somebody explain blockchain to me please
Somebody explain blockchain to me please
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its a chain of blocks. And its worth money because people are buying it
It's like a big chessboard that everyone can see, no one can cheat at, and everyone takes turns moving and doing things on
so blockchain is a game
Ponzi tulip bubble scam
Go to YT for basic stuff, newfag. If you're not willing to DYOR you'll just burn your mo-
On a second thought, forget what I said. You have to buy in now. You'll make billions and millions.
umm ok I have an economics degree
so there's this like public ledger database thing and like when transactions are like um made these miner people in caves approve them with their super computers and they receive a small fee and umm yeah
A block holds many transactions logging the various exchanging of coins from one hand to another. A block chain is a straight line of these blocks chaining one after another all the way to the first block (known as the genesis block). Everyone that uses the blockchain has the same exact copy as everyone else, so that if any one person tries to alter any of the transaction, they will have to beat every other miner on Earth at a hash race in order to make their version of the blockchain the correct one.
Dude it’s this fuckin shit where if you want to send someone your shit you fuckin send it to literally fuckin everybody and they all be like yeah that’s his shit now, and when he wants to send that shit, fuckin does it all over again and like they can’t go back and change it because they would have to change all the fuckin blocks which fuck that.
A network that reaches consensus with ledgers using digital signatures secured by public key cryptography
it's like torrents but for money instead of hentai
You know what an old fashioned checkbook is? Every time you spend money or deposit money, you write it down as a line item on a page in the checkbook. When the page is full, you flip to the next page. Blockchain is like that.
In the blockchain, every transaction--every by and every sell--is logged, and when a block (which is like a page in a checkbook) is full, that block is added to the blockchain (which is like a never-ending checkbook).
What's so special about it? It's publicly viewable by anyone. If someone tries to fudge the numbers, all the other people can say, "nope, that's not correct, so it's not getting added to the block." That's why it's called a trustless system: no one has to trust anyone else. It's all out in the open and can't be cheated.
It can have other applications besides tracking the flow of money, but that's basically how it works.
how many gb in size is the blockchain?
HOW THE FUCK A BLOCKCHAIN WORK
its like motorcycles moving on a freeway
how much math do you need to know to actually understand public key cryptography?
It's a sort of databse...
this but replace chessboard with currency
It's this magical nerd thing that prints free money, we'll all be rich!
It's a magic word that you put in your publicly traded company's official name to automatically increase shareholder value 200%
I've heard that the blockchain is uncheatable but coins can still be stolen / hacked? so whatever
*silently blocks your chain*
It's basically a public ledger of transactions on a network that uses a consensus to ensure it's fair and accurate.
so what you're telling me is that my private key is "BLUE"?
great now everyone knows, my coins are probably already gone
nobody really understands blockchain.. there are physics / m.engineer PhDs who dont get it