What is a BlockChain ? Block Chain Technology Explained !

Block + Chain  = A Chain of Blocks 

Blockchain is a continuous chain of blocks which are linked together sequentially. For understanding purpose consider the trains. All the bogies are blocks and the train itself is the blockchain. Just like the bogies of train are connected to one another, all the blocks are linked with a Hash. Biggest use-case of a blockchain is with Cryptocurrency / Bitcoin.

In every block, there will be some fields which hold respective data corresponding to the field. 

Fields in a Block:

1. Index
2. Time Stamp
3. Previous Hash
4. Hash
5. Data

If a new block is to be added to the chain, then it must hold the hash value of the last added block in the chain. Then this new block's hash value is copied to the next new block that will be added to the chain after some time.

A new block is added to the existing chain only if a miner validates that block using a process called Mining. Anyone on the internet can do mining and earn bitcoins (BTC). (Know more about the Mining process in this article)

In Computer Science field, this is familiar and follows the same principle of a Linked List Data Structure. 

A Blockchain is decentralized, which means there won’t be any governing authority which can hold ultimate rights over the data. Everybody on the Internet can look up the data in the Blockchain whenever they want. 

Blockchain acts as a distributed ledger for Bitcoin transactions. 

The concept was first introduced by Satoshi Nakamoto. Know more details about this mysterious man in next post.

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You might also be interested in Other Technologies Bechind Bitcoin / Cryptocurrency 

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What is CryptoCurrency ? Everything you need to know about Crypto, Blockchain and Trading.

 What is Cryptocurrency?

Cryptocurrency is a virtual form of money which cannot exist physically. All the transactions can happen only on the internet. Users will have a wallet in which the crypto coins are stored securely and users can transfer or receive coins through peer to peer mechanism (without any mediator in between). All they transactions are registered on a digital ledger called Blockchain.

Generally, the money related transactions are made through banks acting as mediators between sender and receiver. There is no such system in Cryptocurrency transactions. They follow a Peer to Peer mechanism of protocol. 

Cryptocurrency is Decentralized system, which means all the users have complete rights over their data. 

The most popular and first cryptocurrency that came into existence is Bitcoin (Know more about Bitcoin here)

But what exactly is the use of cryptocurrency?

The most popular reason is that the transactions are anonymous. We can’t know the personal details of sender or receiver of bitcoins. Only things which are visible to everyone on the block chain are: Public keys, transaction amount and transaction ID.

How do the Cryptocurrencies come into existence ?

All the coins (including Bitcoins / btc or other ALT Coins) are created by Mining. (Check this article for more about Mining)

Sounds confusing? Don’t worry it will be explained in later articles. Just keep gaining the knowledge. Jump to next post.

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DOGE Coin

About the Project:

DogeCoin was founded in the year 2013 by some software engineers. Doge coin is based on the famous internet meme of Doge. The Doge meme consists of a dog which is of type Shiba Inu.

Creators of this Dogecoin digital currency are as follows

• Billy Markus from USA
• Jackson Palmer from  Australia

DogeCoin Logo

Ticker Symbol for DogeCoin in exchange platforms is "DOGE"

Some Facts of DOGE:

• It was intended to a fun act of creating a Cryptocurrency out a popular meme.
• After Doge went live online, millions of users visited and researched about it within a short period of time.
• Doge was considered to be as Internet Currency.
• In December-2013 Doge coins were stolen from a wallet provider and millions of coins were lost from numerous users. This caused a negative impact and people of internet & community of Dogecoin banded together and started donating money to make up for the stolen doge coins. 
• Doge coin was forked from LITECOIN - LTC

Since it has been forked from LTC, the Proof of Work(PoW) Algorithm will be "Scrypt" (same as that of LTC). Each new block will take around 1 minute for getting validated on the network of doge transactions.

The total market supply of Dogecoins is unlimited. There exists no limit or capped amount at which new doges are not produced anymore. Doge can be used for rewarding the users who share the content you like on Reddit or Twitter Platforms.

Elon Musk Tweeted (Yes, you read it correct, its really Elon Musk) about Dogecoin which created a huge hype its market and made the price of doge to spike up to its all time high value. Users of social media platforms like, Twitter, Reddit and TikTok started trending about DogeCoin in order to make it value to raise above the 1$ (USD) mark.

Here is a Live Chart of Trading rates for Buying and Selling DOGE:

DOGE-USD Rates by TradingView

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Movie Bloc - MBL

About the Project:

MovieBloc is a entertainment project which aims to decentralize the Theatre and Home Screening of movies and other entertainment based video content.

Moviebloc was founded in the year 2019 and relatively new addition into the market when compared to other popular and dominating ALT Coins.

MovieBloc Logo

Key Facts:

• Ticker Symbol of Movie Bloc is "MBL"

• Moviebloc is a Korean Project

• Over 100 movies have been screened on MovieBloc platform and anyone can watch all the movies or serials for free on the open source Moviebloc.

• MBL works on top of a decentralized Blockchain

Content creators will get revenue and share from MBL. Contributors who volunteer to improve the platform will also get rewarded. This includes adding subtitles, correcting the metadata of content or promoting & marketing etc...

Many analysts believe MBL has good potential in market because of its new age project. Many OTT or Content Streaming Services have been coming along since the last 2 years. These platforms have witnessed extreme business and great customer satisfaction and convenience had been given as feedback.

Based on the trends & data of OTT legends like Netflix and Amazon Prime Video, I personally feel that MovieBloc will do great in the next 5 years if the project receives more content globally from various countries. 

You can visit the free MovieBloc Streaming service here

MBL can be traded as well in the Crypto Market. As of now, the coin has very little market value.

Here is a Live Chart of Trading rates for Buying and Selling MBL: 

MBL-USDT Rates by TradingView

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