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WHAT IS BLOCKCHAIN?

As some know, growing cryptocurrency called Bitcoin has a peculiar protocol by which all transactions are governed and will also create more units of the named currency.

The protocol Peer to Peer (P2P) is not the only one involved in the Bitcoin network, as the true basis for exchanges of Bitcoin is BlockChain (o Cadena de Bloques by its translation into Spanish).

The BlockChain is a database that stores all transactions with Bitcoin currency since its inception, that is; from the first block called "Genesis Block".

Everyone connected to the Bitcoin network stores a complete copy of the BlockChain including all blocks from the beginning.

When a transaction is made miners should verify each transaction by large processors and computers; first transaction data is sent to the network, and in a few hours when it is verified by the miners, is added to a BlockChain block, and each block consists of several transactions.

When a block has all the necessary transactions, that is, when full, this block joins the network BlockChain. Automatically block becomes immutable, because the entire network is specially designed for this purpose.

When the block is created, all copies of all computers connected to Bitcoin are updated with the last block created. Besides this, the transactions are as immutable because they are represented by long codes and each code block contains fragments of the above. This way is like a chain is created until the bloc Genesis.

It is for this reason that the chain block can not be changed. In the event that you could change, it would have to be modified from the Genesis block, but is currently not possible to find a capacity large enough to carry out this task computing.





There is also a quirk in the BlockChain, is that thanks to this great network, which is a database accessible to everyone, anyone can know the private key of each specific Bitcoin.

To create a block is necessary for the mining find a number called nonce. This number must match the hash of the block. For this reason, many combinations are performed between the nonce and the hash to get the right one. So every time you try a different nonce is recalculated the hash block.

Basically when we present a block with the right hash and nonce we are unveiling new transactions and the test of a great computational work done.

It is not easy how each transaction to BlockChain added, and the resources used are quite high, as electricity is spent daily to make all these calculations and enable exchanges with Bitcoin.

That is why we should ask if it really worth spending all that energy in exchange for a decentralized currency, and likely, can become the currency of the future. What do you think about BlockChain?

 

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