockchain. This logic is executed run by a network a computer running the blockchain.
Now to code these smart contracts, you need a programming language. Some of those programming languages are serpent, LLL, and solidity. The most popular out of these programming languages is solidity.
Solidity is a programming language for writing smart contracts which ran on the ethereum virtual machine and blockchain. It’s a contact-oriented high-level programming language whose syntax is similar to that of javascript and it is designed to the ethereum virtual machine which acts as a compiler for the ethereum blockchain network.
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