There are many people who save digital currency coins, and it turns out there are still those who do not understand blockhchain. What is blockchain? And how to understand blockchain so it's easy to understand? What are the benefits and functions of blockchain in information technology? Crypto world is not only limited to buying and selling coins and tokens, but also must know the blockchain technology used.
Some people don't care about understanding blockchain, they can only care about the value of existing assets. Indeed, the value of assets is very important, but for long-term investments, it must recognize technology. From this technological development, valuable assets will be valuable, need to be taken into account in the purchase of coins and tokens.
What does the blockchain agree on? Blockchain is the core of crypto because this technology is the equation of all transactions in a network. Blockchain, if interpreted as a blockchain or series of transactions that occur in chronological order. Blockchain was started to be used in Bitcoin, then developed where Ethereum and other cryptos were also developed.
Understanding the Bitcoin Blockchain
In making digital currencies, each block will be added to the blockchain after the miner finds an accurate hash. The found hash is merged with the hash of the previous block, then sent to the entire network and consensus, and the final blockchain is added. As the Bitcoin blockchain is given, this is used to provide data at a specific address. For example, there are the top 10 addresses based on the value or number of transactions in their time period and size.
Blockchain only has a problem with size, where the size will continue to grow so it requires more storage space. If we download the blockchain to a personal computer, it will continue from the beginning of the manufacturing year. So, in making crypto digital currency is not as easy as imagined. This process has successfully reached the year and has not yet reached the target.
In discussing blockchain, of course, it can not be separated from the protocol. For example, the Bitcoin protocol has a block time target of around ten minutes. The block time is approved by decisive difficulties, making the miner actually find the appropriate hash. The higher the difficulty, the lower the chance of finding a hash. And the longer it takes for a computer network to find a solution to a series of transactions.
Will improvements in upgrading technology increase and speed up time? Only by increasing the number of mining computers and increasing power, the level of difficulty also increased. Increase this level will remain for 10 minutes. This time is only an average estimate of each mining in the blockchain.
If the network has an unfortunate ‘puzle’ collection of correct hashes, it takes longer. This process will occur to complete one set of transactions into one block. It could be that the bitcoin block time is completed a very long time, or it can be very short. This is the puzzle that every miner must agree to through the strength of the hash.