#Blockchain #BinanceSquare #Write2Earn #Bitcoin
📌 Blockchain is everywhere: crypto, NFT, games, finance... but few really know what it is. Here is a clear explanation, without jargon, to understand everything 👇
Blockchain (or 'chain of blocks') is a technology for storing and transmitting information, transparent and secure. It allows for a record of all transactions without going through an intermediary like a bank.
Let's take Bitcoin: every time someone sends or receives bitcoins, the operation is recorded in the Bitcoin blockchain. Everyone can see this history, but no one can modify it. This is what makes blockchain so powerful.
Usually, when we send money, we go through a bank, PayPal, or a card company. With blockchain:
- No need for an intermediary 🏦❌
- Transactions are faster, cheaper, and global 🌍
- Data is protected against theft and hacking 🔐
How does it work?
Imagine a chain of boat anchors. Each link is a 'block' containing several transactions. These blocks are validated by a global network of computers and then added to the chain. Once a block is added, it cannot be modified. This ensures a secure and immutable history.
Who validates transactions?
A network of computers called 'miners' or 'nodes' verifies the transactions. In exchange for their contribution, they are rewarded in crypto. This is called mining.
And to send money?
Each user has:
- a public key (like an email address)
- a private key (like a secret password)
You can receive money via your public key. To send it, you sign the transaction with your private key. The simplest way to manage your cryptos: use a wallet (digital wallet) via an app or a platform like Binance.
But it's not just for crypto!
Blockchain has much broader applications:
- tracking products in supply chains
- archiving medical data
- video games with exchangeable digital items
- smart contracts, humanitarian aid, etc.
Who invented blockchain?
In 2008, a certain Satoshi Nakamoto published a document presenting Bitcoin and blockchain. His idea: create an online money exchange system without going through a bank or payment service.
Since then, thousands of blockchains have emerged: Ethereum, Solana, Avalanche... some manage cryptocurrencies, others allow for the creation of complete applications.
And tomorrow?
Blockchain could transform the way we:
- exchanging money
- creates contracts
- data sharing
- secures the Internet
Like the Internet in the 90s, we are only at the beginning.
🧠 To remember:
✔ Open, secure, decentralized database
✔ No need for an intermediary to send value
✔ Used in many sectors (not just crypto)
✔ Accessible to everyone, everywhere in the world
💬 Tell me what you think of this article in the comments.
Thank you
