I think for many people out there, Blockchain is this phenomenon, which is hard to get your head around. I started watching videos and reading articles, but for me personally, it wasn’t until I wrote my own simple Blockchain, that I truly understood what it is and the potential applications for it.
The way I think about blockchain is it is an encrypted database that is public. If you were Amazon and you wanted to use the technology to track your stock levels, would using Blockchain make sense? Probably not, since your customers won’t want to expend their resources verifying your blockchain, since they state on their website, ‘Only 1 left!’, anyway.
I’ll leave you to think about future applications. So without further ado, lets set up our 7 functions!
Every day on our feeds we find news about new cryptocurrency or someone who says that they are a big bubble that will soon explode and of which only the blockchain will remain. But, what is the blockchain?
Is a continuously growing list of records, called blocks, which are linked and secured using cryptography.
So, the blockchain is an immutable, sequential chain of records called Blocks. Each block can contain transactions, files or any data you like. The important thing is that they’re chained together using hashes.
Blockchains are secure by design and are an example of a distributed computing system with high Byzantine fault tolerance. This makes blockchains potentially suitable for the recording of events, medical records, and other records management activities, such as identity management, transaction processing or voting.
How to Build Your Own Blockchain Part 1 — Creating, Storing, Syncing, Displaying, Mining, and Proving Work
I can actually look up how long I have by logging into my Coinbase account, looking at the history of the Bitcoin wallet, and seeing this transaction I got back in 2012 after signing up for Coinbase. Bitcoin was trading at about $6.50 per. If I still had that 0.1 BTC, that’d be worth over $500 at the time of this writing. In case people are wondering, I ended up selling that when a Bitcoin was worth $2000. So I only made $200 out of it rather than the $550 now. Should have held on…
How to Build Your Own Blockchain Part 2 — Syncing Chains From Different Nodes
Welcome to part 2 of the JackBlockChain, where I write some code to introduce the ability for different nodes to communicate.
Initially my goal was to write about nodes syncing up and talking with each other, along with mining and broadcasting their winning blocks to other nodes. In the end, I realized that the amount of code and explanation to accomplish all of that was way too big for one post. Because of this, I decided to make part 2 only about nodes beginning the process of talking for the future…
How to Build Your Own Blockchain Part 3 — Writing Nodes that Mine and Talk
Hello all and welcome to Part 3 of building the JackBlockChain — JBC. Quick past intro, in Part 1 I coded and went over the top level math and requirements for a single node to mine its own blockchain; I create new blocks that have the valid information, save them to a folder, and then start mining a new block. Part 2 covered having multiple nodes and them having the ability to sync. If node 1 was doing the mining on its own and node 2 wanted to grab node 1’s blockchain, it can now do so…
With high throughput, sub-second latency and powerful functionality to automate business processes, BigchainDB looks, acts and feels like a database with added blockchain characteristics.
BigchainDB is a scalable blockchain database. The whitepaper explains what that means.
Ethereum is a decentralized platform that runs smart contracts, applications that run exactly as programmed without possibility of downtime, censorship, fraud or third party interference. In this blog post I will take you through all the steps required in setting up a fully functioning private ethereum blockchain, inside your local network — which includes:
- Setting up a private blockchain with ethereum using geth.
- Setting up the MetaMask ethereum wallet to work with the private blockchain.
- Transfer funds between multiple accounts.
- Create, deploy and invoke a smart contract on the private blockchain using remix.
- Setting up ethereum block explorer over the private blockchain.
Kind of a big deal. You’d have to be a total square not to have heard about them. Me? I’ve got eight.
Often over-complicated, over-mysticised, over-singularised (I don’t even know what the right word for it is, but people say The Blockchain a lot). What are they? Join me for a rough tour from the ground up and I’ll try to make sure you leave here knowing the answer to one question:
What are people talking about when they talk about blockchains?
There’s a lot to cover, so it’s actually going to come in two parts. This, the first, will look at the data structures known as blockchains and their properties, along with any other bits and pieces you need to make sense of them.
The second part will apply what you’ve learnt to the practical and widespread applications of blockchains to power distributed ledgers, cryptocurrencies such as Bitcoin and Litecoin and smart-contract based chains like Etherium.
…Now, eight years after the first blockchain was built, people are trying to apply it to procedures and processes beyond merely the moving of money with varying degrees of success. In effect, they’re asking, What other agreements can a blockchain automate? What other middlemen can blockchain technology retire?
Can a blockchain find people offering rides, link them up with people who are trying to go somewhere, and give the two parties a transparent platform for payment? Can a blockchain act as a repository and a replay platform for TV shows, movies, and other digital media while keeping track of royalties and paying content creators? Can a blockchain check the status of airline flights and pay travelers a previously agreed upon amount if their planes don’t take off on time?
If so, then blockchain technology could get rid of Uber, Netflix, and every flight-insurance provider on the market…
You’re here because, like me, you’re psyched about the rise of Cryptocurrencies. And you want to know how Blockchains work—the fundamental technology behind them.
But understanding Blockchains isn’t easy—or at least wasn’t for me. I trudged through dense videos, followed porous tutorials, and dealt with the amplified frustration of too few examples.
I like learning by doing. It forces me to deal with the subject matter at a code level, which gets it sticking. If you do the same, at the end of this guide you’ll have a functioning Blockchain with a solid grasp of how they work.
Documentation is available for the python interface library.
Additionally, a demonstration Notebook is available in the Notebooks folder.
For installation instructions, see below. More detailed documentation is coming soon. Meanwhile, feel free to contact us at email@example.com.
This guide is meant to serve as both an easy-to-understand introduction to the world of cryptocurrencies as well as an insightful view into the different projects competing for your investments and market dominance and a look at the underlying technology, history and trends.
For many years Bitcoin would occasionally appear in the media after it spiked in price. I didn’t think there was anything inherently useful about it. I thought it was a novelty, a ponzi scheme, hysteria. It was only after the most recent price spike in another cryptocurrency, Ethereum, that the crazy returns finally tempted me. What started out as a skeptical look into a get-rich-quick scheme led me down a rabbit hole and my mind was promptly blown at the potential of the technology. The hype surrounding it is nothing short of mania, but it’s not without merit. Cryptocurrencies will almost certainly revolutionize everything from insurance, logistics and the stock market to ownership and even create entire economies which don’t currently exist. You may feel skeptical when hearing something so optimistic but when banks, governments and research institutions start to take notice and want to work with these projects maybe it’s time we paid some attention.
Many of you reading may be likening the current craze with the dotcom bubble and I’m afraid I absolutely agree with you. The speculation surrounding cryptocurrencies and the ease of which the average person can invest has created an environment where an idea can raise hundreds of millions of dollars without even a proof of concept. This is part of the reason this guide was written, to steer you clear of these massively overvalued “pet.com” equivalents and towards the future Amazons and Googles.