Fundamental Blockchain Concepts
Learn the fundamental concepts that allow all blockchains to function.
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Key Concepts
Review core concepts you need to learn to master this subject
Blockchain
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
- 1In 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 …
- 2The 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…
- 3So 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…
- 4Just 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…
- 6To 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 …
- 7Congratulations! 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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