Usually, people first hear about bitcoin and then that it is based on blockchain technology. At this point, we need to understand that a blockchain is not only related to bitcoin. If we use a metaphor here, we could say that bitcoin is just a video game, and the blockchain technology as a whole is a video game console.There are many different blockchains like the Bitcoin, and Ethereum blockchains and each has its own properties but the fundamental technology stays the same.Let\u2019s take for a moment the computers and technology in general outside of the equation. Let\u2019s say that we got together with five of our friends and went for a walk. We agree that when someone pays something for the group, then credit will be created between us.Let\u2019s say that one of our friends buys something, we then take a piece of paper each, and we write down that the person \u201ca\u201d bought this specific item for an \u201cx\u201d amount of dollars. After that, we will all agree that the above event took place. Any transaction that each one of us does creates the same entry into each other\u2019s piece of paper.If an external person tries to conscience one of us that a specific event never happened, then all the other friends will disagree, and they will make sure we stay on track with everybody else.This is a very simplified concept of blockchain in the real world. Let\u2019s now examine all the above concepts in depth.Each new blockchain starts always with a \u201cgenesis block.\u201d This is the first piece of information inside a blockchain. This block will always be the first one in this particular blockchain. All other blocks will go and attach themselves after this initial block. Each block inside a blockchain gets a unique id called a\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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