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What is Blockchain? My version of Blockchain 101

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What is Blockchain? My version of Blockchain 101

Ojas Aklecha's photo
Ojas Aklecha
·Oct 6, 2022·

2 min read

Blockchain is one of the newest and very trending technologies emerging these days. It all started with the creation of Bitcoin by Satoshi Nakamoto in 2008. After that, it went viral, and many people started contributing to it.

We often listen to Web3, Blockchain, Ethereum, DApps, etc. but what in the hell are those?

So, here are a few basic Web3 terms that we listen to every day but we don't know.

1. Web3 – Aims to shift the power from large centralized companies into the hands of individual users.

The basis of web3 is decentralization.

Benefits – Decentralized, Immutable, Ownership of Data, Permissionless, Open, Uninterrupted

2. Bitcoin – It was the first and the most popular cryptocurrency created by Satoshi Nakamoto in 2008. It is also called gold in the crypto world. It is a public ledger.

3. Ethereum - Ethereum is the open-source blockchain technology and the Ether is the currency your trade-in.

4. DAPP – Decentralized Applications that do the transition in web3 or blockchain ecosystem. These are the applications that run on the blockchain instead of a single computer.

5. Consensus Mechanisms – It’s basically a general agreement to make things done in the blockchain world. There are many types of Consensus Mechanisms which include Proof of Work, and Proof of Stack which is in trend these days because of the popular Ethereum merge.

Proof of Work – Provide the system or hardware to solve the maths to validate the block transaction.

Proof of Stack – Instead of providing hardware here, we provide the stack of ether to make the transactions done.

6. Wallets – Kinna pocket which allows you to access blockchain-powered dApps.

7. Careers in Blockchain or Web3 – Web3 is a very new field with lots of scopes. There are literally many open jobs with no one to apply for. Here are a few career fields in the Blockchain or Web3 world.

Technical –

• Blockchain Developer • Network Engineer • Engineering Leads – Product • Software Engineer • Network Architect

Non–Technical –

• Community Manage • Product and Project Manager • Growth Hacker • Marketing Coordinator • Content Writer / Technical Writer

So, here are some of the basics of the blockchain which you have always heard of but never knew.

Thanks for reading my article. Until then...

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