What Is Blockchain? (EXPLAINED SIMPLY)

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What is Blockchain? Explained Simply during the past couple of years there’s not many people that haven’t heard at least a little about Bitcoins, Ethereum or the blockchain technology.

All the buzz generated by the media has led the industry to a giant leap and the best is yet to come.

I’ll try to keep things as simple as possible and I won’t go into non essential stuff that might get you confused.

Ethereum by definition is an open-source public service that uses blockchain technology to aid smart contracts and cryptocurrency trading securely without a third party.

Ethereum offers two types of accounts: externally owned - those are the public accounts to which we own our private keys. Second ones are the contract accounts. Those are the accounts on which ethereum developers deploy all kinds of smart contracts.

The ethereum blockchain remains the biggest smart contract ecosystem being home to numerous alt coins and apps.

With its fast growing community and potential a lot of big companies like JP Morgan, Intel and Microsoft are getting involved into the smart contract business and decentralized services.

Now we’ll talk a little about the currency behind the ethereum blockchain or the so called ether.

That’s the currency that we’re going to use in our smart contract development with Solidity and it’s the main currency that sponsors most of the ICOs.

By most predictions it is expected that at some point in the not so far future it will even beat Bitcoin in market cap.

Being able to make your own smart contract not only gives you the ability to start a career in this fast growing industry, but it allows you to make your own dapp.

Some of the most famous ones are CryptoKitties and IDEX.

// but it allows you to make your own coin. Some of the most famous ones that came out of the ethereum blockchain are EOS and TRX.
(не съм направил нищо за token creation все още)

The general idea which the founder of Ethereum Vitalik Buterin had, was that the blockchain technology could do way beyond just payment transactions. So at the age of 19 he released a white paper describing what would ultimately become Ethereum using a general scripting language.

The key difference from the mother coin - Bitcoin - was the platform’s ability to trade more than just cryptocurrency.

Some of you might’ve heard about projects like crypto kitties, decentralized chats and all sort of other apps. (казах го по горе)

The thing is… blockchain technology is still evolving but everyone that has any interaction with it sees it’s potential. The security behind every transaction is impenetrable because of the blockchain consensus algorithm.

In the next video I’m going to show you what blocks are, how are they generated and i’ll show you the mechanics behind every operation that’s being sent through the blockchain.

At last we’ll take a look at the current state of the blockchain, the problems that it faces and possible solutions.

#BlockchainTechnology