blockchain

Proof of Work This is in continuation  of  what is blockchain  .... Now we understand miner needs to solve a puzzle before they get to add new block in the network. This puzzle is called Proof of Work . What is Proof of Work? Yes you have guessed it right, it’s like a rolling a dice. If we (ultra) simplify it, proof of work is similar to rolling a dice. Here it goes. Let’s say only you and I are the only 2 miners in the network. To add a new block, we need a get a number say 5 by rolling a dice. Now let’s say I have 1 dice and you have 1 dice. I roll the dice got 3 (No luck ☹ ) You roll the dice, you got 1 (no luck). I tried again, I got 6, again no luck. You tried again and you got 5! .  Wow lady luck smiles upon you and you get to put the block in the network and you got rewarded for the same. Ok… I felt, I need more processing power, I bought one more dice. So let’s solve the puzzle again. Now I have 2 dice and you have g...

Bitcoin ( What is Bitcoin ? ) is one of the most famous  implementation  of blockchain. Infact bitcoin is the 1st  implementation  of Blockchain so lets take a moment to look at how transaction flows in blockchain, for example if Mr. A want to send some bitcoin to his fried Mr. B, how the flow will look like. Here are the steps: Step 1: A want to send money to B. A started the transaction. Step 2: Transaction is added on a block. For simplicity lets assuming block has the details of this transaction. (In practice block will have more than one transaction).     Step 3: Block is broadcasted to all the parties (all computers)  in the network.     Step 4: Transaction is validated and approved by all the party (all computer) in the network.     Step 5: Block is then added to the chain, which provides an immutable and transparent record of transaction.      Step 6: The money mov...