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Transition to Web3 - Course 1 | Blockchain Basics

Welcome to Blockchain Basics
✨Connect Your Profile to Open Campus
Your journey in this module
Hashing the data
Hashing the data - Demo
Hashing the data - cont
Block of data
Block of data - Demo
Chaining the blocks
Chaining the blocks - Demo
Single chains
Distributed chains
Which chain represents the truth?
Making the longest chain the “true” blockchain
A time-consuming puzzle
Multiple computers working on the puzzle
They solve puzzles faster
They can also cooperate to falsify
The risk?
Solving the puzzle: Mining
Solving the puzzle: Mining - Demo
Why does it work?
How difficult is it to find a nonce?
Your hash rate
Hash rate - Demo
Solving the puzzle: Mining - Cont
Many computers trying to solve the puzzle: Nodes
Many computers trying to solve the puzzle: Nodes - Demo
Recap
You did it!

You might be surprised to see that mining a block isn't that difficult. But then how can the network be safe if the puzzle is so simple? 🤔

🕵️‍♀️ Reality check: Solving the puzzle is actually very difficult. We required that the hash starts with only four zeros just to make it easy for you to mine the block. But for every additional number of zeros we require, the mining difficulty goes up exponentially. 

The Bitcoin network adjusts the mining difficulty in a way that takes around 10 minutes to mine a block. Mining difficulty is 40 trillion times more difficult than what it was in 2009! 😵

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