Перейти к содержанию сайта
WTF Is the Blockchain?
Article

WTF Is the Blockchain?

The ultimate 3500-word guide in plain English to understand Blockchain.

Hackernoon, 2017

автоматическое преобразование текста в аудио
автоматическое преобразование текста в аудио

Editorial Rating

8

Qualities

  • Applicable
  • Overview
  • For Beginners

Recommendation

The terms “bitcoin” and “blockchain” flooded headlines after the value of the cryptocurrency more than tripled in the fourth quarter of 2017. But if you are not a currency trader or a technology expert, chances are you may not be fully familiar with their underlying concepts. Mohit Mamoria, the CEO of cryptofund Authorito, helps laypeople understand blockchain in this easy-to-follow blog post on Medium.

Take-Aways

  • The blockchain is a cryptographic method for keeping a public, verifiable record of past transactions, which thus eliminates the need for a third party to process the transactions.
  • Each time a transaction ledger is complete, the network members take steps to tamper-proof the record through a mechanism called “sealing.”
  • The group creates a seal through a one-way encryption method, or “hash function,” which converts numbers into codes.

About the Author

Mohit Mamoria is the CEO of the cryptofund Authorito Capital.


Comment on this summary or Начать обсуждение

  • Avatar
  • Avatar
    V. R. 4 months ago
    The analogy of a "magic machine" and the competitive aspect of mining for sealing numbers effectively convey the complexity and incentive structure of maintaining the blockchain network