It says here you're a "blockchain expert". Care explaining to me how exactly blockchain works?

>It says here you're a "blockchain expert". Care explaining to me how exactly blockchain works?

Other urls found in this thread:

youtu.be/bBC-nXj3Ng4
hooktube.com/watch?v=bBC-nXj3Ng4
twitter.com/SFWRedditVideos

You put money into it and then 3 days later you pull out profits and buy over 20 lbs of pussy and ass.

You put money into it and then 6 days later you pull out profits and buy over 40 lbs of pussy and ass.

Lolol noob pojack buy my dips faget wagecuck

It's like a free cash machine

buy high sell low my dude, don't expect your boomer ass to understand the .com aspect tho

its a pyramid scheme

you put money in and it goes down. Then you post pink wojaks on an anonymous anime board with other neckbeards. So, did I get the job?

"Blockchain" is just a fancy word for a decentralized file. Changes to the file must be accompanied by the solution to a time consuming math problem: this ensures the integrity of the file and makes attacks on the network costly.

lol

Every state of the system is the sum of all previous states in the system.
Every valid node in the network contains the same system.

Signed,
Certified Cryptocurrency Analyst & Blockchain Architect

They must be accompanied by a time consuming math problem? So what math problem would that be in proof of stake?

I was describing PoW, the classic blockchain. PoS work differently.

Blockchain is a decentralized database where all the valid and confirmed activities of bitcoin are stored through POW/POS. Your wallet doesn't store bitcoin. it's the blockchain's job to store the bitcoin. What your wallet does is to search bitcoin addresses from your own downloaded blockchain that match your private keys, and find out how many coins (output balance) you have in there.

In order to destroy Bitcoin, you need to delete all the blockchain saved by thousands of computers worldwide which is not possible.

Ethereum's blockchain is more ambitious, they don't stop at just storing transactions. They also want to store big data.

Bitcoin blockchain: limited to transactions, but more efficient
Ethereum's blockchain: more types of data to be stored, but a double-edge sword

Different blockchain philosophies:

Bitcoin's blockchain:
In order for a decentralized system to survive, we need to focus on efficiency and a robust blockchain. Thus: 10 minutes confirmation time and 1 MB maximum transactions in a block to avoid bloated blockchain (caused by attacks) and orphaned blocks.

Litecoin's blockchain:
Bitcoin is the king, but our blockchain focuses on micro-transaction and small-time geeks. We need to attract small-time investors by disabling ASIC miners and discourage GPU (failed). Also, 2 minute confirmation time, many people doesn't care enough to know the reasons behind bitcoin's 10-minute confirmation time anyway. Fortunately, we became so successful to the point people want us to surpass bitcoin.

Ethereum's blockchain:
Guys we need a very interesting marketing gimmick, how about web 3.0? Fuck yeah!! Let's make a programmable blockchain (btw, bitcoin is programmable too) and let's put it as turing-complete and other buzzwords that will make the investors' pussies wet. Let's make it waaaaaaaay big (and shiny). I guess our plan works! xD

Bitcoin Cash:
Lets copy everything in Bitcoin but remove Satoshi's vision of a safer, lighter, and a more decentralized blockchain. Let's fud bitcoin and blame segwit. Also, lets brand it as "Bitcoin 2.0: more transactions per second". (Although, technically, Satoshi's Bitcoin can handle unlimited and instant transactions by using third-party applications such as lightning network, exchanges, etc).

Shitcoins:
Let's copy & paste each other, tweak the original bitcoin's code and become rich along the way. We are so smart! I can rule the world now! To the moooooon!!

What? Are you describing mining? A blockchain is a digital ledger filled with transactions/trades/ items. Get out of my office

basically it's a chain of blocks

and they're full of coins and you hold the coins

did i get the job?

>i wont tell you if you dont tell me

Thanks! Just bout 100 resumes!!

File is a misnomer

Wow what an interesting insight into the mind of a retarded bitcoin maximalist. It's like he can't comprehend the fact that other coins might not share bitcoin's design goals.

youtu.be/bBC-nXj3Ng4

Welcome aboard.

The blockchain is not your shitcoin, you big retardo.

hooktube.com/watch?v=bBC-nXj3Ng4

I always imagine it as a decentralized Excel file with the money of everyone in it

Other coins only exist as pump and dump schemes to earn more bitcoin. The quicker you realize bitcoin is the only crypto that matters, the sooner you stop being a brainlet

>implying i'll ever have another interview after next year

A blockchain, as its name implies, is a chain of blocks.

>Ethereum's blockchain: (...) a double-edge sword
What do you mean?

Forget the blockchain.

Let me introduce you to the bean.

Not really. Actually quite accurate.

It's a distributed database of ordered blocks of data, with each block also containing the hash of the previous one to prevent the modification of older database records.

"You could think of it as append-only log"

Blockchain is a single pool of information shared by each of its users. It has effectively limitless application, because it is not necessarily limited to currency.

As a currency, that pool of information is in the form of a ledger, shared amongst every client. In order to ensure that every client is syncing properly, every transaction needs to go through a number of confirmations by users of the system. These confirmations are processed voluntarily by users, with an arbitrary system of difficulty. Bitcoin, for example, requires you use your computer's processing power to solve mathematical equations to correctly decrypt a sequence of transactions called a "block". When this happens enough times, the section of transactions is officiated and added to the ledger (blockchain) of every user. The individual or group of individuals who successfully solved the block are rewarded with bitcoin themselves.

Etherium on the other hand uses blockchain differently. While it does have a cryptocurrency reward, the work being done is not simply an arbitrary algorithm solve, but processing actual data requested by end users, who then use etherium itself to pay for the work (a subtoken called Gas, which is charged per line of code, and can be prioritized with a higher payment)

This process is called mining. Users are traditionally incentivized to mine by being rewarded with cryptocurrency. Mining is the heart of blockchain, being the actual work that makes the system trustworthy, and ensuring it's blood can circulate. What mining looks like, and it's rewards, depend on the application of the blockchain. Some coins allow you to "mine" by restricting access to your coins (staking), reducing the supply and thus generating value, with a modest passive income. Others are mined by performing actual work, which creates value for the system.

Is there anything else you would like to know?