Key Concepts

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Blockchain

A blockchain is a network of computers all hosting, maintaining, and creating new blocks of data that are all chained together using cryptography.

This allows us to keep an immutable ledger of the entire history of events that have happened on the network.

Introductory Blockchain Concepts
Lesson 1 of 2
  1. 1
    In 2010, a programmer paid 10,000 Bitcoins for 2 pizzas, roughly worth $30. In 2018, that same number of bitcoins is estimated at $83 million in value! The exchange of Bitcoin is possible due to …
  2. 2
    The blockchain is similar to a permanent book of records that keeps a log of all transactions that have taken place in chronological order. Let’s envision a bank transaction in which there are thr…
  3. 3
    So how do Blockchain-based applications like Bitcoin and Ethereum validate transactions without a central authority? In the blockchain, there are many participants in the network that are constant…
  4. 4
    Just like bricks are the building blocks of a house, blocks themselves are the building blocks of a blockchain. A block contains transaction data and other important details related to the creatio…
  5. 5
    Hashing is an application of cryptography that is fundamental to the design of the blockchain. It is a way to generate a seemingly random, but calculated string of letters and numbers from any inpu…
  6. 6
    To recap, a blockchain is similar to a permanent book of records — it keeps an accurate unchanging record of all data, or transactions, stored in chronological order. Each block has a reference to …
  7. 7
    Congratulations! You just learned the basics of blockchain technology. Below is a review of important terms that you may want to study to further solidify your knowledge on the blockchain. **Let’s…

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