Skip to main content

Learn about Blockchain technology part 3

Post a Comment

What is blockchain part1

 


1. Basic Blockchain Knowledge (Foundation for Any Blockchain Career)


If you're new to blockchain, start by understanding these key concepts:


A. What is Blockchain?


Blockchain is a decentralized, digital ledger that records transactions securely and transparently. Key features include:


Decentralization – No single authority controls the network.


Transparency – Transactions are visible on the public ledger.


Immutability – Once recorded, data cannot be changed.


Security – Uses cryptographic hashing (e.g., SHA-256) for security.



Example: Bitcoin uses blockchain to record transactions without needing a bank.


B. How Blockchain Works


1. Transaction Initiation – A user sends a transaction (e.g., sending Bitcoin).



2. Transaction Verification – Miners or validators confirm if the transaction is valid.



3. Block Creation – Valid transactions are grouped into a "block."



4. Consensus Mechanism – The network agrees on the new block using Proof of Work (PoW), Proof of Stake (PoS), or other methods.



5. Block Addition – The new block is added to the chain, and transactions are permanently recorded.



C. Types of Blockchains


1. Public Blockchains – Open to anyone (e.g., Bitcoin, Ethereum).



2. Private Blockchains – Used by businesses, access is restricted (e.g., Hyperledger Fabric).



3. Consortium Blockchains – Controlled by multiple organizations (e.g., R3 Corda).



4. Hybrid Blockchains – Mix of public and private (e.g., XinFin).


D. Smart Contracts (Automated Transactions)


Self-executing contracts stored on a blockchain.


They run when predefined conditions are met.


Example: A smart contract on Ethereum can automatically release payment when a task is completed.



Where to Learn? Solidity (for Ethereum smart contracts) is the most popular language.


E. Use Cases of Blockchain


Cryptocurrency – Bitcoin, Ethereum.


DeFi (Decentralized Finance) – Borrowing, lending, and trading without banks (e.g., Uniswap, Aave).


NFTs (Non-Fungible Tokens) – Digital assets for art, gaming, and collectibles (e.g., OpenSea).


Supply Chain Management – Tracking goods transparently (e.g., VeChain).


Healthcare – Securing medical records.


F. Key Blockchain Platforms to Explore


1. Bitcoin (BTC) – First and most secure blockchain.



2. Ethereum (ETH) – Smart contracts and DApps (decentralized apps).



3. BNB Chain (BSC) – Cheaper alternative to Ethereum for DApps.



4. Solana (SOL) – High-speed blockchain for DeFi and NFTs.



5. Polkadot (DOT) – Interoperability between blockchains.



How to Start Learning Blockchain?


1. Read Free Resources – Websites like CoinGecko Learn, Binance Academy, and Ethereum.org.



2. Use Blockchain Explorers – Check transactions on Etherscan (Ethereum) and BscScan (BNB Chain).



3. Join Free Courses – Platforms like Coursera, Udemy, and Alchemy University offer beginner-friendly courses.



4. Follow Blockchain News – Stay updated on CoinDesk, CoinTelegraph, and Decrypt.



5. Try Crypto Wallets & DApps – Use MetaMask, Trust Wallet, or Phantom to interact with blockchains.

Comments

Post a Comment

Popular posts from this blog

Man celebrate freedom after 29 years in prison

 Man celebrating after 29 years in prison  See video  See detail
Post a Comment
Read more

APPROVAL FOR PAYMENT OF SALARIES FOR THE MONTH OF MARCH, 2025

  GOVERNMENT SPECIAL ANNOUNCEMENT APPROVAL FOR PAYMENT OF SALARIES FOR THE MONTH OF MARCH, 2025. In keeping with the undertaking made to the good people of Rivers State, I am pleased to inform you that the Sole Administrator of Rivers State, Vice Admiral (RTD) Ibok – Ete Ekwe Ibas CFR, has approved the payment of salaries for all civil servants in the Rivers State Civil Service, including Pensioners and all suspended political appointees, for the month of March, 2025. The Administrator has further directed the Accountant-General to ensure that payment for salaries in March 2025 is remitted, without any delay. Signed: Prof. Ibibia Worika
Post a Comment
Read more

Skills in blockchain technology that will earned in dollars

  Blockchain technology requires a variety of skills to effectively develop, implement, and manage blockchain solutions. Here are some key skills: 1. Programming Skills: Proficiency in programming languages such as Solidity (for Ethereum), JavaScript, Python, Go, and C++ is essential for developing smart contracts and blockchain applications. 2. Cryptography: Understanding cryptographic principles is crucial, as blockchain relies heavily on cryptographic techniques for security, data integrity, and privacy. 3. Data Structures: Knowledge of data structures like linked lists, hash tables, and trees is important, as they are fundamental to how blockchain operates. 4. Distributed Computing: Familiarity with distributed systems and networking concepts is necessary because blockchain is a decentralized technology. 5. Smart Contracts: Skills in writing and deploying smart contracts are vital, especially for platforms like Ethereum. 6. Blockchain Architecture: Understanding the underlying ...
Post a Comment
Read more