A series of articles about blockchain, web3, nfts, metaverse & p2e games

Some time ago I started to study blockchain technologies. I really liked them and I’ve decided to devote a big part of my life to working with them in the future. I’d like to work globally and I have already been involved in some projects.

For crystallizing my thoughts, I’ve decided to write important articles about blockchain technologies in English in LinkedIn and in the future I’d like to turn this information into a training course.

Blockchain is not just a technology for finance (to create cryptocurrencies), it offers much more and, with its innovativeness it has attracted the attention of enterprises and companies of completely different areas.

To understand blockchain technology you should learn some definitions:

• Node is a device connected to other devices as part of a network. Nodes can be computers, mobile phones and special network devices.
• Coordination in the operation of nodes (node) occurs with the help of the consensus algorithm.
• Transaction - This is transfer of an asset inside the ledger
• Smart contract is the conditions for making a transaction or an electronic algorithm whitch was developed to automate the process of executing contracts in the blockchain.

The blockchain is a distributed/decentralized ledger protected from unauthorized accessing, which stores information about transactions in a private or public network in the form of a chain of blocks. Any user in the network has access to this record storage system. When records (transactions) get into the network form the blocks which are linked into a single chain. Hence the name “blockchain” which is literally a chain of blocks. Every block is connected to each other and it means the immutability of information.

The well-known characteristics of blockchain technology that inspired me to work in this direction:

1. Immutability

• each node contains a complete copy of the blockchain (transaction registry, which is called a ledger)
• all nodes interact with each other through consensus
• disabling some of the nodes will not interfere with the operation of the entire blockchain
• if transaction blocks are added to the ledger no one can just delete or change it

2. Decentralized technology

• The network is decentralized. Nobody governs or controls it. A group of nodes maintains the network, making it decentralized.

3. Increased security

• Since there is no central authority, no one can change any of the characteristics of the network to their advantage. Using of encryption provides another layer of security for the system.

4. Distributed ledgers

• In a public blockchain, everyone can see transactions, so it's super transparent. On the other hand, a private or federated blockchain is best suited for businesses that want to remain transparent to their employees and protect their sensitive information from other people.

5. Consensus

In simple terms, the consensus is a decision-making process for the group of nodes active on the network. Here, the nodes can come to an agreement quickly and relatively faster. When millions of nodes are validating a transaction, a consensus is absolutely necessary for a system to run smoothly. You could think of it as kind of a voting system, where the majority wins, and the minority has to support it.

The consensus is responsible for the network being trustless. Nodes might not trust each other, but they can trust the algorithms that run at the core of it. That’s why every decision on the network is a winning scenario for the blockchain. It’s one of the benefits of blockchain features.

Summary:

Blockchain systems and smart contracts can be used to solve a lot of problems, such as transfers of money between banks and exchange services, financial transfers in international holdings, open electronic voting, confirmation of copyright for digital content. Advantages of this technology are speed, transparency, availability, reliability and low cost.

However, blockchain technology is not regulated by any jurisdiction in the world. In order to use its full potential, the international community will have to prepare a legislative framework in order to use cryptocurrencies and other assets.

I will write about how blockchain technology works, how it differs from the usual way of centralized data storage, what cryptocurrencies are and how to write the first smart contract, and much more. I will also cover topics on Web3, Metaverse, NFT and more.

Summing up, we can say that blockchain isn’t the technology of the future, but the basis of the present. The world's leading media are interested in blockchain technology rightly calling it a "breakthrough technology" and "new Internet" that can revolutionize all industries.

To be continued...

#web3 #blockchain #nfts #metaverse #crypto #p2e #Immutability #Consensus #ledger #Decentralized #NFT