- The first time I got my foot in the Blockchain Technology.
“You do not just wake up and become a butterfly-Growth is a process.”- Rupi Kaur
The previous month, when I joined the Chainwhiz Community as a Content Writer, I almost knew nothing about blockchain. Since then my experience with this mammoth of technology has been nothing less than a rollercoaster ride.
So, why did I, having zero technical knowledge decide to join an internship at a blockchain company.
Long story short, I was greatly inspired by their vision of providing value to the community and creating a truly open-source platform that promotes democracy.
Okay, you got me. The ulterior motive was to earn some bitcoins and show off to my friends.
Hey, I saw that smirk sneaking right up the alley of your cheek as you read the previous line. Enough about you and me, let’s talk Blockchain.
I’m sure there are people out there who aspire to learn about and are interested in blockchain technology but are hesitant to take the plunge. Believe me, I was in the same boat
So, What’s all the fuss about Blockchain?
I’ll begin with a history lesson in the first flush. When Satoshi Nakamoto, a pseudonymous person who developed Bitcoin, launched the new currency in the year 2008, they needed a new technology to securely store the coins, which is where blockchain came in. A very common misconception is that blockchain and Bitcoin are the same things. They most emphatically aren’t. Although Bitcoin is a digital currency, blockchain is the technology that enables it to operate safely, efficiently, and securely on it.
Let’ recall the days when accounting was done on ledgers. When each organization involved in a transaction maintained its separate record. This system resulted in errors and discrepancies and was an inefficient way of verifying information. In order to overcome this flawed mechanism of data storing and verifying, Blockchain burst into the scene.
Blockchain is a digital collection of records, known as blocks that are connected using cryptography. If we divide the term “Blockchain” into two parts, we get Block and Chain. A Block is made up of a collection of information that is linked together using cryptography.
Okay, slow down. What’s cryptography?
Cryptography is a method of communication by using codes to ensure that only those who are intended to read and process the information can do so. It is also used to protect the data. Some of the widely known blockchain networks using cryptography are Bitcoin, Ethereum, Ripple, etc.
In a nutshell, blockchain is a network that allows people to conduct transactions of any kind without the need for a central or trusted arbitrator. So how does this blockchain technology work?
Anyone can publish information on the internet, and others can access it from anywhere in the world. A blockchain enables you to send value anywhere in the world where its file can be accessed. You can transfer the value of whatever is stored in that section of the blockchain using your private key and someone else’s public key. Basically, keys are used to transfer blocks that contain units of currency with monetary value. This performs the function of recording the transfer, which is traditionally performed by banks. This also means that Blockchain can easily record legitimate transactions, as the banks do. The intriguing possibility of eliminating this “middleman” is made possible only and only by blockchain technology.
I’ve been at Chainwhiz for a month now, and I still have a lot to learn, but that’s what makes this experience so exciting. I hope my findings made you excited about blockchain technology too. If it did, get your feet wet and lay the groundwork for a successful blockchain career! You do not just wake up and become a butterfly-Growth is a process. Our transformation is our journey. Small shifts in your thinking and small changes in your energy can lead to massive alterations in your result. So never lose hope, always believe in yourself and keep learning.
- Date of publication:
- Thu, 04/22/2021 - 11:13
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