Blockchain has been described as one of the most significant technological advances in modern history, potentially on par with the internet, which has led to it being dubbed “The Internet 3.0”.
Despite the incredible potential of blockchain to reshape the world as we know it, there is still little understanding of what it is, what it does and why it is so revolutionary.
In order for our mission to succeed at CityDAO, education must be embedded in every aspect of what we do. This introduction into understanding distributed ledger technologies will grant you some insight to what this organization desires to achieve.
What is Blockchain?
A blockchain is a public ledger of information collected through a network that sits on top of the internet. It is how this information is recorded that gives blockchain its groundbreaking potential.
Why is it called Blockchain?
Blockchain owes its name to how it works and the manner in which it stores data, namely that the information is packaged into blocks, which link to form a chain with other blocks of similar information.
History of Money
The representation of value is one of the earliest human concepts, with money dating back over 7000 years. However, money did not always exist as paper, coins or online banking. Here we will explore what value is, the history of money, how they evolved, problems with our current stores of value, as well as introducing blockchain technology.
A blockchain is a network. A network is a group or system of connected people or things. The computers or devices on the network, known as nodes, make up a blockchain network.
Having consensus means being in agreement. Consensus protocols are the rules that allow the devices on a huge network of computers, spread around the world, to agree about what should be added to the database that is a blockchain. They are one of the most important parts of blockchain technology.