Blockchain Simplified, “Am I the only one who is lost with bitcoin mechanics?”​

Share This Post

Share on facebook
Share on linkedin
Share on twitter
Share on email

LokChain“Secure your Mobile, IoT with the power of our hybrid-blockchain platform.” “Easily add our blockchain encryption to any app to make it truly decentralized and secure.”

Answer

⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️

Bitcoin is one of the most prevalent application of blockchain.

Huh …It is very simple Or is it?… Just imagine yourself in a group chat on Whatsapp. You are texting back and forth with everyone else. That means they all can see your response and you can see theirs. However when you PM someone. The rest can’t see the transaction anymore. Interesting!!! Lets define some variables to occupy spaces in our mental faculty. By so doing we can better understand the concept in question.

Lets take the group chat as a block.

Block = number of confirmed transactions usually 1MB. A block is always a work (job) in progress until it is confirmed and recorded as valid transactions. This simply means that unconfirmed transactions will fall off the block. Confirmed transactios are created every 10mins approximately.

Lets say your message in Whatsapp is a transaction (in fact it is).

Transaction = exchange between 2 or more parties. On a rudimentary level it’s between 2 people.

Lets say the confirmation is when your message is really actionable. Meaning the party involved in the conversation understood it and responded accordingly.

Confirmation = it’s the process that follows a consensus algorithm requiring miners to solve for a number higher up than the ones borne in the transactions.

Once a miner solves for this factor of a large prime. A hash + nonce is created for the block. All transaction are solved but a nonce or highest one is used for the block representation.

Lets say that a chain is formed when your group chat joins other group chat.

Chain = continuation of blocks with (hash + nonce)…b1 + b2 …+ bn.

Lets say that the hash is a compact way of representing the whole data in the block.

Hash = This is a string reduction of data blob or the information as a whole. It’s usually derived from a one way function. Therefore, it’s irreversible.

The Mechanics or how it works.

When you (A ) send a message to B. He or she receives the message. However the message must be validated by others as a fact before it’s confirmed as a good transaction. If you sent money as in this scenario, B will see a new balance once the message is written in the chain. In blockchain (bitcoin) validation is done by miners.

The personal transactions are very good example of PM. However in the group or chain, everyone can see the record of the transactions. The other details might not be present depending on the type if Blockchain e.g public, private and consortium.

As you can see the transaction is going to be confirmed and finally committed to the chain with blocks of other validated and confirmed blocks vis-a-vis transactions.

Just like I mentioned earlier on, the miners are needed for transaction to be confirmed because of the need to solve large mathematical problems in prove of work (PoW) specification which is a consensus algorithm.

Please pay attention to this interesting part. Each block comes with it’s own hash +nonce

Lets say block one b1 = tytutrcc344e5x + 234

This means that the miner must get 235 as the nonce for the next valid block.

This also means that block two b2 = ghd56xcv43wsad + 235

An order is established here and theoretically, you cannot change it since the hash + nonce must match.

The chain or group of group chat will have

b1 + b2 = ‘tytutrcc344e5x + 234’ + ‘ghd56xcv43wsad + 235′

However, when you go to the individual transactions there are more details which the group are not able to see. A good example will be your names, address and etc. That’s why most Blockchain platforms use long readable 32-48 long digit “alpha-number-characters “ to represent accounts in effort to make it private.

You will find it really difficult to game the system or add to the chain if your hash + nonce is the wrong one.

✅✅✅✅✔️✔️✔️✔️✔️👏👏👏✅✅✅✅✔️✔️✔️✔️✔️✔️✔️ 👏👏👏👏

Conclusion:

We hope you can check out the Kickstarter link and share it infinitely with friends and family.

 

As we patiently wait for approval of the proposed STO. We will like to thank you all for your support and love. We are moving ahead with a contribution-perk style campaign hosted by Kickstarter. Feel free to take a look at the site and follow through. It is open to all. Your participation is very important. The campaign will last for 60 days.

😔😔😔Starting 😔😔😔Feb. 14th – April 13th 2019.😔😔😔

✅✅✅✅👍👍👍✅✅✅✅

We intend to use this initial public fundraiser to bring the platform (at least the decentralized application will be realized in Android, IOS and web applications) into perspective. We promise to, “Secure your Mobile, IoT data with the power of our hybrid-blockchain platform.” “Easily add our blockchain encryption to any app to make it truly decentralized, private and secure.”

✅✅✅✅✔️✔️✔️✔️✔️👏👏👏✅✅✅✅✔️✔️✔️✔️✔️✔️✔️ 👏👏👏👏

More To Explore

Article

Interoperability and Scaling of Blockchain:

LokChain is the first blockchain platform that carefully solves majority of the problems (WIP) tormenting the use and integration of blockchain technology (refer to DLT).