EDU-GRAPHICS — Part 1 : What is the BLOCKCHAIN?
Hearing the voices of our SMASH Community, we decided to create a campaign of Crypto & NFT terminologies to help educate or remind all of us on the lingo and jargon that can be overwhelming at times, into bite size palatable pieces! Our goal here isn’t to re-write a thesis on the subject, but to share our personal experience and consolidate all the amazingly rich information out there written by so many minds more intellectually advanced than ours!
I remember when I first heard the word ‘Blockchain’, conjuring up a world of curiosity, sci-fi and a feeling of untapped potential literally at my fingertips — if only I knew what it was. Deep diving into the world of blockchain was truly exhilarating, trying to learn as much as I could, but it seemed the more I read up on it, the more I knew nothing. Additionally, as I thought I was on top of one use case and how it could serve one purpose, another ingenious and unimaginable protocol immediately popped up — literally a constantly dynamic and moving landscape that anyone who says they have mastered, is pulling your leg or mastered literally a small tip of the iceberg.
Combining this immutable concept of smart contracts with Bitcoin and Cryptocurrency — well, lets just say I was hooked!
Anyway, I think we’re not here to give you a PHD on Blockchain, but if you’re as interested as me in the world of NFTs, Crypto and the Metaverse, a base understanding of what chains this metaverse together is a must.
Investopedia sums it up well as always :
“What Is a Blockchain?
A blockchain is a distributed database that is shared among the nodes of a computer network. As a database, a blockchain stores information electronically in digital format. Blockchains are best known for their crucial role in cryptocurrency systems, such as Bitcoin, for maintaining a secure and decentralized record of transactions. The innovation with a blockchain is that it guarantees the fidelity and security of a record of data and generates trust without the need for a trusted third party.
One key difference between a typical database and a blockchain is how the data is structured. A blockchain collects information together in groups, known as blocks, that hold sets of information. Blocks have certain storage capacities and, when filled, are closed and linked to the previously filled block, forming a chain of data known as the blockchain. All new information that follows that freshly added block is compiled into a newly formed block that will then also be added to the chain once filled.
A database usually structures its data into tables, whereas a blockchain, like its name implies, structures its data into chunks (blocks) that are strung together. This data structure inherently makes an irreversible time line of data when implemented in a decentralized nature. When a block is filled, it is set in stone and becomes a part of this time line. Each block in the chain is given an exact time stamp when it is added to the chain.”
If you’re more a visual person like I am, then here’s a great video by a YouTube channel called ‘Simply Explained’, one of the first that I watched and by the looks of the views on this one video, which is over 7,700,000 views must be the same for many out there :
And here’s another cool info graphic created by PWC which shows blockchain in a more top down perspective:
Well, that’s it for this subject! I hope it’s helped if a little and enjoy your journey in the wonderful world of the Blockchain!
All SMASHCHAIN official links: https://linktr.ee/smashchain