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Review What Is Bitcoin Blockchain? Using A Book For Analogy

Discussion in 'Crypto Learning Center (Library)' started by gbolahan, Mar 5, 2018.

  1. gbolahan

    gbolahan GBOLAHAN Crypto Guardian

    Hi dude,In this thread we will be looking in dept at what blockchain is all about,you can understand this Blockchain without been a tech guru or computer guru.

    In this post,i will use bitcoin Blockchain to explain what we actually means by blockchain.

    What is Blockchain?
    A blockchain is a folder or file where data structure. That is, how data is logically put together and stored. Common data structures are databases (rows, columns, tables), text files, comma separated values (csv), images, lists, and so on. You can think of a blockchain competing most closely with a database.

    For analogy
    Blocks in a chain = pages in a book

    So,let look at what Each page in a book contains:
    • The text: for example the story.
    • Information about itself: at the top of the page there is usually the title of the book and sometimes the chapter number or title; at the bottom is usually the page number which tells you where you are in the book.

    Similarly in a blockchain block,

    Using bitcoin Blockchain, let view the information in block 1 (page 1).
    IMG_20180305_155444_009.jpg-What Is Bitcoin Blockchain? Using A Book For Analogy
    The image above show the information you can find in block 1 (page 1) of bitcoin blockchain.

    If you look closely, the page is divided into two part which are
    summary and Hashes,These are regarded to contents of the block and header.

    • The contents of the block, for example in bitcoin is it the bitcoin transactions, the miner incentive reward,transaction fees,size,height, difficulty etc.
    • A ‘header’ which contains the data about the block. In bitcoin, the header includes some technical information about the block, a reference to the previous block, and a fingerprint (hash) of the data contained in this block, among other things. This hash is important for ordering. IMG_20180305_161033_964.jpg-What Is Bitcoin Blockchain? Using A Book For Analogy

    HOW BLOCKS ARE ORDERED IN A BLOCKCHAIN
    Page by page:
    With books, predictable page numbers make it easy to know the order of the pages. If you ripped out all the pages and shuffled them, it would be easy to put them back into the correct order where the story makes sense.

    Block by block: With blockchains, each block references the previous block, not by ‘block number’, but by the block’s fingerprint(hash), which is cleverer than a page number because the fingerprint itself is determined by the contents of the block.

    By using a fingerprint instead of a timestamp or a numerical sequence, you also get a nice way of validating the data. In any blockchain, you can generate the block fingerprints yourself by using certain algorithms. If the fingerprints are consistent with the data, and the fingerprints join up in a chain, then you can be sure that the blockchain is internally consistent. If anyone wants to meddle with any of the data, they have to regenerate all the fingerprints from that point forwards and the blockchain will look different.

    The logic behind bitcoin is:
    •Make it hard to generate a fingerprint that satisfies the rules of The Bitcoin Blockchain
    •Therefore, if someone wants to re-write parts of The Bitcoin Blockchain, it will take them a long time, and they have to catchup with and overtake the rest of the honest network

    This is why people say The Bitcoin Blockchain is immutable (can not be changed).


    This bring us to the end of this post,next post will be on how new data are communicated on bitcoin Blockchain

    Credit to:BNC
     
    Last edited: Mar 5, 2018
    Barnabias and Jenero200 like this.
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  3. gbolahan

    gbolahan GBOLAHAN Crypto Guardian

    Who is here?
     
    Barnabias likes this.
  4. gbolahan

    gbolahan GBOLAHAN Crypto Guardian

    HOW NEW DATA ARE COMMUNICATED ON BITCOIN BLOCKCHAIN

    Peer to peer is one way of distributing data in a network. Another way is client-server. You may have heard of peer-to-peer file sharing on the BitTorrent network where files are shared between users, without a central server controlling the data. This is why BitTorrent has remained resilient as a network.

    Client-server
    In the office environment, often data is held on servers, and wherever you log in, you can access the data. The server holds 100% of the data, and the clients trust that the data is definitive. Most of the internet is client-server where the website is held on the server, and you are the client when you access it. This is very efficient, and a traditional model in computing.

    Peer-to-peer
    In peer-to-peer models, it’s more like a gossip network where each peer has 100% of the data (or as close to it as possible), and updates are shared around. Peer-to-peer is in some ways less efficient than client-server, as data is replicated many times; once per machine, and each change or addition to the data creates a lot of noisy gossip. However each peer is more independent, and can continue operating to some extent if it loses connectivity to the rest of the network. Also peer-to-peer networks are more robust, as there is no central server that can be controlled, so closing down peer-to-peer networks is harder.

    The problems with peer-to-peer
    With peer-to-peer models, even if all peers are ‘trusted’, there can be a problem of agreement or consensus – if each peer is updating at different speeds and have slightly different states, how do you determine the “real” or “true” state of the data?In an ‘untrusted’ peer-to-peer network where you can’t necessarily trust any of the peers, how do you ensure that the system can’t easily be corrupted by bad peers? In the next post we will look into that.


    Credit to BNC
     
  5. gbolahan

    gbolahan GBOLAHAN Crypto Guardian

    HOW CONFLICT ARE RESOLVED ON BITCOIN BLOCKCHAIN
    A common conflict is when multiple miners create blocks at roughly the same time. Because blocks take time to be shared across the network, which one should count as the legit block?

    Example. Let’s say all the nodes on the network have synchronised their blockchains, and they are all on block number 80.If three miners across the world create ‘Block 81’ at roughly the same time, which ‘Block 81’ should be considered valid? Remember that each ‘Block 81’ will look slightly different: They will certainly contain a different payment address for the 25 BTC block reward; and they may contain a different set transactions. Let’s call them 81a, 81b, 81c.

    IMG_20180307_125638_887.jpg-What Is Bitcoin Blockchain? Using A Book For Analogy
    Which block should be consider legit?

    How do you resolve this?

    Longest chain rule. In bitcoin, the conflict is resolved by a rule called the “longest chain rule”.

    In the example above, you would assume that the first ‘Block 81’ you see is valid. Let’s say you see 81a first. You can start building the next block on that, trying to create 82a:

    IMG_20180307_130314_259.jpg-What Is Bitcoin Blockchain? Using A Book For Analogy
    Treat the first block you see as legitimate.

    However in a few seconds you may see 81b. If you see this, you keep an eye on it. If later you see 82b, the “longest chain rule” says that you should regard the longer ‘b’ chain as the valid one (…80, 81b, 82b) and ignore the shorter chain (…80, 81a). So you stop trying to make 82a and instead start trying to make 83b:

    IMG_20180307_130811_739.jpg-What Is Bitcoin Blockchain? Using A Book For Analogy
    Longest chain rule: If you see multiple blocks, treat the longest chain as legitimate.

    The “longest chain rule” is the rule that the bitcoin blockchain ecosystem uses to resolve these conflicts which are common in distributed networks.
     
  6. Ggemis

    Ggemis Jackobian

    A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as completed blocks (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without central record keeping.
     
  7. Neimar29

    Neimar29 Rookie!!!

    Please add a list of bitcoin wallets.
     
  8. Anastasiia

    Anastasiia Jackobian

    Wow, when you see the examples, it's much easier to understand things (even if you know some info)
     
  9. Johngames

    Johngames Rookie!!!

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