Introduction to Blockchain Technology

Hey guys, I hope you all are doing good. This blog is about Blockchain Technology. This is just an introduction to the topic. Let's jump into the details.

Blockchain technology is a distributed database that connects with a decentralized network, which stores a record of transactions or digital events that have been executed or shared among another participating party. The blocks of records are securely linked together using cryptography.

Tokens are used for transactions within that particular network. Once the transaction is completed successfully, our data is created on the Blockchain.

Let's look at the networks of Blockchain:

Bitcoin is a network that runs a protocol known as the Blockchain.

In 2008, Bitcoin‘s pseudonymous creator, Satoshi Nakamoto, consulted it as “a new electronic cash system that fully peers to peer, with no trusted party.”

The cryptocurrency (token) of the bitcoin network is known as BTN bitcoin.

Bitcoin was introduced as a source of transaction where we can use it instead of real currency. It is described as cryptocurrency, virtual currency, or digital currency. Furthermore, it is a decentralized transaction from one place to another. Therefore, none of the 3rd party applications can own it.

Ethereum is a blockchain network where we can transact our token. Ethereum network using ETHER as a token.

It is a decentralized, open-source blockchain with smart contract functionality.

Polygon is a secondary scaling solution for the Ethereum blockchain. It solves the scaling problem of Ethereum by minimizing the transactions at a time. Polygon network collects most of the transactions and then submits them together instead of doing each.

MATIC is used as a token of polygon network.

As I mentioned above, Ethereum has smart contract functionality.

So let’s notice the idea of the smart contract.

Smart contracts are just like contracts in the Word, but they're all digital. Smart contracts are computer programs that are stored inside the Blockchain. We can add the various functionalities to our contract. We can use multiple IDEs to write our contract. Mostly, we prefer remixes.

As soon as we create our contract successfully, we need to deploy it to our network. Therefore, whenever we deploy our smart contract, we need a unique value known as a contract address. The contract address is the name of the token that we will use.

We can use some languages to create our smart contract: Java, JavaScript, Solidity, etc.

They are immutable and distributed. Once the smart contract is created, it can never be changed again. So no one can tamper with your agreement. And everyone on the network validates your warranty.

A crypto wallet that interacts with a smart contract. Smart contract wallets enable various activities such as buying or selling tokens, token exchange, etc.

Thank you!

See you all on my next blog.