Blockchain is a network of computers (called nodes) that all have the same history of transactions, validated by every new computer that wants to be part of the transaction. According to a recent blog post, Reddit is introducing a new feature – Community Points. So what happens if a single entity somehow gains control of 51% of the nodes maintaining the blockchain? ... 3 years ago. Reddit Tokens On Ethereum Network. When swapping a token on Uniswap costs $100, something is wrong. Specifically, this individual reached out with relevant information about HitBTC's potential insolvency and inability to fulfill customer withdrawal requests (in crypto). In a blockchain, small containers called ‘blocks’ hold bundles of transaction data. bitcoin. That's where the blockchain comes in. A blockchain isn’t an ethereal thing out there in the universe that you can “put” things into, it’s a specific data structure: a linear transaction log, typic… It takes a lot of time to deal with the cryptocurrency and blockchain. They are built and stored as standard ERC-20 tokens on the Ethereum blockchain, making them interoperable with existing blockchain tools. reddit. Once a block contains a specific number of valid transactions, it is officially created and added to the chain in sequential order. I tried explaining technicals too but after a few minutes and a few looks of concern, like i just had a stroke and spoken nonsense, it started to dawn on me that it's like explaining car mechanics to a blonde supermodel. That is what they are used to. What is Blockchain? My two closest friends have been completely obsessed with crypto the past few months. When your friend Jack wants to transfer $10 to you on the blockchain network, everyone will create a record of this transaction (imagine they put the record on a page). The reality, however, is that economics are just as important to the security of a blockchain, which is why Bitcoin's blockchain is orders of magnitude more secure than most altcoins'. I'll be honest. From food companies employing block chain technology to secure their supply chain, to those making a living from A community dedicated to Bitcoin, the currency of the Internet. Do you have any suggestions of sources for ways that someone like myself (non-technical background) can begin to learn practical skills related to blockchain? most of the people who ask me what it is I tell you that it's too hard to explain and I peer :D. Oh, my gods! Blockchain, as explained above, is an immutable and transparent database of records. Henceforth, the intersect between blockchain and gaming can have great benefits for both industries. This is actually so! Trx (the native token of TRON Blockchain) started as an ERC – 20 coins on the Ethereum network, but when the Tron network started in June 2018, the ERC-20 coins were replaced to the TRX coin at a rate of 1:1. The blockchain is a way of maintaining consensus on a decentralised distributed network. It maintains consensus because every time a new block is solved (usually every 10 minutes or so), all participants must agree on the state of the blockchain. All of the computers (nodes) participating in the blockchain’s network analyze and validate this data. But I did buy a few hundred dollars worth just to make them happy. If you take your copy of the blockchain and go back and change something in an earlier block, your copy of the blockchain will simply be rejected in 10 minutes at the next re-sync, because your copy would not match the rest. I tried explaining technicals too but after a few minutes and a few looks of concern, like i just had a stroke and spoken nonsense, it started to dawn on me that it's like explaining car mechanics to a blonde supermodel. The #1 mistake I see most newcomers making about blockchain is the mistaken belief that a blockchain's security comes purely from its engineering, which is an easy impression to have when so much technical mumbo jumbo is coming your way. As a result, Reddit plans to utilize the Ethereum network to create larger-scale applications like the Community Points introduced last year. Polkadot is a heterogeneous blockchain founded by Gavin Wood, former CTO of Ethereum, is an impeccable blockchain project that is perfect in every sense. This immutability and transparency ensure that there is no need for any third person to look after the database. You can't fit the hours your put into research into a 15 minute conversation and expect people to understand. you should tell them to shut up. That way all copies march in lockstep, even though there is no one central master copy. ERC721 tokens, more commonly referred to as Non-Fungible tokens (NFTs) allow developers to tokenize ownership of any arbitrary data, drastically increasing the design space of what can be represented as a token on the Ethereum blockchain. I can explain the how and why in considerable depth if you're interested. Sure you can try but everyone will think you're a f*cking idiot. The most obvious example is financial transactions i.e. Its founder, Gavin Wood, is the author of the Ethereum White Paper and the person who knows the defects of Ethereum at heart. The blockchain is an undeniably ingenious invention – the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto. No. New comments cannot be posted and votes cannot be cast. New comments cannot be posted and votes cannot be cast, See more posts like this in r/explainlikeimfive. The blockchain is a way of maintaining consensus on a decentralised distributed network. Consider the example of a farmer from Africa. An inability to scale is the number one reason Ethereum isn’t taking over the world. As it`s not very detailed and i`m still learning myself, please feel free to add any information I missed or isn`t really clear.) U ovom centraliziranom scenariju, banka je centralniautoritet nad novcem kojim barataju Mario i Luigi. Fred Wilson: The Next Reddit Will Likely Be Built on the Bitcoin Blockchain It may be that there is no viable middle ground between a centrally … Blockchain technology is the foundation of all cryptocurrencies. A 51% attack (51 percent attack) is a type of blockchain infiltration that can cause network disruption and, eventually, mining monopolization. (Long but informative read. Every time a new "block" is solved it … But since then, it has evolved into something greater, and the main question every single person is asking is: What is Blockchain? The dynamism of blockchain technology is disrupting all manner of sectors blockchain gaming is one field that has seen interesting blockchain-related developments over the past decade. You see, what I don't like about this is that it has a really narcissistic and "outcasty" vibe. A growing number of enterprises and governments are opening to blockchain technology (and distributed ledger technology). The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. If you have lots of disparate parties with no central authority, how do you make sure they all agree? I gathered this information from several sites. Press question mark to learn the rest of the keyboard shortcuts. Blockchain.com is the most popular place to securely buy, store, and trade Bitcoin, Ethereum, and other top cryptocurrencies. The fact that they are using blockchain and Ethereum is really exciting. and sell assets you don't understand. Many people are priced out of using Ethereum but the good news is that scaling will be one of the biggest blockchain topics in 2021. The math behind cryptocurrencies.Help fund future projects: https://www.patreon.com/3blue1brownAn equally valuable form of support is to … Bitcoin is a distributed, worldwide, decentralized digital money. Is Blockchain Technology the New Internet? Why all the enthusiasm for something so useless in practice? Edit: Apparently someone missed that this was a joke to try and cajole a free bitcoin? That is what they are comfortable with. ERC721 Tokens (Non-Fungible Tokens) Explained. Blockchain is a encryption technology and is an ever growing set of blocks that have a record of transaction data. HitBTC Appears Insolvent This research effort was prompted by information presented to Zerononcense from a member of the cryptocurrency community. Most people just like to listen to the fud. This means its completely unalterable as a historical record. As it`s not very detailed and i`m still learning myself, please feel free to add any information I missed or isn`t really clear.) But I don’t know, do your own research. Hi there, soon-to-be blockchain experts.Today is the day that marks the birth of your full understanding of blockchain technology.Here, you'll get the complicated blockchain explained in simple words. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. Don't drone. I have tried. To be fair, if the explanation is highly technical people who don't know much about tech won't ubderstand. Blockchain Scaling Solutions. ... Blockchain explained. Reddit’s admin posting under “u/jarins” explained the goal of the partnership: “Through this partnership, we will be increasing our commitment to blockchain, accelerating scaling and resources for the Ethereum ecosystem, and bringing the value and independence of blockchain technology to millions of redditors.” Every time a new "block" is solved it is included in the chain. Anytime we're together it's 80% of the conversation. I gathered this information from several sites. This attack occurs when a miner, an organization, or a single entity gains over 50% majority control of the hash rate or computing power runs on the blockchain’s network. This digital register fulfills the same functions as a database and stores individual transactions. He bought a piece of land, but in a flood, he lost his copy of the deed and agreement of the land. The blockchain is a comparatively new technology that, at first glance, represents a kind of digital register that is highly secure and works without a central instance. Don't Panic! Lmao love the ending. BTP (Blockchain Transmission Protocol) is a standard that renders heterogeneous blockchains interoperable, including blockchains that entail completely different consensus models and algorithms. What does blockchain mean? The Points will be a measure of reputation and contribution within the community. They've told me how everything works dozen of times and I still have no clue what the hell they're talking about. 3 weeks Blockchain Explained for Beginners Reddit (Long but informative read. Cryptocurrencies like Bitcoin are constantly in the news, as is the blockchain technology behind them. What goes into a block is just data it can be anything really. Do you need to know the ins and out of the internet, javascript, HTML5 etc to use the internet? link does not work for me, i just arrive back at this thread, https://gfycat.com/PreciousUnknownAztecant. Elder_Yautja thanks for your answer. Now, there's two exceptions and it gets kinda tricky here... That's the first link on Jameson Lopp's bitcoin resource page. This review was created so that the Blockchain was explained. Reddit Doubles-Down On Blockchain If you have lots of disparate parties with no central authority, how do you make sure they all agree? Because of this very different approach, the algorithm is believed to best all other options. Explain Like I'm Five is the best forum and archive on the internet for layperson-friendly explanations. That's where the blockchain comes in. Blockchain is a database that is being updated by multiple people and stored on multiple servers. Gaming is now a massive industry worldwide. TRON Blockchain. Blockchain systems are being designed to respect the privacy of data and transactions on its platform. It`s pretty decent to get a basic understanding of Blockchain. People have made a number of implausible claims about the future of blockchain—like that you should use it for AIin place of the type of behavior-tracking that google and facebook do, for example. I don't believe bitcoin to be a special thing that most people don't understand, because everything has to be explained properly for us to be able to understand them. It is tough to teach people until they truly want to learn. Reddit not only has a large user base, but it also holds real cultural cache due to its unique position on the Internet. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome. Mario treba poslati $100 svom bratu, Luigiju, jer Luigi kakav jest, opet je upao u dugove na drugom kraju svijeta. I’ve totally said that haha!! I Mario i Luigi vjeruju banci da je iznos koji oni vide na svom računu i prije i poslije transakcije istin… I mostly say that about exchanges and wallets. Slowly, and by a spectacularly wasteful distributed arms race in processing. NEM explained How to gain passive income NEM`s proof of importance algorithm is designed differently and rewards those users who actively transact XEM and enables users to run their nodes. Documentary on the topic of Blockchain & Cryptocurrencies (Orig. You should try to explain it in more layman terms. The algorithm allows consensus to be reached without third-party access. After receiving this information and some … This is based on a misunderstanding of what a blockchain is. Looks like you're using new Reddit on an old browser. As I'm sure you are aware, trying to understand how the blockchain works is like trying to understand the science behind the universe – it’s confusing! Give them only examples of daily use. Press J to jump to the feed. LinkedIn. IBM Blockchain supply chain solutions use smart contracts to streamline the flow of goods by automatically triggering next steps when conditions are met, such as shipping, delivery, and acceptable IoT data about conditions during handling. It's also pretty rude to dump technical exposition on someone who clearly doesn't understand the basics of what you're saying. Blockchain is immutable, distributed, decentralized and a secure digital ledger. Blockchain has still not reached mainstream adoption and Reddit’s program exposes blockchain to a larger audience. If you see people's eyes glazing over, stop and ask if they have questions. As this digital information is accessible to anyone on the internet it becomes transparent and incorruptible. If you think it's so easy to explain, send me a bitcoin to prove it. It`s pretty decent to get a basic understanding of Blockchain. Press question mark to learn the rest of the keyboard shortcuts. Blockchain has become a ubiquitous term over the past couple of years. Mario ulazi u banku i kaže “Poslao bih $100, primatelj je Luigi.” – na to mu službenik kaže “Bankovnu karticu, molim”, “Osobnu, molim” i “Riješeno” – tim redom. : “Why It Matters”): Join tech fanatic Joshua Lim on a journey to the future to discover the cutting-edge technologies which are changing the world as we know it. Reddit's admin posting under u/jarins explained the goal of the partnership: Through this partnership, we will be increasing our commitment to blockchain, accelerating scaling and resources for the Ethereum ecosystem, and bringing the value and independence of blockchain technology to millions of redditors. The giant social media platform Reddit has doubled-down on its blockchain and cryptocurrency involvement with a new partnership with the Ethereum Foundation. Participants can act earlier to prevent disruptions should an unexpected event occur. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. That's how it maintains consensus every 10 minutes everyone's copy of the blockchain updates so they all match. This application of blockchain is being used in several sectors, from conducting Know Your Customer (KYC) processes, to a blockchain-based digital identity system for payments , to self-sovereign IDs to help refugees rebuild their lives .
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