The use of Blockchain has kept many people’s accounts safe and protected while turning many to millionaires. But how will you be involved, when you don’t know even about what it means?
Blockchain has different explanation but one meaning, I’ll provide two explanations for better comprehension.
Definitions of Blockchain:
1. Blockchain is a chain of blocks which records information of transaction between users. In other words, a blockchain is a collection of records linked together with each other, strongly resistant to alteration and protected using cryptography.
2. This is a record keeping mechanism which records and secures data and transaction.
Blockchain was adopted by Satoshi Nakamoto to create Bitcoin. And, Cryptocurrency cannot exist without a blockchain technology. Blockchain is a distributed ledger that is widely open to anyone.
These blocks in the chain are also called transactional records and each can be identified through three attributes;
1. Hash.
2. Number.
3. Transaction count.
Types of Blocks
There are millions or billions of blocks in a blockchain but there are just three (3) basic types of blocks. These are:
1. Genesis block.
2. Valid block.
3. Orphan block.
1. Genesis block : This is the first block in a cryptocurrency Blockchain. It is also known as block 0 or block 1. It contains unique characteristics that distinguishes it from the other blocks in the chain.
2. Valid blocks: These are blocks that have been mined and have been included in the blockchain. For this to be successful, the mined blocks must have passed through a cryptographic puzzle.
3. Orphan blocks: Are also known as detached blocks, stale blocks or extinct blocks because they are abandoned or disconnected from the rest of the Blockchain. They are legitimate blocks with a non-existent or unknown parent block and are mostly rejected and neglected by the Blockchain.
Types of Blockchain
1. Public Blockchain – This enables open access and decentralization.
2. Private Blockchain – This prioritizes security and control.
3. Consortium Blockchain – This serve collaborative networks.
4. Hybrid Blockchain – This has features and combination of both private and public models.
