Blockchain 101 - Understanding the Blockchain | Issue 010
Hello, amazing person,
Glory Praise, here again, your paddy in this web3 space. This is the 10th published newsletter and I am super excited. In the last few weeks, we've had a fun time growing, learning, and connecting. Thank you for reading and sharing! I can't wait to keep sharing helpful ideas, information, motivation, and opportunities to grow with you. Cheers to the next 10 newsletters to come!
🌱 What’s New?
In last week’s newsletter, I mentioned starting a new series! In this series, we will be discussing everything blockchain-related. Let’s go!
Blockchain is one of the core foundations that powers Web3, creating a more decentralized and secure internet. But first, what is a blockchain?
A blockchain is a digital ledger, a massive digital database that stores data across a network of computers. Unlike traditional databases, blockchain data is decentralized, meaning it doesn't rely on a central authority to validate transactions. Instead, it uses cryptography and consensus mechanisms to ensure data integrity and security.
Cryptography plays a vital role in securing transactions and verifying identities. It ensures that data stored on the blockchain cannot be tampered with and that transactions are authentic and authorized. At the same time, a consensus mechanism is the protocol used to achieve agreement among participants.
In the blockchain world, consensus mechanisms are crucial for validating transactions and maintaining the integrity of the blockchain. They ensure that all nodes(computers) in the network agree on the validity of transactions and the current state of the blockchain.
Let's use a relatable example;
Think of the blockchain as a special notebook. This notebook is not kept by a single person but is shared among a group of people. Every person in the group has their own copy of the notebook.
When someone wants to write something in the notebook, they propose a new page (a block). This page contains several lines (transactions) with details of what needs to be recorded.
Before the new page can be added to everyone's notebook, the group needs to check that all the lines are valid and correctly written. This verification process is called the "consensus mechanism". In blockchain, different methods, like Proof of Work or Proof of Stake are used to reach consensus.
Once the group agrees that the new page is correct, everyone adds this page to their notebook. This means every copy of the notebook is updated with this new page at the same time.
Once a page is added, it cannot be changed or removed. This makes the notebook (blockchain) a permanent and unchangeable record of all the entries (transactions).
Each new page in the notebook has a reference to the previous page. This reference is like a link (a cryptographic hash) that connects all the pages in order, forming a chain (hence the term "blockchain").
Now that we know what the blockchain is, let's talk about the layers of the blockchain.
Blockchain layers are the different levels of infrastructure that work together to enable the operation of a blockchain-based system. Each layer builds on top of the previous one, with each layer leveraging the infrastructure of the previous layer.
Next week, we will be focusing on Layers 0 and 1.
Watch out for it!
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Talk soon,
Glory Praise Emmanuel