DATA

Data refers to any collection of facts, statistics or information that is stored and used for analysis or reference. Data can take many forms and is usually organized in a structured or unstructured way. Data provides the basis for understanding patterns, trends, and relationships, enabling us to gain valuable insights and make informed decisions.

Block chain

1991

What's that?

It is considered a technology for recording data, which is also called a database.

This data can be for example bank transactions or property documents, appointments, personal messages or other information.

One of the characteristics of the block chain is that it is possible to store this data without a central administrator and authority, and it is not possible to distort or destroy the stored data by destroying a central point, which is called a public and decentralized network.

The most famous public and decentralized network that uses this blockchain feature is Bitcoin, Ethereum, and Tether.

• Blockchain facilitates secure online transactions
• A blockchain is a decentralized and distributed digital library that is used to record transactions among many computers so that the recorded values can be changed using savings without changing all subsequent blocks and without network cooperation
• Blockchain is defined as a cryptographic protocol of value.
• This blockchain-based transaction can be completed faster, safer, and cheaper than traditional systems. Blockchain can assign title rights because it provides a record that enables submission and acceptance.
• With the help of blockchain, all data and transactions can be recorded permanently, immutably and transparently. Anything of value, whether physical or non-physical, can be exchanged on this network. Once the information is recorded in the blockchain, nothing can ever be changed in it.

Block

Data

Hash of pervious block

Hash

Data

Data

• From : 👩

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• To : 🧑

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• Amount : 💵

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Bitcoin block

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Hash

Hash

A unique identifier - all the properties of the block are stored in it

Any change in the block causes a change in its hash

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Hash�A text string that follows a specific mathematical algorithm

Hash of pervious block

Hash of pervious block

Hash : 1Z8F

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Previous Hash : 0000

Hash : K5X7

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Previous Hash : 1Z8F

Hash : 3Q7H

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Previous Hash : K5X7

Hash : 1Z8F

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Previous Hash : 0000

Hash : K5X7

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Previous Hash : 1Z8F

Hash : 3Q7H

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Previous Hash : K5X7

Genesis Block

Hash : 1Z8F

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Previous Hash : 0000

Hash : K5X7

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Previous Hash : 1Z8F

Hash : 3Q7H

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Previous Hash : K5X7

However, computers can quickly find thousands of hashes

Proof – Of - Work

Proof – Of - Work

More difficulty

less speed

Proof – Of - Work

Tampering with the information of a block changes the hash value and destroys its validity. In this way, if someone wants to change the data of a block, he must re-extract the hash of all the blocks in the network. Miners operate decentralized in the network and it is impossible to create two valid blocks at the same time.

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The bigger the blockchain network and the more users it has, the probability of an attack decreases by 51%; Because it is impossible to obtain the required hash power. The Bitcoin network adjusts the mining difficulty so that it takes about 10 minutes to calculate the hash of each block.

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This work makes it very difficult to manipulate information by prolonging the time to calculate the new hash value of all network blocks if they have enough hash rate. Bitcoin is known as the only network that is 51% impossible to attack due to the $1.5 million attack cost per hour.

P2P

Consensus mechanism

Consensus mechanism is an error-resistant mechanism used in computer systems and blockchain to reach the necessary agreement on a data value. Cryptocurrencies cannot continue to work without a network consensus algorithm and will fail. This algorithm is a set of rules that decide the legitimacy of network users to register and confirm transactions.

References

Chat-GPT – Bing

Wikipedia

cafetadris.com

arzdigital.com

bitpin.ir

D1arash – YouTube

Pinterest

Thanks