BLOCKCHAIN is the word that you may be hearing for a long period of time if you are into the crypto field or love cryptocurrency. In this article, I would explain the meaning of the Blockchain and what different blockchains like Ethereum, Tron, or BSC all about?
BLOCKCHAIN:
Blockchain refers to the interconnection of the chain in which each of the chains is interlinked to each other and is dependent on each one. The change in one of the chains would make a change in all of the others.
SIMPLE EXPLANATION:
Blockchain has different files. And new files keep adding. If 1 is the first file and 2 is the second file, then the information will be added the file 1. After it is filled, then the information in the file would be linked to file 2. And new information will start to be added in file 2. This way the new file would be added and every file would be linked to the previous one. And the copy of this file would be saved in the storage of all the people connected to the network and it will be public. So, that if anyone tries to manipulate the information it won't be validated in the network.
EXPLANATION FROM A TECHNICAL PERSPECTIVE:
Blockchain is a combination of blocks. The Block is the pages where the transactions and all the records are recorded. There is a delay between the blocks before new blocks get generated, the delay varies according to the blockchain. The Blocks are interlinked to each other so if one block is tempered, it would be invalid because that tempered would need to happen in all other participants of the network. For storing data in the blockchain, the following process happens:
A transaction is requested from the client using the private keys.
The transaction along with others gets added to the Block(Unverified).
All of the nodes receive the block.
The first one to solve the block will receive the reward.
The node will verify the transactions according to the previous block and send that to all around the network.
All other node saves that transaction
And the cycle keeps repeating.
ETHEREUM BLOCKCHAIN:
Bitcoin was previously with us but there were many limitations within it. For overcoming that, Ethereum was developed with many more advanced features than the Bitcoin Blockchain. The major ones are speed and smart contracts. The Ethereum supports nearly 30 TPS over the old school Bitcoin supporting only 7 TPS at max. Smart contract was new to the entire Blockchain and decentralized ecosystem when it was deployed in the ETH Blockchain. Ethereum enables the Blockchain to be used for D-APS using the smart contracts for the institution becomes easier and efficient because of this.
Obviously, I wouldn't talk about how to deploy smart contracts here but in the nutshell, Ethereum was a game-changer.
TRON BLOCKCHAIN:
In the beginning, Vitalik used to be the one who talks about the limitation of the BITCOIN as the high gas fee for the transaction. But, later the same thing s start happening with the ETH as ethereum starts becoming more and more congested. Considering the issue, Justin Sun starts working on his own Blockchain and the TRON Blockchain started to come to play.
TRON is now working on the POS mechanisms and which are much more energy-efficient and faster with more secure than the ETH AND BITCOIN which are still in the POW mechanism. Yes, they secured but POS seems to be the new mechanism where everyone is headed for now. TRON has now 27 super representative and they validate the transaction, which are chosen every 6 hours. The new blocks are generated every 3 sec so the network supports a huge number of transactions. The TPS of the Tron Blockchain is 2,000 which is really much faster and as it works on the POS, it is way more energy effiecient.
BINANCE SMART CHAIN:
After all of the Blockchains, The Crypto-giant Binance gets started into the Blockchain smart contract with the entry of BINANCE SMART CHAIN. The BSC uses another model of POS known as the POSA(Proof of Stake Authority). In this mechanism, the user stakes the BNB to become the validators and receives the fee as the block rewards. The block time is similar to the TRX i.e. 3S which makes it able to compete in the era of faster and scalable Blockchain.
With supporting Smart Contract ability, most of the ETH projects have shifted to the BSC Chain which makes it more usable because of the low gas fee right now. Also, the coins are burned occasionally from the TEAM which makes it a deflationary asset for holders and long-term holders.
There are other many Blockchains out there and ETH competitors. ADA, SOLANA are a few. I would be making more articles about them in a coming post.
IF YOU STAYED UNTIL HERE, THANK YOU!
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