Blockchain
Blockchain is an open source, decentralized, distributed ledger with a list of transactions that are linked together in blocks. Each block contains a cryptographic hash of the previous block. Blockchain transactions are immutable. Changing the data on one block will alter the data on all subsequent blocks. Blockchains use peer-to-peer network, where nodes adhere to consensus algorithm protocol to add and validate transaction blocks.
Technical details
The block height refers to the amount of connected blocks at a certain time, growing with every new block stacked on the previous block[1].
Distributed Ledger - ledgers can be permissioned or unpermissioned depending on who is allowed to view it and if there is restricted access or not to the public or private blockchain
Layer 0
Layer 0 is the base protocol, where infrastructure is built.
Layer 1
Layer 1 is the blockchain itself. Bitcoin and Ethereum are here.
Layer 2
Layer 2 is any off-chain network, system, or technology built on top of a blockchain to help extend its capabilities.
Layer 3
Layer 3 refers to protocols that enable dApps.
History
Blockchain was created in 2008 and is attributed to Satoshi Nakamoto. The main purpose of which was to serve as a public distributed ledger for bitcoin cryptocurrency transactions. Nakamoto based his work on previous work by Stuart Haber, W. Scott Stornetta, and Dave Bayer. The use of the blockchain in bitcoin transactions made it the first digital currency to solve the double-spending problem without the need of a trusted authority or central server.
Use
The blockchain may be considered a type of payment rail. Private blockchains have been proposed for business use. Computerworld called the marketing of such privatized blockchains without a proper security model "snake oil"; however, others have argued that permissioned blockchains, if carefully designed, may be more decentralized and therefore more secure in practice than permissionless ones.
Popular blockchains
| Name | Creation date | Type | Creator |
|---|---|---|---|
| Bitcoin | 2008 | Satoshi Nakamoto | |
| Ethereum | 2013 | Vitalik Buterin | |
| Solana | 2020 | PoS | Anatoly Yakovenko |
| Cardano | 2015 | PoS | |
| Algorand | 2017 | PoS | |
| ImmutableX | |||
| Mythos Chain | |||
| BNB Chain | |||
| Polygon | |||
| Binance Smart Chain | |||
| Arbitrum | |||
| Flow | |||
| Tezos | |||
| WAX | |||
| Panini | |||
| Ronin | |||
| Avalanche | |||
| Cronos | |||
| Palm | |||
| Waves | |||
| Fantom | |||
| Theta |
External links
https://www.ibm.com/topics/blockchain
https://en.wikipedia.org/wiki/Blockchain
https://www.youtube.com/watch?v=_160oMzblY8