Cryptocurrency course for beginners – episode 2 Blockchain – by blockchain24.co


Hey there! I’m CryptoCaitlyn from Blockchain24.co. I want to invite you for the second episode of our cryptocurrency course. So let’s start! What is blockchain? How does it work? For some, it can be a tough nut to crack. But after that course, everything will become clearer for you! Let’s start then! Starting with the genesis of the creation of blockchain technology, we should go back to 2008 when the idea to create cryptocurrencies was born. Mysterious programmer calling himself Satoshi Nakamoto published his famous Manifesto. Describing the operation of cryptocurrencies, he explained that they are based on blockchain technology. The blockchain is literally a chain of blocks. It is used not only for cryptocurrencies but also for storing and sending information. One block consists of the information about a specific amount of transactions. When one block is full, the next one is created. And the next one. Aaaaand the next one in an average time of 10 minutes. That’s how the blockchain is created! Besides conducted transactions, every block has its own “Block Header” in which information like: Previous Hash, Nonce, Master Hash and Root Hash, is saved. Yeaaa… and we are lost again. So! It’s all about HASH. Hash of the block is created as a result of an algorithm called proof-of-work. Explaining it the easiest way, Hash is nothing more than a name for a specific block. In the block header of every block, there is a hash of a previous block. And in that previous block’s header there is a hash of a block before. It means that if someone wants to change one block in the blockchain, he would have to break all the chain. Is it possible to do? Sure, if you have a computing power equal a half of the Internet. As you can see, it’s a pretty safe solution. What’s more, blockchain technology is based on a peer-to-peer network without centralized control authority. Practically, every computer connected to the blockchain network can take part in sending and checking conducted transactions. I hope that you’ve learned something new today. Feel welcome to check our Blockchain24.co website and see you in the next episode! Bye!

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