Blockchain 101: From Whiteboard Theory to Real-Life Applications

Must Read

Stellar Lumens (XLM) Price Analysis: Lumens Price Broke The Support Level Of $0.065

Stellar Lumens (XLM) Price is suffering major price corrections due to the overall downtrend in the cryptomarket.  Currently,...

IOTA (MIOTA) Price Analysis: IOTA Coin Price Strives to Cross $0.20 Mark

The overall market conditions are correction signs as BTC plunged below the price level of $9k again with...

Tezos (XTZ) Price Analysis: Tezos Coin Price Testing The Support Level Of $2.50 With Significant Downtrend

The latest Tezos (XTZ) Price Analysis showed Tezos coin price is facing a severe downfall in today’s market...
5d85c99dd353c-bpfull
Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

One of the most important lessons I’ve learned while investing in cryptocurrency assets is the importance of understanding how this technology works and how it can be leveraged.

I’ll borrow some knowledge from the awesome Bitcoin Developer Jimmy Song, who in my view explains these differences brilliantly.

“The main thing distinguishing a blockchain from a normal database is that there are specific rules about how to put data into the database. That is, it cannot conflict with some other data that’s already in the database (consistent), it’s append-only (immutable), and the data itself is locked to an owner (ownable), it’s replicable and available. Finally, everyone agrees on what the states of things in the database are (canonical) without a central party (decentralized).”

We start with Bitcoin, by far the most successful implementation on top of the blockchain, which will always be required to make sure it remains decentralized. However, if we consider a mixture of public and private ledgers accessing information via interoperable systems, we could imagine different levels of trust being created between participating agents. That is, we could have a public blockchain serving as an immutable record for some type of businesses transactions, such as tax payments, loans, and settlements, while a private ledger keeps some of the data private, within the organization’s nodes, only accessible by authorized agents (like company employees). 

The core reason why blockchain matters, in the end, is to increase trust between parties through decentralized systems. Blockchain can help humanity by creating more transparent ecosystems, easily auditable by anyone, where the standard rules apply to everyone equally.

 

Advertisement

Advertisement


Hot News

Stellar Lumens (XLM) Price Analysis: Lumens Price Broke The Support Level Of $0.065

Stellar Lumens (XLM) Price is suffering major price corrections due to the overall downtrend in the cryptomarket.  Currently, Stellar Lumens (XLM) Price is...

IOTA (MIOTA) Price Analysis: IOTA Coin Price Strives to Cross $0.20 Mark

The overall market conditions are correction signs as BTC plunged below the price level of $9k again with Ethereum sustaining the major level...

Tezos (XTZ) Price Analysis: Tezos Coin Price Testing The Support Level Of $2.50 With Significant Downtrend

The latest Tezos (XTZ) Price Analysis showed Tezos coin price is facing a severe downfall in today’s market and might break below the...

Teenage Cryptocurrency Hacker Sued For $71.4million

Ellis Pinsky is the young cryptocurrency hacker, who stole big crypto worth $23.8 million from an investor Michael Terpin. Terpin subjected him to...

Reddit Cash Demo Launched by Fuel Labs

According to the recent news by Reddit, an Ethereum sidechain Fuel team, Fuel Labs has announced the launch of a Reddit Cash demo. ...

Ethereum Scaling Solution Principal Engineer Proposes Stablecoin DefiDollar

The Principal Engineer at Ethereum’s scaling solution Matic Network, Arpit Agarwal, introduced an exclusive stablecoin DefiDollar (DUSD) today. As per Principal Engineer At...

Partners

IOTA (MIOTA) Price Analysis: IOTA Coin Price Strives to Cross $0.20 Mark

The overall market conditions are correction signs as BTC plunged below the price level of $9k again with Ethereum sustaining the major level...

Tezos (XTZ) Price Analysis: Tezos Coin Price Testing The Support Level Of $2.50 With Significant Downtrend

The latest Tezos (XTZ) Price Analysis showed Tezos coin price is facing a severe downfall in today’s market and might break below the...

Teenage Cryptocurrency Hacker Sued For $71.4million

Ellis Pinsky is the young cryptocurrency hacker, who stole big crypto worth $23.8 million from an investor Michael Terpin. Terpin subjected him to...

Reddit Cash Demo Launched by Fuel Labs

According to the recent news by Reddit, an Ethereum sidechain Fuel team, Fuel Labs has announced the launch of a Reddit Cash demo. ...

RELATED NEWS

Stellar Lumens (XLM) Price Analysis: Lumens Price Broke The...

Stellar Lumens (XLM) Price is suffering major price corrections due to the overall...

IOTA (MIOTA) Price Analysis: IOTA Coin Price Strives to...

The overall market conditions are correction signs as BTC plunged below the price...

Tezos (XTZ) Price Analysis: Tezos Coin Price Testing The...

The latest Tezos (XTZ) Price Analysis showed Tezos coin price is facing a...