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| [[Category:Jargon/Various]]
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| ''A [https://consensys.net/knowledge-base/about-blockchain-technology/ blockchain] is a distributed, cryptographically-secure database structure that allows network participants to establish a trusted and [[immutable]] record of transactional data without the need for intermediaries. A blockchain can execute a variety of functions beyond [[transaction]] settlement, such as [[smart contracts]]. Smart [[contracts]] are digital agreements that are embedded in code and that can have limitless formats and conditions.''
| | time to poop on you |
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| ''[[Blockchains]] have proven themselves as superior solutions for securely coordinating data, but they are capable of much more, including [[tokens|tokenization]], incentive design, attack-resistance, and reducing [[counterparty risk]]. The very first blockchain was the [[Bitcoin]] blockchain, which itself was a culmination of over a century of [https://media.consensys.net/the-timeline-to-ethereum-d143ba1f6878 advancements in cryptography and database technology]."''
| | Because i turned my self into a bowl |
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| == Basics ==
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| * As the name implies it is a chain of [[blocks]], or sets of [[Transaction (Tx)|transactions]] in chronological order. So it’s a chain of blocks with each block referencing the block that preceded it. The most-difficult-to-recreate chain is the best/main/[[Longest Chain|longest block chain]].
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| * Each block gets added to the blockchain after a [[miner]] finds a [[hash]] that is accurate for that particular set of transactions. That hash along with the hash of the previous block is then distributed throughout the network and by [[consensus]] added to the most recent end of the block chain.
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| * A list of validated blocks, each linking to its predecessor all the way to the [[Genesis Block|genesis block]].
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| * The following information all comes from [https://media.consensys.net/answers-to-the-40-most-asked-questions-about-blockchain-2b69d1191801 this post] by [[Consensys]] (5-9-2019):
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| == What is blockchain software? ==
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| ''Blockchain software is like any other software. The first of its kind was Bitcoin, which was released as [[open source]] software, making it available to anyone to use or change. There are a wide variety of efforts across the blockchain ecosystem to improve upon [[Bitcoin’s]] original software. [[Ethereum]] has its own open source blockchain software. Some blockchain software is proprietary and not available to the public.''
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| == What is a blockchain database? ==
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| ''Historically, databases have incorporated a [[centralized]] [[client]]-server architecture, in which a sole authority controls the central server. This design means that data security, alteration, and deletion rests with a single point of failure. The [[decentralized]] architecture of blockchain databases emerged as a solution for [[MANY|many]] of the weaknesses of centralized database architecture. A blockchain network consists of a large number of distributed [[nodes]] — voluntary participants who must reach [[consensus]] and maintain a single transactional record together.''
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| == What is a blockchain system? ==
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| ''A blockchain system refers to all the aspects and features that go into a particular blockchain, everything from the [[consensus algorithm]] to the [[state]] machine to cryptographic functions. As [[Andreas Antonopoulos|Andreas Antonopoulus]] and [[Gavin Wood]] note in [https://github.com/ethereumbook/ethereumbook/blob/develop/01what-is.asciidoc Mastering Ethereum], there are “a huge variety of blockchains with different properties” — qualifiers “help us understand the characteristics of the blockchain in question, such as open, [[Public Blockchains|public]], decentralized, [[neutral]], and censorship-resistant.”''
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| == How does a blockchain work? ==
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| ''When a digital transaction occurs in a blockchain network, it is grouped together in a cryptographically-secure “[[block]]” with other transactions that have occurred in the same time frame. The block is then broadcast to the network. A blockchain network is comprised of nodes or participants who validate and [[relay]] transaction information. The block of transactions is verified by participants called [[miners]], who use computing power to solve a cryptographic puzzle and validate the block of [[transactions]]. The first miner to solve and validate the block is [[Block Reward|rewarded]]. Each verified block is connected to the previously verified block, creating a chain of blocks. One important cryptographic underpinning of blockchains is the [[hash]] function. Hashing assigns a fixed value to a string that is inputted into the system. Blockchain [[hashing power]] results in a deterministic, quickly-computable, and preimage-resistant system. Explore our knowledge base to learn more about h[https://consensys.net/knowledge-base/how-does-a-blockchain-work/ ow a blockchain works].''
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| == What is a [[Dapps|blockchain application]]? ==
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| ''[https://consensys.net/enterprise-ethereum/use-cases/ Blockchain applications] are comparable to conventional software applications, except they implement a decentralized architecture and cryptoeconomic systems to increase security, foster trust, tokenize assets, and design new network incentives. Here are [https://media.consensys.net/40-ethereum-apps-you-can-use-right-now-d643333769f7 over 90 Ethereum apps] that are currently being used across the Ethereum blockchain ecosystem, from [[Prediction Market|prediction markets]] to smart legal agreements.''
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| == What are the benefits of blockchain technology? ==
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| ''Blockchain technology has a wide variety of benefits, for both global enterprises and local communities. The most commonly cited [https://media.consensys.net/11-ways-ethereum-can-benefit-enterprise-aac6d798a9fb benefits of a blockchain] are trusted data coordination, attack-resistance, shared IT infrastructure, tokenization, and built-in incentivization.''
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| == What is the blockchain revolution? ==
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| ''Blockchain is considered a disruptive technology because of its ability to safeguard personal information, reduce intermediaries, unlock digital assets, and potentially open up the global economy to millions more participants. Sometimes called the Trust Machine, blockchain technology is bringing transparency and security to digital networks across [https://consensys.net/enterprise-ethereum/use-cases/ countless industries]. In many ways, the blockchain revolution can be considered a revolution in trust.''
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| * For more explanations on blockchain, visit [https://www.cryptobeginners.info/blog/what-is-blockchain/ here].
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| == Pros of Blockchain ==
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| * [https://tokentuesdays.substack.com/p/the-rise-of-daos From] [[Token Tuesdays]] (11-12-2019):
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| ''"Following the wild year of 2017 rampant with rogue [[ICOs]], the lack of a coordinated body to effectively vote and fund projects led to a misguided and fragmented community. It wasn’t until recently that we started taking a step back and focusing on the things blockchain was truly good for. In practice, blockchains enable:''
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| * ''Cost-effective social coordination''
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| * ''Immutable ledgers that provide a state of truth''
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| * ''Collaboration on a global scale''
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| * ''Innovation and [[distributed]] [[On-Chain Governance|governance]]"''
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