What is a Blockchain, in simple terms ?
The blockchain is an undeniably ingenious invention, but it’s a little hard to grasp for beginners. A blockchain is, in the simplest of terms, a time-stamped series of immutable record of data that is managed b y cluster of computers not owned by any single entity.
A Simple Definition
A blockchain is a growing list of records, where each record (each block) is linked to the previous one using cryptography. Each block contains a cryptographic hash of the previous block a timestamp, and transaction data allowing digital information to be distributed but not copied.
Not all blockchains are made the same
The word blockchain is often misunderstood. When you hear it, you might think that a blockchain is by default immutable, censorship resistant, transnational and borderless. But that’s actually not the case.
For exemple, the bitcoin’s blockchain is the first open, decentralized, censorship resistant, borderless and transnational blockchain in the world. But not all blockchains are made the same. You will hear a lot of people saying that the blockchain technology is the technology that makes bitcoin works. It is as accurate as saying that TCP/IP the the technology that makes the internet, the internet. But that will mean that your university intranet is the same thing as the internet, but you know those are two completely different things.
Bitcoin’s Blockchain is a very special blockchain
Bitcoin is indeed, a blockchain. But a very special one. Simply because it uses at it’s core a Proof-Of-Work consensus mechanism system. Proof-Of-Work gives to bitcoin some special characteristics. It cannot be changed, by anyone. Even by several countries who joins their forces, or miners owing 100% of the mining power. That is NOT the case for every blockchain that you might encounter.
Proof-Of-Work is the technology that enables immutability
Immutability is a characteristic of PoW, not blockchain. Censorship resistance are possible because of the anonymity of mining. You have to be very careful and ask some questions about the blockchain you are looking at, questions like: How does the consensus algorithm works ? Because many blockchains in the cryptocurrency space are mutable by some actors.
Blockchain is bullshit — Andreas Antonopoulos
The idea of this article is to share a global vision of the crypto-mining market, the issues and trends that are transforming this market. It’s based on few years of intense experimentation and exchange in the crypto-mining space by the Sesterce Group and myself and introduce what we call at Sesterce the Mining 2.0
A blockchain is a database accessible to people all over the world and operating without a trusted third party. It uses advanced cryptographic techniques to reward those who process and secure this data (in the case of Proof-of-Work). Since the Ethereum blockchain, this database has become programmable with the implementation of Smart-Contracts, decentralized applications (Dapps), and decentralized organizations (DAOs).
Today the art market represents more than 14.58 billion euros in transactions. Most works of art have an extrinsic value, which is mainly based on the certificate of authenticity provided by third parties: the artist himself, but also gallery owners, art dealers, auctioneers, museum curators, and private experts. However, according to Bloomberg, nearly 10% of the value of transactions on the art market comes from forgeries.