Web3bridge Students (cohort 11) Share What They’ve Learned: What is blockchain?

hi my name is shal ana um I'm here to give you the updates on our activities so far as a student in the web tree Bridge Court 11 to see more of these weekly updates check out social media let's go from W one it have been an amazing experience of getting down here I must tell you man have been a have been a great I've been having a great time because it beat my expectation I didn't expect it to be like this during this time the we really did um a great work in this because the place is so comfortable everything they did as much as they can to make sure that we are comfortable my experience about my mentor for this week so far she has been wonderful um breaking down the explanation sincerely um it's not easy to have people that are of working class they have even forgotten how to go through a long reading process come together in the class and you have to start putting them through reading materials in bits but she's really shown a lot of patience with us even as our assessments have not been so encouraging she has made us understand that we could do better and hopefully we would impress her what is blockchain blockchain is a distributed um digital ler that enable secure transparent and tamperproof um digit um data management so looking at the key um key components of blockchain so number one is um decentralized Network so this is a group of um this is a network of a group of um computers which are new coming together to verify and record um a transaction the second one is block so this is a a a transaction group together you know a verifi transtion group together in a in a chain and then the thir one is um chain this is a sequence of block in which a block um have the previous has of the previous block which making it um that is making it um um permanent and unable um record the fourth one is um cryptography so this is an advanced mathematical algorithm that is used to secure the data the um the fifth one is um consenus mechanism so this is um a process of making sure that all the news on the Block on the blockchain that they agreed on the state of the blockchain also not that there is different between um a distributed um Ledger and blockchain all blockchain are distributed ler but not all distributed lgers um blockchain so what are distributed lger distributed Ledger are um um database that are stored that are giv Public Access based on giving every um let's say institution or um access into the updates on that database making it um public and accessible this means that every information that goes into that ledger is seen by everyone that has um an access into that Database Network um so yeah blockchain is a form of distrib Ledger in the sense that every information that goes into the chain network is available to every node that has access to that um blockchain Network so the difference between the distributed Ledger and the blockchain is that blockchain is a type of distributed Ledger in the case of distributed Ledger there's no requirement for a particular um way at which um the update Into The Ledger is done but once specific is that everybody has um a split every seconds of a change in the ler information is updated in all of the nodes for everyone to have a public access to and bear witness to the changes so in the case of blockchain the chain um the blocks are updated after a form of a prove of work or a prove of um stake so yeah in the case of um distributed of blockchain it needs to be in form of BL chronologically arranged but a distributed Ledger is everybody can see what's happening based on the consensus they have as an agreement for the update of such Ledger yeah in in blockchain um Network some networks of the blockchain that under goes this is the um ethereum and the Bitcoin but do you know there are some platforms that use blockchain technology now example of those platforms are hyperledger fabric bitcoin.com and ethereum so on and so forth ethereum is a decentralized blockchain with smart contract functionality yeah smart contracts are basically C that one when settings or conditions are being met it is an open-source software yeah ITA is the native cryptocurrency of the platform ethereum yeah now among cryptocurrencies yeah EA is second only to Bitcoin in market capitalization yeah in less than a decade ago when Bitcoin was being introduced to the world it was what 0.31 but presently is worth over $2,500 to show you that ET kept going and going and on so that's all for now guys I'll see you next week [Music]