Blockchain Basics. Agenda: | by Kacper Hernacki | July 2022

Agenda:

• What is a blockchain?
• Blockchain properties
• How is it built?
• Blocks mining
• Hash
• Consensus
• Generations of blockchain
• Layer of block chain

Blockchain is the latest technology that is fundamental to cryptocurrencies.

In the simplest words, it is the digital storage that is completely decentralized through nodes. It is built with blocks, which consist of information and hashish. Each block is connected to the previous one, with hashes.

Blockchain features:

• Decentralization,
• Consistency,
• Scalability.

Block

Block structure is defined by the data it includes. They are essentially the same through different ecosystems. Let’s see what the bitcoin block will store:

• Magic number,
• Block size,
• Block header,
• Transaction Counter,
• Transactions.

Blocks mining

Mining is the process of approving the transaction, pushing it to storage and rewarding miners. There are two basic consensus mechanisms for adding new blocks.

• Proof of work,
• Proof of effort.

POW vs POS

POW is based on the race between “miners” to solve computational problems.

POS requires pledging a “bet” of digital currency before validating transactions.

Hash

The hash of the block is mainly formed by six elements:

• the version of the block number,
• Hash from previous block,
• Timestamp,
• Code generated from transactions,
• The difficulty of mining,
• Random string, called nonce.

Generations of Bloclchain technologies

Blockchain 1.0 – decentralization of money. and transfers

Blockchain 2.0 – decentralization of markets, dapps, DAO, DAC

Blockchain 3.0 – decentralization of various industries such as healthcare, government, international trade

To better understand blockchain, it is usually divided into 6 layers:

• Application layer,
• Modeling layer,
• Contract team,
• System layer,
• Datalag,
• Network team.

Join my web3 challenge and follow new content:

• twitter: [https://twitter.com/kacperhernacki](https://twitter.com/kacperhernacki)
• – Instagram: [https://www.instagram.com/kacper.hernacki/](https://www.instagram.com/kacper.hernacki/)
• – LinkedIn: [https://pl.linkedin.com/in/kacper-hernacki-965161203](https://pl.linkedin.com/in/kacper-hernacki-965161203)
• – Github: [https://github.com/Kacper-Hernacki](https://github.com/Kacper-Hernacki)
• – Resources:[[[[