Blockchain page, Dear you are in the right page to know what Blockchain is, who created the blockchain, the first blockchain, father of blockchain and other necessary information about Blockchain.
Before we continue, i will like to tell you what Block and Chain is. I know you will be eager to know what the both words mean. Block is a growing list of records while Chain is the process of linking records using cryptography.
Keep reading if you never seems to understand what Blockchain is and for other things you wish to know about blockchain, you will understand proceed.
Blocks hold batches of valid transactions that are confused and encoded into a Merkle tree .
Cryptocurrencies uses blockchain technology to record transactions. For example, the bitcoin network and Ethereum network are both based on blockchain.
Facebook confirmed that it would open a new blockchain group which would be headed by a man called David Marcus on 8 may 2018, David Marcus was previously in charge of Messenger. Facebook’s has planned cryptocurrency platform, On 18 June 2019 Libra was formally announced.
Types Of Blockchain
According to the source’s of Info currently, there are at least four types of blockchain networks .
- Public blockchains
- private blockchains
- Consortium blockchains
- Hybrid blockchains.
Blockchain is design to against alteration of data. It is an open ledger that can record transactions between two parties in a quick, confirmable and permanent way.
Hope you know that blockchain is managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks and Once the recorded data is given any block, the data cannot be altered retroactively without alteration of all subsequent blocks, which will requires consensus of the network majority.
Blockchain design for bitcoin is the first digital currency to solve the double spending problem without the need of a trusted authority or central
Who invented Bitcoin Blockchain?
Blockchain was invented by group of people using the name Satoshi Nakamoto
Who is the father of Blockchain?
W. Scott Stornetta
When was first Blockchain invented?
First Blockchain was invented in 1991
When was Bitcoin Blockchain invented?
Blockchain was invented in 2018
Why is Blockchain introduced?
Blockchain is introduced to serve as the public transaction ledger of the cryptocurrency bitcoin.
What is Block Time?
Block time is the average time takes by the network to generate one extra block in the blockchain.
- we are made to know that first work on a cryptographically secured chain of blocks was described in 1991 by Stuart Haber and W. Scott Stornetta.
- Global Blockchain Forum was created in 2016 by industry trade group.
- The words block and chain were separated in Satoshi Nakamoto’s original paper but in 2016 Block and chain were eventually popularized as a single word Blockchain.