Introduction to Blockchain & Bitcoin
The Block-chain is said to be the next big thing after internet in the world of Web.
So what is Block-chain ?
A Block-chain is a constantly growing digital ledger that keeps a permanent records of all the transactions which has taken place , in a secure, chronological and immutable way.
In a simplest way, It is very large distributed database where everyone can access data securely and execute the transactions. Each transactions is stored in the blocks of data, these block are made in way that it is very hard to manipulate and hack .
Every Block in the Block-chain is cryptographic-ally connected to next block . so if someone tries to temper any block , It will start the Domino effect and it will break the all the next blocks
The Biggest and most popular example of Block-chain is Bitcoin Cryptocurrency.
Crypto currency is a digital assets which can be used to exchange the values between the parties.
Role of Miners is to verify the transactions with the powerful bitcoin mining computer and Solving the Cryptography Maths Problems, The transactions is combined to block and once the block is verified it will be added to the chain.
New blocks are generated every 10 minutes and once it added it is confirmed with Miners.
Genesis Block- First Block in every Block-chain is known as Genesis block. Also known as Block zero
Bitcoin has mainly four components:-
1. Software- It is basic software on which bitcoin is working
2. Cryptography- It is the hash used for the Bitcoin
3. Hardware (thousands of miners)- There are thousands of machines on which bitcoin block-chain is running.
4. Gaming Theory- It the nounce production , who so ever produce the exact nounce first, rewards of the 12.5BTC goes to them and the purpose of the software is whether it is right or wrong.