Learn what blockchain really is in this video.
Transcript Below:
Hi there!
My name is Dani and I’m the founder of the simplest crypto dictionary beginner’s guide.
In this video series, I’m going to introduce the basic concepts surrounding cryptocurrency. We’re going to touch on:
– 13 very important and very common words you need to know
– Then I’m going to bring up 5 common categories of cryptocurrency
– And finally, the 8 crypto resources you need to be using right now
Before I go on, here’s a quick disclaimer: Nothing published by me or Decryptionary constitutes investment advice. Always do your own research before making an investment.
The next word is blockchain. I actually described much of it earlier but I’d like to describe it again for you here with a different perspective.
Blockchain is technology for creating permanent, secure digital recordings that are stored by an unlimited number of people. Blockchains can record any information, though the first example was created to record bitcoin transactions.
Imagine the blockchain as a book of records. Each page in that book, is a block, and can record anything. Blocks are created one after the other, chained to each other creating what we know as the blockchain.
Multiple blockchain records are maintained simultaneously by many unrelated individuals and their computers, making it cloud storage on steroids. Updates are seen immediately and manipulation is extremely difficult/impossible. This positive quality known of many people keeping their own copies of the blockchain is known as “distributed”.
There are hundreds of blockchains created by many groups to records all sorts of information including art, medical records, computer information and much more.
But if a blockchain is not distributed among many individuals and instead run by one government, organization, group or person, than it is not at a blockchain at all. A centralized system like that is simply a database.