๐ก Blockchain is a decentralized technology that securely records and stores data in a chronological order using cryptography.
๐ฐ Blockchain eliminates the need for intermediaries like banks, reduces transaction costs, and provides secure and transparent transactions.
๐ The key features of blockchain include a public distributed ledger, hashing encryption, proof of work consensus algorithm, and mining.
๐ Blockchain is a public distributed ledger that ensures data remains untempered and is accessible to everyone in the network.
๐ก Bitcoin adopted blockchain technology to solve problems faced by fiat currencies, leading to the development of over 1600 cryptocurrencies.
๐ A bitcoin transaction involves the sender transmitting transaction details, which are verified by miners and added to the blockchain.
๐ Blockchain technology allows for the creation of new versions of a blockchain with different rules and functions.
๐ A hard fork in blockchain involves creating a new blockchain with updated software protocols, while the old blockchain continues to exist.
๐ผ Blockchain has applications in preventing voter fraud, quality assurance, and is expected to see increased adoption in various industries.
๐ฑ Cryptocurrencies like Bitcoin and Ethereum are decentralized digital currencies that use blockchain technology for secure transactions.
โ๏ธ Ethereum Virtual Machine (EVM) is the runtime environment for executing smart contracts on the Ethereum network.
๐ฐ Gas is the unit used in Ethereum to measure computational power required for transactions, and it is paid for using Ether.
โ๏ธ Mining in Ethereum involves validating transactions, adding them to the blockchain, and earning rewards in the form of Ether.
๐ Decentralized applications (dApps) replace centralized web applications by fetching data from a decentralized blockchain network.
๐ก dApps are open source, use a public blockchain token, and allow for direct interaction between end users and providers.
๐ Decentralized autonomous organizations (DAOs) operate in a decentralized and democratized manner, making decisions using smart contracts and voting systems.
๐ฐ Ethereum is widely used for building smart contracts, enabling applications like voting systems, banking, and supply chain tracking.
๐ Smart contracts eliminate the need for intermediaries, automate contract execution, and provide transparency, security, and cost savings.
๐ป Solidity is a high-level programming language used for implementing smart contracts on Ethereum.
๐ณ๏ธ Blockchain-based voting systems eliminate voting malpractices and provide transparency, traceability, and fairness.
๐ธ Smart contracts can be used to issue digital tokens, create a tradable currency or asset, and enable crowdfunding with predefined conditions.
๐ Blockchain allows for efficient tracking of transactions through smart contracts.
โ๏ธ Bitcoin mining is the process of verifying transactions and adding them to the blockchain.
๐ผ Blockchain wallets provide secure and decentralized management of cryptocurrencies.
๐ก Blockchain is a decentralized system that uses cryptography to secure transactions and records them in a public ledger called a blockchain.
๐ Blockchain technology has applications in supply chain management, cyber security, voting, insurance, real estate, and more.
๐ฐ Bitcoin is a decentralized cryptocurrency that works using encryption techniques and allows for peer-to-peer transactions.
๐ Blockchain is a fast-growing skill and has worldwide acclaim, creating job opportunities.
๐ฉโ๐ป A blockchain developer sets up and supports a blockchain network and develops applications and smart contracts.
๐จ To become a blockchain developer, you need to learn programming languages, object-oriented programming, databases, data structures, and web application development.
๐ฐ Blockchain developers are in high demand and can earn salaries up to $150,000 per annum.
๐ข Companies like Walmart and JPMorgan are using blockchain for supply chain management and private transactions.
๐ Simply Learn offers certification courses to learn blockchain basics and advanced concepts.
๐ก Blockchain uses different transaction fees and nonce for mining, with bitcoin using transaction fees and ethereum using gas and nonce.
๐ The steps involved in a blockchain project implementation include requirement identification, consensus mechanism selection, platform choice, and development and implementation.
๐ Blockchain is widely used in supply chain management to provide transparency and traceability of transactions.