Blockchain 101: An Introduction to Blockchain Technology, Bitcoin & Ethereum

Blockchain Technology: Understanding the Basics

Blockchain technology is the next big thing in tech, and it is only going to get bigger. An open, decentralized record of all cryptocurrency transactions, the blockchain is a decentralized public ledger. It contains every transaction ever processed, from the first block created to the latest block added to the chain. The blocks are added chronologically, each link in the chain being connected to its predecessor under its hash. A hash is a string of letters and numbers that acts as a unique identifier for each block; each new block contains the hash of its previous block and an entirely new set of transactions. Bitcoin miners use hash functions to verify blocks they add to the blockchain; they are also used extensively in cryptography as one-way functions.

Bitcoin and Ethereum: The Digital Currencies

Bitcoin and Ethereum are two of the most popular cryptocurrencies globally, but they have very different applications. Bitcoin is a digital currency that can buy things online, while Ethereum is a blockchain platform that allows developers to create their decentralized apps (DApps).

Bitcoin and Ethereum have both been around for several years now. Over time, they have grown in popularity, and many people have made money from investing in them. However, these are still very new technologies, so there is still a lot of confusion about what they are and do.

Wrapping Up

This guide aims to give you a basic introduction to what blockchain technology is and how it works. This list is by no means comprehensive, and it does not delve too deeply into any one topic. However, it covers how blockchain technology works, why it is so innovative, and how you can use the two digital currencies in your daily life.

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