Can you quickly present what Blockchain is, what needs do you meet, your missions and your added value?
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The blockchain, or block chain (beware, this is not written blockchain) , originally designates the data structure used by Bitcoin to list all the transactions made by its users since its inception: the transactions are grouped in blocks chained together, and blocks are added to the chain over time. This register is shared among the members of a network, hence the fact that we sometimes speak of a distributed register.
Since 2015, blockchain has also designated decentralized consensus technology brought up to date by Bitcoin. The blockchain technology therefore means all methods allowing participants to a distributed network of agree without using a trusted third party.
Where does blockchain come from?
Satoshi Nakamoto did not, however, forge the term and we owe it to Hal Finney, which used it for the first time in its response to Satoshi of November 7, 2008 to designate the proof of work chain of Bitcoin. He then spelled it “block chain”, in two words. The term was then taken up by Satoshi in the source code of version 0.1 of Bitcoin, and it gradually became popular within the community.
On the other hand, the technology behind the blockchain was not entirely created with Bitcoin and the elements that compose it are much older than we think: the blockchain is the fruit of many years of research in economics, computer science and in cryptography.
The blockchain, of course, is promoting the idea of decentralization as opposed to centralization. They are governed by states, banks, big corporations. These actors we mention are what we call trusted third parties.
Blockchain, on the other hand, operates without central authority.
Bitcoin, which uses blockchain technology, can transfer value between two entities without a trusted third party. Thanks to Bitcoin and blockchain, it is now possible to transfer value between two entities on the Internet without an intermediary.
It used to be more complicated.
For example, if you send a file to a friend on the Internet, the friend duplicates the file. A copy of the file and your friend also has: the file is not unique. The file begins at point A and never reaches point B. The file remains at point A, and a copy appears at point B. Therefore, this cannot work for money. If you give a euro to the bakery to buy a baguette, there is no copy of the work left in your pocket. The pieces are not replicated, it is unique, go your wallet to the bakery box.
Therefore, in the context of creating a currency system on the Web, it was impossible to use an existing discount system on the Internet. The coin would have lost its value. Because it doubles in every exchange. So it was all difficult to create an Internet currency that could function like everyday life.
What is blockchain?
French blockchains and chains can be compared to large digital books managed by computer networks. The data is added to this ledger in real time and is visible to all participants.
This block contains all transactions that were done last minute (10 minutes on the Bitcoin network) and shared with the entire computer network.
Network participants are called nodes. Some of these nodes are involved in log validation. These are validation controls. There are several protocols for protecting blockchains that affect the names given to these verification controls: when blockchain uses proof of work (or proof of work in English), the blockchain block of what is called a counterfeiter uses a certificate of participation (or proof of participation in English). For more information, see the difference between proof of work and certification. To make things simple, here is a job proof and therefore focused on minors. You can more detail about bitcoin mining online and come to know whether it is good to use or not.