The blockchain is much older than we think. Popularized through the white paper of Bitcoin , written by Satoshi Nakamoto , blockchain is the fruit of many years of research in economics , computer science and cryptography.
The blockchain promotes the idea of decentralization , which, unsurprisingly, opposes centralization. Today, we live in a world where the majority of things are centralized. They are governed by companies, states, banks, GAFA. We trust them or not, but we can not do without them. These things we trust are what we call trusted third parties. Understand everything about decentralization.
The blockchain works without central authority.
Bitcoin, which uses blockchain technology, makes it possible to dispense with trusted third parties for the transmission of value between two entities. This is the first concrete application of blockchain technology. It is now possible, thanks to blockchain technology and Bitcoin to transfer value on the internet between two entities without intermediary.
This was not possible before, for example, if you send a file to a friend on the internet, it is duplicated. You own the file and your friend too, he is no longer unique.
It was therefore impossible to do this with money because it would lose its value. Thanks to Bitcoin (Electrum Bitcoin Lite), this is now possible!
Moreover, we must not forget that the blockchain is, originally, only a component of Bitcoin.
We will see many other applications of the blockchain in this article as well as in other articles of our site.
Definition of the blockchain
The blockchain called chain blocks in French, is a great eBook operated through a computer network. The data is added to the blockchain real-time and are visible to all participants (in the case of a public blockchain).
To understand the difference between a public and private blockchain, you can consult the following article: What are the differences between private and public blockchain?
When a transaction is performed on the blockchain, it is added to a block including all the other transactions that took place in the last minutes (the last ten for the Bitcoin network ) and which were shared with the entire network. computers.
Network participants are known as miners (in case the blockchain uses the Proof-of-Work protocol ). Indeed, different protocols exist to secure the blockchain. To learn more about this, see our article on the differences between proof of work and proof of stakes. These participants are responsible for maintaining the network, validating transactions and ensuring that the network is secure.
Participants should not be confused with users of the blockchain.
In the case of Bitcoin, (minor) participants compete to solve “cryptographic puzzles” in order to validate transactions. The first minor to solve the riddle receives a reward for his work, which reminds him, allows securing and maintaining the network. The enigma is extremely difficult to solve and this difficulty increases over time. Thus, minors must use powerful computers to solve these calculations. When Bitcoin (Electrum Bitcoin Lite) was launched for the first time, it was possible to mine using a simple laptop. This is no longer the case today, far from it.
The validations of the transactions correspond to an analysis of the cryptographic movements and a time stamp of the different transactions within the blocks. This will then make it possible to link the validated blocks to old validated blocks. A chain of blocks is formed containing each transaction made on the blockchain. This channel is up-to-date and is accessible to all members of the network. The decentralization that results from it allows a total transparency and immutability. Thus, everyone has the opportunity to view the data available on the blockchain network.