This website is on blockchain development.
Blockchain is a type of data structure often called a distributed ledger that runs on a peer-to-peer network and is best known for its use cases as the technology underlying cryptocurrencies such as bitcoin and ethereum .
The Ethereum blockchain is considered Turing complete and hosts a growing number of applications such as smart contracts, NFTs, and DeFi applications.
Some of blockchain's properties include: it is a distributed ledger, an append only hash-based back-linked ordered list or sequence, it's decentralized, distributed, immutable, transparent, secure, and trustless. Blockchains are pseudo anonymous.
Blockchains rely on cryptographic techniques to establish trust and they synchronize the state of the network using a consensus mechanism. The most widely used consensus mechanisms are proof of work with crypto miners verifying and adding new blocks of transactions and the proof of stake consensus in which validators place a significant amount of currency in escrow as their stake and then verify transactions and add new blocks.
The ethereum blockchain recently transitioned from proof of work to a proof of stake consensus mechanism. This along with the ethereum adoption of shard networks should improve the ethereum blockchain's climate change footprint, and its speed, scalability, and security.
Kudos to Satoshi Nakamoto and Vitalik Buterin for inventing bitcoin and ethereum.
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Website owner: Myron Warach
Email: myronwarach@gmail.com
Website last updated: December 5, 2024