Blockchain Technology has huge impact on economy in recent times but many of us might have not clear about basics insights & facts of Blockchain. To overcome that, This blog is aimed to hit you to provide the 6 Essential Q & A We Must Know About Blockchain.
1) Why Blockchain not written in Ruby, Python, and PHP?
We can able to write in ruby or python, but it cannot provide us integrated support. Since blockchain, it’s a decentralized system which should work on all the platform & eventually should support all the user dependencies & setup issues. That’s the major heck why we have moved to Compiled language like C++, Java, Go. And another value-added reason is “Fast Performance”, when it comes to performance, compiled languages work faster than the other programming languages.
2) Why do we use LevelDB, RocksDB, BerkeleyDB but not SQL DB?
Hope we all knew that Blockchain maintains log-structured merge-tree ( LSM tree) data structure which is simple yet powerful.
Similarly, LevelDB, RocksDB, BerkeleyDB, All these libraries are compiled with the base code, and it doesn’t require any separate services to run whereas SQL library requires separate service which we don’t prefer. Additionally, it reduces the configuration work for each node and also it has effective storage management.
3) How Blockchain version is updated in all node?
Moreover, We’re very clear that Blockchain is the decentralized system which we can’t update like Web. So individually every node runner will be intimated to download the new bundle to run and update the higher version Like how it’s done in Android APK.
4) What is the term meant “Genesis block” in Blockchain?
The most signification question that frequently raised by everyone in contemporary times. To set straight from my perception, Genesis Block is like a seed data (A genesis block is the first block of a blockchain we create before it gets on user hand).
In Modern versions of Bitcoin number this Genesis Block is assigned as “block 0” but in earlier versions it assigned as “block 1” which is hard-coded into the software applications that utilizes Blockchain.
5) What are significant algorithms are used in Blockchain?
For instance, Bitcoin utilizes the algorithm named Proof-of-Work and Ethereum utilizes Proof Of Stake.
These both algorithms are introduced to solve all the fundamental questions like who will actually mine a block? What stops people from mining blocks? How does the network valid blocks? And logically this Algorithms provides solution to all these questions.
These techniques are mainly used to verify the transactions whether it’s valid or not.
- Proof Of Work ( Used by Bitcoin)
- Proof Of Stake ( Used By Ethereum)
6) What are top 10 Cryptocurrencies in Blockchain?
These are the top 10 Cryptocurrencies used in global market.
Bitcoin – The first Cryptocurrency which is the orgin of all.
Ether – Executes peer-to-peer ‘smart contacts’.
Litecoin – Alternative of Bitcoin which has similar features of Bitcoin.
Monero – Focused on privacy, untraceable.
Ripple – Strongly focused on banking, Real-time settlement
Dogecoin – ‘Joke currency’, used for tipping and donations
Dash – Provides privacy (Using anonymous technology) and speed.
MaidSafeCoin – SAFE (Secure Access For Everyone) network, which is a security-centric data platform.
Lisk – The first modular Cryptocurrency that introduced side-chains in blockchain.
Z Cash – The Permissionless cryptocurrency which extends it’s full support to protect the privacy of transactions using the method called “Zero-knowledge cryptography”.
Hope this article caters you the over basic needs about Blockchain. Besides exploring, our pool of blockchain experts never refuse to share their knowledge with us. You could get more blogs about Blockchain and latest technologies in coming days. Get tuned with us. You could also share your valuable ideas & thoughts with us in the comment section.
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