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Ionixx Blockchain 101 | Mini Lesson 1 | Blockchain Fundamentals

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This mini lesson will provide with you with a quick preview on the basics of blockchain technology and its related terms. It will give you an answer to the question: What is blockchain? Considering the host of information that we have on blockchain available on the Internet today, it becomes necessary to get the facts stated in a simple manner. The focus is on understanding Blockchain technology as a distributed ledger that is premised on the concept of decentralization.

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Ionixx Blockchain 101 | Mini Lesson 1 | Blockchain Fundamentals

  1. 1. Blockchain 101 Your Quick Reference Blockchain Primer!
  2. 2. Mini Lesson 1 Key Blockchain Fundamentals
  3. 3. www.ionixxtech.com 3 Blockchain: A Shared Distributed Ledger Blockchain is shared because it is not centralized i.e the network is shared among every participants in the network. Blockchain is distributed because all the nodes distribute the weight of the database and they keep an actual copy of it. So disconnections are not going to affect the retrieval or availability of data. Blockchain functions as a ledger because it maintains a record of transactions wherein assets are tracked and validated within a network. 1 2 3 Shared Distributed Ledger
  4. 4. www.ionixxtech.com 4 Blockchain is not just Bitcoin! Bitcoin Blockchain A function built using Blockchain tech. A technology that powers the Bitcoin. The Underlying Difference ● The Bitcoin is built on the blockchain technology. ● Blockchain drives Bitcoin and not vice versa.
  5. 5. www.ionixxtech.com 5 What is Cryptography? ● A way of recording data in such a way that so no one else can read it. ● Two parties who have a shared secret key can communicate securely when a powerful adversary eavesdrops and tampers with traffic. ● Essentially, it means securing data from malicious third parties.
  6. 6. www.ionixxtech.com 6 Cryptocurrencies: Bitcoin and Ethereum Bitcoin is the earliest known blockchain (founded in 2009) and is widely used as a digital currency. It is designed to function as a peer-to-peer decentralized currency for the digital age. It is largely used in crypto trading contexts. Ethereum was launched in 2015 and is the second largest crypto-platform after bitcoin. It is designed to be a decentralized crypto-platform. It is largely used for execution of smart contracts.
  7. 7. The Non-Currency Blockchain: The Hyperledger www.ionixxtech.com 7 A pure blockchain that does not support currency mechanisms A global collaboration built on the Linux framework Primary use case: Industrial blockchain applications
  8. 8. Stay Connected We’d love to hear from you! Please follow this link to receive a detailed ebook on this topic in your inbox. Alternatively, visit https://www.ionixxtech.com/

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