CryptoCoinsInfoClub.com

Blockchain Simplified

A Blockchain Explanation Your Parents Could Understand

A Blockchain Explanation Your Parents Could Understand

A Blockchain Explanation Your Parents Could Understand The problem with most blockchain "explainers" is that they provide more detail than what matters to most people, using language that is foreign to most people, which winds up leaving people more confused than when they started. Instead, without worrying about being a technically perfect description, here's an explanation of blockchain your parents could understand. Starting with terminology, let's ditch unfamiliar words and talk plainly - I promise you won't read about 'nodes' or 'hashing' in this article. Jumping right in, a blockchain is a distributed database, otherwise known as a distributed ledger. To make things really simple and relatable, let's call that ledger a 'record book' instead. Furthermore, let's talk in terms of it being 'shared' instead of distributed. For even greater context, think about a 'block' as a 'line item' in that shared record book. So, for the purposes of this article, we're going to call blockchain a shared record book. Each addition to this record book is a new line item. 'A shared record book? This doesn't sound very complex' Technology is only as complex as salesmen (and conmen) want it to sound. It's all created by people no smarter than you or I, and it's all quite simple when you break it down. That said, the modern version of this shared record book is indeed a technological triumph, one that is looking to shape our future in profound ways. To be clear, this isn't just one record book stored in a central location that is shared by many. There are thousands of copies of this record book, stored on computers all around the world, both home computers and business servers - hence the term "decentralised". This record book can be used to record many kinds of things, however I'll use Continue reading >>

A Simple Explanation Of How Blockchain Works

A Simple Explanation Of How Blockchain Works

VP/General Manager at WAAY-TV & AudiencePop, named one of Broadcasting and Cables Digital All-Stars On the front lines of transforming the broadcast industry A simple explanation of how blockchain works Blockchain is the technology the underpins digital currency (Bitcoin, Litecoin, Ethereum, and the like). The tech allows digital information to be distributed, but not copied. That means each individual piece of data can only have one owner. You may hear it described as a digital ledger stored in a distributed network. Blockgeeks has a good analogy to help understand how Blockchain works: Picture a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update this spreadsheet and you have a basic understanding of the blockchain. The information is constantly reconciled into the database, which is stored in multiple locations and updated instantly. That means the records are public and verifiable. Since theres no central location, it harder to hack since the info exists simultaneously in millions of places. Blockchain technology was invented in 2008, but only came into the public conversation when Bitcoin launched. A block is record of a new transactions. When a block is completed, its added to the chain. Bitcoin owners have the private password (a complex key) to an address on the chain, which is where their ownership is recorded. Crypto-currency proponents like the distributed storage without a middle man you dont need a bank to verify the transfer of money or take a cut of the transaction. William Mougayar , author of The Business Blockchain, described it this way: Imagine two entities (eg banks) that need to update their own user account balances when there is a request to transfer mone Continue reading >>

All You Need To Know About Blockchain, Explained Simply

All You Need To Know About Blockchain, Explained Simply

All you need to know about blockchain, explained simply It's a crowd-managed distributed secure database. Does that help? Many people know it as the technology behind Bitcoin, but blockchains potential uses extend far beyond digital currencies. Its admirers include Bill Gates and Richard Branson , and banks and insurers are falling over one another to be the first to work out how to use it. So what exactly is blockchain, and why are Wall Street and Silicon Valley so excited about it? Currently, most people use a trusted middleman such as a bank to make a transaction. But blockchain allows consumers and suppliers to connect directly, removing the need for a third party. Using cryptography to keep exchanges secure, blockchain provides a decentralized database, or digital ledger, of transactions that everyone on the network can see. This network is essentially a chain of computers that must all approve an exchange before it can be verified and recorded. In the case of Bitcoin, blockchain stores the details of every transaction of the digital currency, and the technology stops the same Bitcoin being spent more than once. The technology can work for almost every type of transaction involving value, including money, goods and property. Its potential uses are almost limitless: from collecting taxes to enabling migrants to send money back to family in countries where banking is difficult. Blockchain could also help to reduce fraud because every transaction would be recorded and distributed on a public ledger for anyone to see. In theory, if blockchain goes mainstream, anyone with access to the internet would be able to use it to make transactions. Currently only a very small proportion of global GDP (around 0.025%, or $20 billion) is held in the blockchain, according to a surv Continue reading >>

What Is Blockchain? Technology@nineleaps Medium

What Is Blockchain? [email protected] Medium

Part 4: Everything you need to know about Ethereum and Smart Contracts Part 5: Blockchain Investment landscape and state of ICOs Lets address the elephant in the room; the misconceptions people have about what blockchain means in general. Simply put - Bitcoin or Altcoins (bitcoin alternatives) are digital currencies, also called as Cryptocurrencies. These are a digital token that allows users to pay for goods and services. Blockchain is the technology that enables the transfer of these digital assets. Though the launch of Bitcoin was the reason behind the conception of Blockchain, this technology has much more to offer, the applications of which we would delve further into detail in our subsequent posts. So the first question, what is blockchain? Blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything ofvalue. - Don & Alex Tapscott, authors: Blockchain Revolution Simply put, its a digital ledger. But unlike a bank/financial institution/governing bodys ledger, it is not centrally controlled but is distributed across a network. This distributed ledger shared across a peer-to-peer network, stores transaction data and balances as well as validates transactions. In a typical everyday scenario, we keep our transaction data private, only sharing it with certain people close to us. In a public blockchain, the transactions in the ledger are open and public, but at the same time, users are pseudonymous (hidden). This means that though the record is public, the names of parties involved in the transaction are not, which is fundamentally revolutionizing. What are the different components of the network? A distributed ledger allows the database of transactions to be available at Continue reading >>

How I Explained Blockchain To My Grandmother

How I Explained Blockchain To My Grandmother

A community for discussing technology trends, views and perspective in global transaction banking How I Explained Blockchain to My Grandmother My grandmother likes to stay informed and recently told me: << I read on the magazine a few days ago about something called blockchain. Everybody seems to have fallen in love with it so it must be something important. Unfortunately the article was full of technical jargon and I could not understand a thing. Do you know what it is? >>. << Yes, of course. >> was my prompt answer. << Good. Could you explain it to me? >>. She must have seen my face because she generously added: << Of course if you have time now. >> At that point I was caught between reluctance to give an explanation that could have only increased her confusion, and self-pride that told me I could do it. The latter won. So I took courage and started what would have turned into a lesson for life. << Assume all you have is a $100 bill to buy goods in a shopping mall. At the checkout you say that you will send an email promising to pay $100, with the email representing a promise to pay (i.e., an electronic I.O.U.). The merchant happily accepts the email and goes to the bank. The bank also accepts the email and credits $100 to the merchants account. Sounds odd? Certainly for one reason: assuming just for one second that all happens as described, what is it of your $100 bill? Its still in your wallet. So does that mean you can buy goods for more than you have by simply sending emails? Too good to be true. However, believe it or not, the transaction can happen (and indeed it does in the real world- just have some patience and well get there). To understand how this could ever be possible lets add a group of customers in the mall. Now, when you say that you will send the em Continue reading >>

What Is Blockchain Technology? A Step-by-step Guide For Beginners

What Is Blockchain Technology? A Step-by-step Guide For Beginners

What is Blockchain Technology? A Step-by-Step Guide For Beginners Angel Investors, Startups & Blockchain developers... Is blockchain technology the new internet? The blockchain is an undeniably ingenious invention the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto . But since then, it has evolved into something greater, and themain question every single person is asking is: What is Blockchain? By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. Originally devised for the digital currency , Bitcoin , the tech community is now finding other potential uses for the technology. Bitcoin has been called digital gold, and for a good reason. To date, the total value of the currency is close to $9 billion US. And blockchains can make other types of digital value. Like the internet (or your car), you dont need to know how the blockchain works to use it. However, having a basic knowledge of this new technology shows why its considered revolutionary. So, we hope you enjoy this, what is Blockchain guide. The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. Picture a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update this spreadsheet and you have a basic understanding of the blockchain. Information held on a blockchain exists as a shared and continually reconciled database. This is a way of using the network that has obvious benefits. The blockchain database isnt stored in any single location, meaning the records it keeps are truly public and easily verif Continue reading >>

In Layman's Terms, What Is

In Layman's Terms, What Is "blockchain Technology"?

I am happy to share my knowledge on Blockchain. Before starting let me tell you why there is such a hype around Blockchain. Blockchain powers the popular cryptocurrency Bitcoin. And Bitcoin Mining is the buzz these days. If you successfully mined a Bitcoin block, you could get yourself behind an Audi A4 every 10 minutes. Blockchain is the technology that runs Bitcoin. Blockchain is the concept and Bitcoin is the implementation. I am sure you have some idea as to what Bitcoin is. You can go through my short 3 minute animated video before moving further. Let me give you a short introduction to Bitcoin and how it was first implemented by this technology called Blockchain. Bitcoin is the worlds first digital cryptocurrency. It does not have any central authority exercising control. Imagine that everyone in the world one day decide that they will trade with a new currency. They do not want banks and their governments to have any control in this currency. The currency should be truly universal in all sense and making it digital would allow for the fastest transfers possible. Such a system was indeed created in 2009 by an anonymous person(s) called Satoshi Nakamoto . This system solved all the issues we have with the current banking system. Banks were prone to corruption such as the 2008 Financial crisis involving Lehman Brothers. Banks charge a huge fee on every transaction. The transaction copy is private, i.e., you need to completely trust banks with your hard earned money. Banks have always been prone to hackers and thefts. Bitcoin solves each of these. How Bitcoin solves these issues is what we call as the Blockchain Implementation. Blockchain provides such a platform where Bitcoin overcomes all the issues of traditional banking. Let us look at these in detail. Every sin Continue reading >>

Blockchain Simplified

Blockchain Simplified

Digital Leaders runs a comprehensive program of thought leadership, white papers, lectures, salons, conferences and webinars on digital transformation for each of the topics below. You can choose to participate in the Community by following the activities of the programme against a specific topic by signing up for alerts on the sector updates and upcoming events for your priority areas. Click on the links to access reports and register for upcoming events and participate in the topics below. Written by Fintan Galvin, Founder of Invotra Recently lots of people have been asking me about blockchain because they dont seem to understand the basics. So in this blog, I just want to try and explain it in as simple a form as I can. Purists may hate this, Geeks should look away now! A database that anyone can write to, no one can delete from and everyone can read from Extremely resilient, it is spread across the entire internet with no single point of failure Transparent, everything is publically recorded Permanent, once something is written to the blockchain, removing it is nearly impossible Not controlled by any one person, country or organisation, truly decentralised You can think of it as a shared database for the entire world, in the same way that wikipedia is the default shared encyclopedia of the web. So once you understand this basic concept, we can start to imagine whats possible. Conceptually this graphic shows how you can think about it, with many companies sharing information and tying together applications. This is where people are struggling to get to grips with the potential scale, most of this confusion comes from an inherent bias towards internal applications that are controlled and managed in a way that we all understand. Now we have to expand our thinking away Continue reading >>

How Does The Blockchain Work? (part1)

How Does The Blockchain Work? (part1)

Ethereum: A Next-Generation Smart Contract and Decentralized Application Platform If youre like many people asking questions like: I have an idea and I want to know if my project is suitable for a blockchain. read these two papers, plus this one - Im looking for investments and I want to know if this token or that token will go up in value read these two papers. I wish you all the best on your journey.and here we go. Well here is a simple explanation that cuts through the hype. Blockchain is a hot topic around the world these days, yet for many, the technology remains an elusive concept. Yet it shouldnt, the concept is simple once you get your head around the architecture and theory of basic crypto economics. When you do have your a Ha moment, the world will never seem the same to you again. This blockchain basics guide is designed to deliver a clear, non-technical introduction to one of the most transformational & misunderstood technologies of our time. If you want to know what blockchain technology is, how it works, and its potential impacts, without all the technical lingo, then this post is for you. Historically, when it comes to transacting money or anything of value, people and businesses have relied heavily on intermediaries like banks and governments to ensure trust and certainty.[ 1 ] Middlemen perform a range of important tasks that help build trust into the transactional process like authentication & record keeping.[ 2 ] The need for intermediaries is especially acute when making a digital transaction. Because digital assets like money, stocks & intellectual property, are essentially files, they are incredibly easy to reproduce. This creates whats known as the double spending problem (the act of spending the same unit of value more than once) which until now Continue reading >>

Infographics Simplifying Many Blockchain Concepts Blockchain Wtf

Infographics Simplifying Many Blockchain Concepts Blockchain Wtf

You are at: Home Blockchain Infographics Infographics are a great way to simplify abstract or complex processes and ideas. Weve created a collection that addresses major ideas of blockchain technologies and cryptocurrencies, and the inherent processes, functions, and ideas that make them what they are! Our intention is to break down complex processes, like transactions or proof-of-work, and make them easy to understand, even for those extremely not-technically-inclined people! If there is ever a specific process or idea that youd like to see an infographic for, just let us know here ! Click on the infographic to expand it to full screen. Be sure to read above each inforgraphic too, to check for links to other information that will help you expand on the concepts explained here! We hope these help you as you invest in yourself & learn about the incredible world of crypto and blockchains! If you come across some terms you dont really know, which may be quite likely if you are a beginner, then be sure to keep a tab open with our Blockchain Glossaries , so you can look up those words! And dont read through these and let yourself think you are some blockchain pro Blockchains get complicated, so just test yourself with our Beginner, Intermediate, and Advanced Quizzes to make sure you got it down as well as you thought! Continue reading >>

Blockchain Explained... In Under 100 Words

Blockchain Explained... In Under 100 Words

Blockchain explained... in under 100 words It's what we do that makes the difference I recently attended an industry seminar where the concept of the Blockchain was explained. At the end of the session, walking out of the lecture room I heard one of the attendees say to a colleague "I'm still not sure what exactly Blockchain is...". Many of us know that Blockchain is a topic that is hot at the moment. It's a topic that is disruptive. It's a topic that is accelerating. But now imagine your elevator stops between floors and you are asked "Great overview - but can you explain to me how it really works?". Here is my attempt to explain the original intent of the Blockchain in fewer than 100 words. You (a "node") have a file of transactions on your computer (a "ledger"). Two government accountants (let's call them "miners") have the same file on theirs (so its "distributed"). As you make a transaction, your computer sends an e-mail to each accountant to inform them. Each accountant rushes to be the first to check whether you can afford it (and be paid their salary "Bitcoins"). The first to check and validate hits REPLY ALL, attaching their logic for verifying the transaction ("Proof of Work"). If the other accountant agrees, everyone updates their file This concept is enabled by "Blockchain" technology. Yes - but as a concept, not much more. Complexities come in the implementation and the journey to realize value from such implementations. The above example will, of course, be overly simplistic for some but may be a starting point for others. In a traditional environment, trusted third parties act as intermediaries for financial transactions. If you have ever sent money overseas, it will pass through an intermediary (usually a bank). It will usually not be instantaneous (tak Continue reading >>

Lantah

Lantah

When people discuss blockchain technology, they tend to combine the general concept of blockchain technology with Bitcoins specific implementation. Effectively, Bitcoins implementation of the blockchain concept has become equivalent to the general meaning and definition of blockchain technology. In talking in these terms, though, the true capabilities inherent within blockchain become severely limited. To innovate more quickly we need to tease apart the concept from Bitcoins specific implementation. In this article, Lantah developers will focus on the concept of blockchain. Blockchain is a distributed, immutable, ledger. More descriptively, a blockchain is defined [thank youWikipedia] to be a continuously growing list of records, called blocks, which are linked and securedusing cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. Blockchain resists modification. An open, distributed ledger, blockchain records 2-party transactions in a completely verifiable and permanent way. For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Block data cannot be altered retroactively. Further, all subsequent blocksindicate this change. Therefore, it cannot be tampered without illegal cooperation of the network majority. The Blockchain process is highly self-securing and allows for an extremely low probability of Byzantine failure. The process of hashing or time stamping all information up to the current 10-minute window takes place as follows: A large number of distributed systems (nodes), acting independently, keep a copy of the entire blockchain. This process is coordinated to prevent erroneous or malicious tra Continue reading >>

Blockchain Explained In Plain English

Blockchain Explained In Plain English

Understanding how blockchain works and identifying myths about its powers are the first steps to developing blockchain technologies After spending two years researching blockchain and the evolution of advanced ledger technologies, I still find a great spectrum of understanding across my clients and business at large about blockchain. While ledger superpowers like Hyperledger, IBM, Microsoft and R3 are emerging, there remains a long tail of startups trying to innovate on the first generation public blockchains. Most of the best-selling blockchain books confine themselves to Bitcoin, and extrapolate its apparent magic into a dizzying array of imagined use cases. And I'm continuously surprised to find people who are only just hearing about blockchain now. It can seem that everyone is talking about blockchain and ledger technologies, but the truth is most people are not yet up to speed. No one should be shy to ask what blockchain is really all about. Many blockchain primers and infographics dive into the cryptography, trying to explain to lay people how "consensus algorithms", "hash functions" and digital signatures all work. In their enthusiasm, they can speed past the fundamental question of what blockchain was really designed to do. I've long been worried about a lack of critical thinking around blockchain and the activity it's inspired. If you want to develop blockchain applications you only need to know what blockchain does, and not how it does it. So I've written a report that explains how the blockchain works . It examines the founding principles of blockchain, describes its properties, and dispels common myths about its powers. The explanation below is an abridged excerpt from the report. Blockchain is an algorithm and distributed data structure for managing electr Continue reading >>

Still Don't Get Bitcoin? Here's An Explanation For Five-year-olds

Still Don't Get Bitcoin? Here's An Explanation For Five-year-olds

If you still cant figure out what the heck a bitcoin is, this simple explanation for a five-year-old may help you ... Were sitting on a park bench. Its a great day.I have one apple with me, I give it to you. You now have one apple and I have zero.That was simple, right? My apple was physically put into your hand.You know it happened. I was there, you were there you touched it. We didnt need athird personthere to help us make the transfer. We didnt need to pull in Uncle Tommy (whos a famous judge) to sit with us on the bench and confirm that the apple went from me to you. The apples yours! Icantgive you another apple because I dont have any left. I cant control it anymore. The apple left my possession completely. You have full control over that apple now. You can give it to your friend if you want, and then that friend can give it to his friend, and so on. So thats what an in-person exchange looks like. I guess its really the same, whether Im giving you a banana, a book, a quarter, or adollar bill Now, let's say I have onedigitalapple. Here, Ill give you mydigitalapple. Ah! Now it gets interesting. How do you knowthatdigital apple which used to be mine, is now yours, and only yours? Think about it for a second.Its more complicated, right? How do you know that I didnt send that apple to Uncle Tommy as an email attachment first? Or your friend Joe? Or my friend Lisa too? Maybe I made a couple of copies of that digital apple on my computer. Maybe I put it up on the internet and one million people downloaded it. As you see, this digital exchange is a bit of a problem.Sendingdigitalapples doesnt look like sendingphysicalapples. Some brainy computer scientists actually have a name for this problem: its called the double-spending problem . But dont worry about it. All you need Continue reading >>

What Is A Bitcoin Blockchain? A Simple Explanation For Non-technical Persons

What Is A Bitcoin Blockchain? A Simple Explanation For Non-technical Persons

What is A Bitcoin Blockchain? A Simple Explanation for Non-Technical Persons If digital currency is truly a globally transformative concept and technology, there needs to be a simple way to explain the basics to someone including your co-workers, brother or grandmother. People make transactions. Bob sends money to Alice, Alice sends money to Karen, maybe Karen buys flowers and sends money to Gregory to pay him. In order to have a stable system of money you need to keep track of where the money has gone and who has the money now. So what Satoshi Nakamoto (creator of Bitcoin) did to solve this problem of consensus on where the money has gone and who has it now, was create a way to organize this data (also known as a data structure) called the Blockchain. A Blockchain works by collecting up a list of transactions and shoving them into a block with other junk. Shove the transactions into a block, and forgetta boutem You then take this block and you make it point to blocks previous to it, which contain other transactions occurring in the past. When you append this block to another block, you create a chain of blocks (ie the block chain), which is fascinating because it allows you to basically trace the transactions backwards. Okay well in this block contains a payment where Alice sent money to Gregory. And that money that Alice got was from Karen in this previous block We can trade transactions backwards! Cool At its heart a blockchain is just a data structure (i.e. a unique way to organize data) that tells us who sent money where, and who has money now but it doesnt have any one person managing it. Congrats were 50% the way there Thats the simple part! The more complicated part that confuses people is when they hear about the computing and the mining of Bitcoins with this Continue reading >>

More in cryptocurrency