If you’re like me, you’ve probably spent the last decade hearing about blockchain technology and all the ways it’ll change the world. And at some point, you’ve probably wondered, “Hey… what the heck even is a blockchain?”
So, like Gandalf giving Bilbo a few Tolkien-themed cryptocoins and sending him on an adventure (pretty sure that’s how the story goes), The Verge told me to try to learn about and demystify the tech that underlies everything from cryptocurrencies to NFTs. Possibly because my editors want to drive me to the point where I build an actual red string board.
So, shall we begin?
WHAT IS BLOCKCHAIN?
I’ve read 1,000 analogies trying to explain the blockchain. Could you give me another one?
You can think of a blockchain like an obsessive club filled with members who love to keep track of things. The club has a ton of complicated rules to make sure that every member writes down the exact same set of records about what happens each day (whether it’s bird sightings, or beer tastings, or flower sales) and that once data is recorded and accepted, it becomes exponentially more difficult to change as more and more records are added on top of it. Then, usually, outsiders can come by and check out all their records and go, “Oh, wow, a cardinal flew by at 10AM in front of Mike’s house. Cool.”
Continue reading: https://www.theverge.com/22654785/blockchain-explained-cryptocurrency-what-is-stake-nft
So, like Gandalf giving Bilbo a few Tolkien-themed cryptocoins and sending him on an adventure (pretty sure that’s how the story goes), The Verge told me to try to learn about and demystify the tech that underlies everything from cryptocurrencies to NFTs. Possibly because my editors want to drive me to the point where I build an actual red string board.
So, shall we begin?
WHAT IS BLOCKCHAIN?
I’ve read 1,000 analogies trying to explain the blockchain. Could you give me another one?
You can think of a blockchain like an obsessive club filled with members who love to keep track of things. The club has a ton of complicated rules to make sure that every member writes down the exact same set of records about what happens each day (whether it’s bird sightings, or beer tastings, or flower sales) and that once data is recorded and accepted, it becomes exponentially more difficult to change as more and more records are added on top of it. Then, usually, outsiders can come by and check out all their records and go, “Oh, wow, a cardinal flew by at 10AM in front of Mike’s house. Cool.”
Continue reading: https://www.theverge.com/22654785/blockchain-explained-cryptocurrency-what-is-stake-nft
