11/01/2023
🗒Blockchain is a chain of “blocks” or a shared ledger of data — everyone can see what is going on and all the transactions happening in real time.
If trust can be set by code, then creators don’t have to rely on middlemen.
They:
👉🏻Don’t have to trust banks to get paid
👉🏻Don’t have to trust lawyers to draft a contract
👉🏻Don’t have to trust social networks to make a living
Blockchains are:
👉🏻Decentralized: Transactions are stored on a network of computers (nodes).
👉🏻Immutable: Transactions cannot be changed once committed to the block.
👉🏻Open: Transactions can be viewed by anyone.
Bitcoin uses blockchain and therefore is decentralized, immutable, and open. It’s also:
👉🏻Hard capped: There will only ever be 21M bitcoin.
👉🏻Single-purpose: Many holders just want it to be a digital token that stores value.
From a developer perspective, think of a backend which never goes down and people can see what you’re doing anonymously with an address. You can deploy your product and use it to create a decentralized app where everyone owns what they make.
Blockchain provides:
👉🏻Decentralization
👉🏻Trustless System
👉🏻Security
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