Blockchain in Simple Terms
I am an artist of coding and a blockchain coder, my art is expressed writing code that is:
- Effective for the purpose.
- Short but readable.
- Simple to understand.
You can write software code in a million of different ways, like you do when you write in your natural language.
Let me try to do the same in giving you a correct definition of the blockchain technology even if I am better in coding than writing in English :)
- Blockchain is the base technology used for any cryptocurrency, like Bitcoin.
- A Blockchain is a ledger that cannot be tampered, what you write is there for ever.
- You can write whatever you want, but it could become expensive on some public blockchains.
- You can update the data written in the blockchain, changing the current "state" of the data, but....
- You can always read the state of the data in the past and who changed it.
- The logic of the blockchain can limit the rights of writing certain data to "signed" transactions. For example when you transfer a bitcoin to a different wallet you are signing the transaction.
- The electronic signature is applied using specific algorithms.
- A blockchain is not really a database, the storage is usually very simple and based on simple key/value concept.
- For the reason above we have to develop some accessories like "explorers" database that can be queried in different terms.
- The data written in the blockchain is replicated automatically on all the nodes of the network.
- The storage of a blockchain can become huge and the cost applied for writing (gas fees), is a kind of anti-spam.
Crypto currencies, Decentralized Apps, Smart Contracts are all of them are using the blockchain as their base technology.