Fundamental Blockchain Concepts
Learn the fundamental concepts that allow all blockchains to function.
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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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