Blockchain technology is the future, you're well ahead of the curve by learning about it now. Here is a short video going over what a blockchain is and how people are using it today.
Hello again and welcome to this episode of Crypto Tips. Now this is going to be my attempt at defining the term blockchain. First, let's establish that the reason why certain technological advancements even happen is due to the fact that they make things easier, the light bulb, the telephone, slice bread, the internet. These are all ideas that came to fruition because they make life easier.
And the blockchain technology is next. Now I realize that the very concept of a blockchain is very abstract and realistically after this video you're probably still going to have questions, so I'm going to go ahead and provide a link for some very helpful information that will be a pretty good supplement for this short video. Essentially, a blockchain is a distributed decentralized transaction ledger. So let's break that down, distributed.
That means that there are many notes in the network that work to verify and secure the transactions occurring on the blockchain network. Decentralized that means that there is no one central authority over all of the notes. The transaction ledger, that means it records transactions either privately or publicly. The very word blockchain has to do with the way that these transactions are added sequentially and immutably to the ledger.
They are added in order and each transaction, after being verified by the notes, helps to lock in the transactions after it. There are also important aspects of the blockchain that need to be defined, like digital signatures, signed blocks of transactions, and distributed shared ledgers. So digital signatures, these verify possession of a private key. They verify that messages came from the right person, and they verify that messages haven't been changed or tampered with.
There's also the signed blocks of transactions, and these preserve the sequence of transactions and they create continually updated audit trails. There's also the distributed shared ledgers. Now these establish a single version of transaction truth. They also reduce or eliminate the need for centralized third parties.
There's a great quote that I found on the website that I'll provide a link for in the description of this video. It says, among all of the online systems that could potentially serve billions of users globally, the system behind Bitcoin and the currencies that emulate it is unique. And that no one owns the system. It's controlled by algorithmic design.
It evolves by crowdsource development talent, and it lives as an online equivalent of a fleet of ships permanently underway in international waters, replenished periodically by the crowd, and just out of the reach of any national government or corporate entity. That's it for today's episode of Crypto Tips. If you like what you see here, give this video a like. Go ahead and share it with your friends so you can finally have something interesting to talk about.
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