BLOCKCHAIN: WHAT IT IS AND WHY YOU SHOULD CARE
And more importantly why you should be investing your money in it!
Blockchain is going to change your life even if you don't know what it is.
So why is it important to get ahead of the learning curve?
You may have heard that it is the underlying technology behind cryptocurrency, Bitcoin, which it is.
But it is way more than just a technology..
Its a paradigm shift and you need to get on board or you are going to get left behind
Ok Im sure Im going to screw up a lot as I do this but Im going to do my best to give you information as clearly and simply as possible from someone who knows absolutely nothing about math.
So when I first started to learn about cryptocurrency I did what probably most people do and I googled "define blockchain" and I got answers like this...
block·chain /ˈbläkˌCHān/ noun
a system in which a record of transactions made in bitcoin or another cryptocurrency are maintained across several computers that are linked in a peer-to-peer network. "we can actually have a look at the blockchain and see evidence of what's going on"
Definitions from Oxford Languages
So then naturally I tried to you know do the thing you were taught in school and just break that down into what those individual terms mean.
What is a "block," what is a "chain" and what is linking them together? What makes a "blockchain?"
The internet told me this;
Block: A container of data or information. Not a literal one, but a unit of information that can exist in various forms.
Chain: The linking of blocks in a network that allows for consistency of record keeping and an audit trail through the linking of blocks.
It's important to note that blockchain itself isn't a device, a machine or a cryptocurrency even. It is a system, a method to keep track of information. With that said, cryptocurrencies - bitcoin, etherium, litecoin and every cryptocurrency out there - works on a blockchain platform.
And this public ledger goes beyond currency. More companies and industries will rely on blockchain to create safe houses for sensitive data and information for which there's no room for manipulation. So to put it plainly blockchain technology is the future including yours.
While I think this all worth reading because it's a good jumping off point, It really did not explain a hell of a lot to me.
So this will be the beginning of a series where I try to come up with some simple analogies to explain aspects of both cryptocurrency and blockchain both seperately and together and probably never in their entirety.
Thanks for tuning in!