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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!

Score! The system we designed lets one single true blockchain emerge. Now, let’s dig into the kind of puzzle typically used in blockchain.

For our larger system to work as we described, this puzzle has to be something that: 

  • inevitably takes time and energy to solve
  • lets multiple computers collaborate
  • is easy for others to confirm when it is solved

Here is the puzzle that blockchains typically use: “What additional series of numbers can I add to the block, so that the hash I generate for the whole block starts with X number of zeros? (let’s assume four zeros for now)?”

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