Imagining Blockchain from the Most Simple Ways

fariz (49)in #blockchain • 8 years ago

**Imagining Blockchain from the Most Simple Ways**

The term blockchain for some people is no longer a strange thing because it is associated with a bitcoin digital currency. How to describe the concept in daily life ...?

Satoshi Nakamoto launches Bitcoin. He is assisted by program experts named Mike Hearn and Gavin Andresen who interact online. Nakamoto sent an email to one of them.

"I have moved on to another activity. Bitcoin has been in good hands with you, with Gavin, and with everyone, "Nakamoto wrote to Hearn via email.

After that, Nakamoto disappears as if by the Earth. The conversation about who the figure of Nakamoto had left a mystery. He is a figure considered to be the birth of Bitcoin, a phenomenal crypto currency.

"The visa credit card network processes about 15 million payments via the internet every day around the world. Bitcoin is ready to process bigger than that with fewer devices and costs, "said Satoshi Nakamoto to Hearn sometime when he still has not chosen to disappear.

Nakamoto over Bitcoin can not be separated from the technology that sustains the life of its home-made crypto currency. The technology is called Blockchain.

Blockchain, not just present. It is a technology that is inspired from the technology that has been there before. For example, DigiCash, anonymous and undetected digital currency systems that are born by David Chaum, Reusable Proof of Works (RPOW) technique, which is a token system that will provide incentives if success is done, to peer-to-peer and cryptographic technologies.

In general, Blockchain is defined as a digital ledger, where every transaction is recorded chronologically and distributed publicly and secured by cryptographic techniques.

Technically, Blockchain, in this case Bitcoin transactions, begins with broadcasting transactions utilizing peer-to-peer, similar technologies like movie downloads utilizing Bittorrent. Transactions that are broadcast are called nodes. Transactions or nodes are validated by the community, whether or not they happen.

If true, nodes will be combined or listed with other nodes forming a new block. Combined with existing blocks. In the Wired report, there are 200 thousand computers and growing worldwide that work together to form Blockchain network, including helping to validate transactions and storing each new block created.