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Introduction to Blockchain and Cryptocurrencies
This document provides an introduction to blockchain and cryptocurrencies. It discusses the history of blockchain from 1991 when it was first described to 2009 when Bitcoin launched. It defines blockchain as an immutable time-stamped series of records distributed and managed by a peer-to-peer network. It also discusses the differences between centralized, decentralized, and distributed networks. The document outlines different types of blockchains and applications of blockchain like payments, supply chain monitoring, and medical recordkeeping. It notes both benefits like cost effectiveness and reduced reliance on trusted parties, as well as challenges like energy consumption and inability to change past data.
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Introduction to Blockchain and Cryptocurrencies
- 1. Introduction to Blockchainand Cryptocurrencies https://www.linkedin.com/in/nikhildprince/
- 2. History • 1991- firstlyblockchain described by Stuart Haber • 1998 – Nick Szabo worked on mechanism for digital currency (bit gold) • 2000- Stefan Konst published a general theory on set of solutions for implementation. • 2008- Santoshi Nakamoto First conceptualized blockchain. • 2009- Bitcoin network Begin • 2013- Bitcoin rally took off • 2016- ICICI Bank executes India's first transaction on blockchain.
- 3. Understanding Blockchain • Ablockchain is, an immutable time-stamped series record of data that is distributed and managed by cluster of computers. • Open as well as Closed • Distributed • Ledger • P2P • Permanent
- 4. Centralized Vs DecentralizedVs Distributed Network
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- 9. Need Different typesof blockchain • One no longer need to rely upon huge servers. • They are cost effective and fast. • They reduce the need for more trusted parties because you can implement smart contracts instead of them. • Gives options for rights and access management. • Reduces redundant work. • Distributed consensus between interested parties becomes fast even though you are geographically segregated.
- 10. Applications of Blockchain •Payment processing and money transfers • Monitor supply chains • Digital IDs • Real estate, land, and auto title transfers • Tax regulation and compliance • Medical recordkeeping • Developing platforms • Automating works….
- 12. Demerits of Blockchain •Slow down on loads • Self maintenance of wallet • Continuous internet connectivity required • Consume too much of energy • Once data feed can not be changed • Not 100% secure
- 13. Key points toConsider • Wallet • Wallets are the interface that most users will rely on to interact with a cryptocurrency network. • Private/Public keys • Mining • Hardware ASIC, Software -pools • Mining rewards • Halving • Algorithms • SHA 256 • PoW / PoS • Soft Fork/ Hard Fork
- 14. Understanding Cryptocurrencies • Itis a Virtual Currency is a form of digital cash that enables individuals to transmit value over Blockchain technology. • OR A digital token exchanged on blockchain using cryptographic algorithms to secure the p 2 p transaction • E.g. Bitcoin (BTC) • Why it is called Cryptocurrency • Cryptography + Currency • It makes extensive use of cryptographic techniques to secure transactions between users.
- 15. Types of Cryptocurrencies •Bitcoin • First use case of Blockchain • Altcoin • All other Coins apart from Bitcoin • E.g. ETH, LTC, WRX • Tokens • Tokens are not able to operate independently and are dependent on the network of another blockchain. • E.g. ERC-20 Tokens, TRX Tokens, NEO Tokens
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- 18. Thank you foryour kind Attention