Now let's have a peek into the blockchain and see how things are running. As you can see in the diagram, we are trying to show you a bird's eye view of the blockchain. Whenever a blockchain is getting started, you have a block zero, which is also known as Genesis block. The Genesis block holds all the parameters related to blockchain behavior. Genesis block will define what your blockchain will do in its running time. This will set your block time, block size hashing algorithms, and also design your cryptocurrencies Genesis block is a special kind of block which is not linked with any previous block.

You can see in the diagram how each block after the Genesis block is linked to the previous one. Once this Genesis block zero has been filled with blockchain protocols, we take the hash of this block and include the hash in the next block. What is a hash? Hash is an algorithm which converts variable length of data to a fixed length of alphanumeric string. Even a small change in data will lead to the generation of entirely different hash value. For example, a hashing algorithm Sha 256 generates a fixed length of 256 bits of hash, an input of one kilobyte, or one gigabyte both will lead to 256 bits of fixed length of hash.

As you can see in the diagram, we have a linking established from one block to another. This linking shows that the hash of the previous block has been stored in the next block. Apart from the hash, we also have Merkel route and transactions. All the transactions inside the block chain are grouped under blocks. For example, in Bitcoin blockchain after every 10 minutes, a new block is open. And the network waits for all the transactions coming in for that 10 minutes period and store them under that block.

Apart from transactions. blockchain also stores a Merkel route, which is a single source of truth for all the transactions. Even if one of the transaction change, the Merkel route will be different. We will discuss more on Merkel tree and Merkel route in the later sections. Now let's go through some specific blockchain characteristics. Just by looking at the overview diagram we know that every block is connected to the next by incorporating the hash of the previous block.

This linking of blocks forms the chain after the addition of block into the chain. The validation and confirmation of the blocks are carried out by the miners. In elementary terms. We can say that the miners inside the blockchain are doing some logical calculations are playing a game trying to validate and confirm the blocks over the blockchain. The miners who wins the game gets awarded some reward, and all the miners shift to the validation of the next block. For example, miner received 12.5 BTC in Bitcoin blockchain and to ethers in aetherium.

Blockchain blocks are created in chronological order by using different cryptographic algorithm, which means that it's nearly impossible to delete and modify data over the blockchain. The immutability of the blockchain is also maintained using consensus algorithm, which makes sure that all the transactions inside the blockchain are validated and only added once the consensus has been achieved. This consensus is carried out by the nodes. As we mentioned, that all the blocks inside the blockchain are added incentive. chronological order. This means each block has a timestamp associated with it.

So we have a complete history of the blocks maintained. If my blockchain is running on the 1,000,000th block, then I can still track my blockchain back to the first block and see how everything originated. This is also true for Bitcoin blockchain, where we can track back to see how Satoshi Nakamoto originated the entire Bitcoin blockchain in the year 2009. Let's summarize what blockchain is. blockchain is a digital store of information which is distributed and available over the peer to peer network. blockchain is based upon cryptographic algorithm and runs consensus algorithm for security and immutability.

Every new block added inside the blockchain is linked to the previous block using the block hash. All the blocks are present in chronological order, and every participant over the network can view all the transactions. If we want to define blockchain In other words, we can say that blockchain is a digitized, distributed consensus page secure storage of information, protected from revision, and tampering over the peer to peer network. That's how in a single definition, we can summarize the blockchain. Now that we know a brief about blockchain, let's go into the history of blockchain. For more information or queries, contact us at info at the rate v two blocks.com