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Ionixx Blockchain 101 | Mini Lesson 2 | Blockchain and Cryptography Definitions

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In this lesson, we will discuss Blockchain technology and associated definitions to understand its potential use cases. As a new and cutting-edge technology, it brings to the table the idea of decentralization by exploring concepts of cryptography and hashing. The word cryptography has been used a lot lately, and many people think it’s a very new cutting-edge science. In this lesson, we are breaking down the complexity of these high-brow terms to help you understand the nitty-gritties.

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Ionixx Blockchain 101 | Mini Lesson 2 | Blockchain and Cryptography Definitions

  1. 1. Blockchain 101 Your Quick Reference Blockchain Primer! Blockchain and Cryptography Definitions
  2. 2. Mini Lesson 2 Blockchain and Cryptography Definitions
  3. 3. www.ionixxtech.com 3 Cryptography: Definition ● Study and use of high-complexity techniques and processes ● Seeks to enable secure communication between two parties, in the presence of arbitraries ● Involves construction and analysis of protocols that prevent third parties from reading private messages. ○ This includes hashing, encryption and decryption.
  4. 4. www.ionixxtech.com 4 Cryptography: Encryption & Decryption Cryptography Definition Encryption ● Converting data from comprehensible state to an incomprehensible state; makes it a secret ● Encryptor has the key/code to decrypt the message which they have encrypted Decryption ● Act of undoing the encryption ● Key is kept secret; ideally known only between the parties involved (sender & recipient)
  5. 5. www.ionixxtech.com 5 Symmetric & Asymmetric Cryptography Symmetric Cryptography Asymmetric Cryptography Same key is used to encrypt and decrypt the data / message. ● Uses two set of keys; namely private and public ● Public key to encrypt a message and private key to decrypt the message ● Enhances security of communication
  6. 6. www.ionixxtech.com 6 Hashing: Definition ● Method of crypto that converts any pieces of data into a string of text/letters ● A hash is a unique ID for a piece of data, regardless of the type (book, library, audio file, etc.) or size of data ● The hashing algorithm takes a particular piece of data and converts it into a unique matching hash (Random string of letters & numbers) ● Meant to enhance data security; a hash can never change for a certain piece of text ● Easy to perform; difficult to reverse
  7. 7. www.ionixxtech.com 7 Mining and its Requirements ○ Mining involves the use of powerful computers to solve difficult hashing algorithms, according to the POW consensus mechanism ○ Done in order to present a solution to the rest of the blockchain ○ Whoever solves the hashing algorithm first, presents the solution to every node on the blockchain ○ If found to be correct, the miner will be rewarded
  8. 8. Consensus Mechanism: Proof of Work www.ionixxtech.com 8 The first distributed consensus mechanism, pioneered by bitcoin’s pseudonymous creator, Satoshi Nakamoto. Proof of Work is established by showcasing the amount of work done (computing power and running complex hashing algorithms) in order to propose and present a solution The proposed solution will have to be agreed upon and accepted by more than 51% of the people in the blockchain network
  9. 9. Stay Connected We’d love to hear from you! Please follow this link to receive a detailed ebook on this topic in your inbox.
  10. 10. Thank You !!

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