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WTF Is the Blockchain?
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WTF Is the Blockchain?

The ultimate 3500-word guide in plain English to understand Blockchain.

Mohit Mamoria
Hackernoon, 2017
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Editorial Rating

8

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  • Applicable
  • Overview
  • For Beginners

Recommendation

The terms “bitcoin” and “blockchain” flooded headlines after the value of the cryptocurrency more than tripled in the fourth quarter of 2017. But if you are not a currency trader or a technology expert, chances are you may not be fully familiar with their underlying concepts. Mohit Mamoria, the CEO of cryptofund Authorito, helps laypeople understand blockchain in this easy-to-follow blog post on Medium.

Take-Aways

  • The blockchain is a cryptographic method for keeping a public, verifiable record of past transactions, which thus eliminates the need for a third party to process the transactions.
  • Each time a transaction ledger is complete, the network members take steps to tamper-proof the record through a mechanism called “sealing.”
  • The group creates a seal through a one-way encryption method, or “hash function,” which converts numbers into codes.

About the Author

Mohit Mamoria is the CEO of the cryptofund Authorito Capital.

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    V. R. 5 months ago
    The analogy of a "magic machine" and the competitive aspect of mining for sealing numbers effectively convey the complexity and incentive structure of maintaining the blockchain network