Hi my dear friends, I am Bivash Paul. I trying to give you a little concept about Blockchain network. in 2009 first we heard three words, first "Cryptocurrency" second "Bitcoin" and third is "Blockchain".
1) Cryptocurrency : It is a type of currency that you can't touch. Based on computer and other electronic devices.
2) Bitcoin : Bitcoin is a Cryptocurrency which is the first Cryptocurrency in the world. It invited in 2009 by a unknown person or group of person named "Satoshi Nakamoto"
3) Blockchain Network : it is a network made by contribution of huge number of computers and Bitcoin use this network. I will tell detailed information about this. So continue reading.
In 2009 after invention of Bitcoin a new technology came to secure Bitcoin is called Blockchain technology. In blockchain technology huge number computer connected to eatch other and make a network and this network called blockchain network to secure Bitcoin and other altcoins (i will give a little information at the end). Actually all of the computer in this network verifying the transaction of cryptocurrency and eatch computer save the transaction details into own storage. For this contribution the computer get some Cryptocurrency as reward. In blockchain network the reward called as mining. For this reason people want to contribute own computer to this network for mining process for that reason today a huge number of computer is contributed to the blockchain network and maked it more secure. Blockchain network use public ledger it means all transactions in this network will be transparent it means anyone can see the transaction details. This network is distribute because the network is functional by huge number of computer.
Cryptocurrency Mining : I already told that why user want to contribute his own computer in blockchain network. So now i discuss what is actually nake in mining process. Actually "Transaction Verification" mean eatch of computer in this network solves many mathematical problems by solving this the transaction get verified and it stored eatch of computer in the network. For solving this problem the computer get some reward. And the hole process is called "Mining".
The Blockchain network vs Centralized Network :
I tolde early that the blockchain network is distribute so it has no a central server so if a hacker or a group of hackers can try to hack the network it will be possible when they more than 50% of computer of blockchain network get hacked. It is really impossible because million of computer can not be hacked at same time so we tell it "blockchain network mostly not possible to hack"
Oher side a Centralized Network has a main server which running on a powerful computer. So if the hackers able to hack this computer system then entire network system will be hacked so this type of network is less secure then blockchain network.
Future of blockchain network :
If you think about the future of blockchain network it will be very helpful for world.
If you think about our current banking system you see the bank server is a Centralized so i can be hacked. If we replace it by blockchain network it will be more secure. It is a single example but it can replace all the online systems.
Alt Coins : Alt Coin means Alternative Coin of Bitcoin. After invention of Bitcoin some of the peoples realized that the blockchain network will be the future network. So they make Cryptocurrencies based on the concept of Bitcoin and blockchain. So in few years later some popular coin(Cryptocurrencies) came like ethereum, ripple, monero etc. In the feature i will talk about this coins so continue Reading.