Rodick Mic explains blockchain as the technology behind Bitcoin, where transactions are recorded in permanent blocks instead of stored on centralized servers that can fail or get hacked. Public chains like Bitcoin and Ethereum let anyone verify transactions, while private blockchains work as in-house ledgers.
What's going on, guys? It's Rodick Mic here with today's Crypto 101 on blockchain. Everybody's talking about bitcoins today. Bitcoin is claimed to be the gold of the Internet. And why is that? Because bitcoin introduced us to blockchain technology. So what does that mean exactly? Let me explain that to you. In the modern world, every day we transfer money to one another. Purchasing something, paying bills, loaning money to love ones, etc. We call it transactions. Imagine you're making a money transfer all the time between dispatch and receiving. Nobody knows where your money is. Everything could happen and anything can happen to them. Server failures, hacker attacks, and your money will simply disappear. Furthermore, all the info regarding these operations are closed off to institutional and government agencies. And the sad part is that not only they see everywhere you spend your money, they also have the power to raise transactions that they don't want ever surfacing in the open. Cool democracy we live in. Yeah. The blockchain network is meant to bring us transparency. Every time a transaction happens in the network, a new block is created which then stores the newly minted information on it forever. There's no deleting it, there's no reversing the transaction. A secret archive of documents transforms it into a huge public library where we can find all the info we've ever input into this specific blockchain. The technology will pave the way for a new kind of world. An automated, transparent, and a fair one. Some blockchains are available to the general public to see. Such is the case for Bitcoin and Ethereum. Other organizations choose to keep everything in house and not make it available to the general public. But regardless, the content is stored there forever for their own personal business use. Every server in the network is part of the process. Nobody can change nor delete the data that has been stored. The only way to get rid of the blockchain altogether is to turn off the Internet all at once, everywhere around the world. Now, how many minutes do you think will last without the Internet? Or should we count that in seconds? To keep learning more about the industry, make sure that you subscribe to the channel down below and to the person who posts the best comments, we will give you a small price.
